MCLEAN, Va., Nov. 28, 2011 /PRNewswire/ -- Lightbridge Corporation (NASDAQ: LTBR), a leading innovator of advanced nuclear fuel designs and provider of nuclear energy consulting services to commercial and governmental organizations, today announced that it has entered into a Memorandum of Agreement (MOA) with the Korea Atomic Energy Research Institute (KAERI) to explore nuclear fuel collaboration opportunities.
Under the terms of the MOA, Lightbridge and KAERI will explore collaborative opportunities in pre-irradiation examination of the Lightbridge-designed metallic fuel samples and other areas. As part of the planned loop irradiation experiments in the Advanced Test Reactor in the United States and MIR research reactor in Russia, Lightbridge plans to conduct pre-irradiation examination of metallic fuel samples prior to their insertion for irradiation testing.
"This is an exciting development for Lightbridge as we and KAERI plan to collaborate in a key area," said Jim Malone, Chief Nuclear Fuel Development Officer of Lightbridge. "KAERI is interested in Lightbridge-designed metallic fuel technology and its potential application to Korean OPR-1000 and APR-1400 reactors."
KAERI has a strong history of research and development in various nuclear-related fields. The Institute is conducting research and development on fuel concepts, including technology options with the goal of reducing the fuel operating temperature and potentially increasing the burn-up. Under the MOA, the two companies will explore ways in which they might be able to collaborate to further enhance Lightbridge's nuclear fuel testing plans.About Lightbridge Corporation Lightbridge is a U.S. nuclear energy company based in McLean, VA, with operations in Abu Dhabi, Moscow and London. The Company develops proprietary, proliferation resistant, next generation nuclear fuel technologies for current and future nuclear reactor systems. The Company also provides comprehensive advisory services for established and emerging nuclear programs based on a philosophy of transparency, non-proliferation, safety and operational excellence. Lightbridge's breakthrough fuel technology is establishing new global standards for safe and clean nuclear power and leading the way towards a sustainable energy future. Lightbridge consultants provide integrated strategic advice and expertise across a range of disciplines including regulatory affairs, nuclear reactor procurement and deployment, reactor and fuel technology and international relations. It leverages those broad and integrated capabilities by offering its services to commercial entities and governments with a need to establish or expand nuclear industry capabilities and infrastructure. Lightbridge is on Twitter. Sign up to follow @LightbridgeCorp at http://twitter.com/lightbridgecorp. Safe Harbor Statement This press release may include certain statements that are not descriptions of historical facts, but are forward-looking statements. Forward-looking statements can be identified by the use of forward-looking terminology such as 'will,' 'believes,' 'expects' or similar expressions. Such information is based upon expectations of our management that were reasonable when made but may prove to be incorrect. All of such assumptions are inherently subject to uncertainties and contingencies beyond our control and based upon premises with respect to future business decisions, which are subject to change. We do not undertake to update the forward-looking statements contained in this press release. For a description of the risks and uncertainties that may cause actual results to differ from the forward-looking statements contained in this press release, see our most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission ('SEC'), and our subsequent SEC filings. Copies of filings made with the SEC are available through the SEC's electronic data gathering analysis retrieval system at http://www.sec.gov Contact: Lightbridge Corporation:Gerry Pascale (571) 730-1213 ir@Ltbridge.com SOURCE Lightbridge Corporation