free domain hosting / domain name co.nr : any catch?

I have notice the site www.co.nr, who say about themselves:

"Our Basic Free Domain Name package was designed to provide fast and
hassle free solution to everyone who wishes to get cool and free
domain name, free subdomain of .co.nr domain name or free short URL,
that looks like a real paid domain.

You get a FREE DOMAIN NAME / FREE SUBDOMAIN OF .CO.NR DOMAIN NAME
such as www.yourname.co.nr or www.yourcompany.co.nr plus a lot of
value added features, the most important of them are the following:

Free URL Forwarding, also known as Free URL Redirection
Intelligent Free Path Forwarding and Advanced Free META TAGS support
Free URL Cloaking also known as Free URL Masking
No banners or popup ads, actually, NO ANY ADS at all
Ability to use your free domain name with and without WWW, and more "

I would like to know if people have experiences with this offer? Is
there a hidden catch or risk involved?