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Live Conference Call and Webcast Scheduled at 11 a.m. EDT Friday, August 2 at:
MCLEAN, Va., Aug. 1, 2013 (GLOBE NEWSWIRE) --
Lightbridge Corporation (Nasdaq:LTBR), a leading innovator of next generation nuclear fuel designs and provider of nuclear energy consulting services to commercial and governmental organizations, today provided a business update on the progress of its nuclear fuel technology and consulting operations and reported financial results for the quarter and six months ended June 30, 2013.
"As Lightbridge approaches the next critical juncture in the Company's growth, we remain confident and well positioned to continue to advance development of our fuel technology, secure new consulting contracts and enhance shareholder value," said
Seth Grae, President and Chief Executive Officer. "We expect to complete the contract negotiations with fuel fabricators by year-end that are essential to demonstrating our technology in U.S. and Russian test reactors under prototypical power reactor operating conditions. We also intend to raise additional capital to support fuel technology research and development."
Lightbridge is developing and commercializing next generation nuclear fuel technology with benefits of improving safety, increasing power output of existing and new reactors, reducing nuclear waste, and enhancing proliferation resistance of spent fuel. Lightbridge's comprehensive advisory services are helping existing clients with on-time and on-budget development and regulation of nuclear power plants to expand electricity generation capabilities.
"Lightbridge technology and services can help answer the most pressing global questions facing the commercial nuclear energy industry as the industry works to deliver safer, long-term, efficient, base-load and carbon-free electric power," Grae said.
2013 Second Quarter Business UpdateFuel Technology
During the second quarter, Lightbridge completed an important technical development that enhances its fuel product offerings to currently operating pressurized water reactors (PWRs), the largest segment of the Company's initial target market, Grae said.