Mr. Grae added, "From the onset, our nuclear consulting services business has provided us needed incremental capital to help fund our nuclear fuel research and development, and, more than that, we've leveraged this business and depth of expertise to have real substantive discussions with countries around the world about their nuclear energy programs. We continue to have active discussions with governments and other institutions to explore new opportunities for our nuclear advisory services, and we anticipate that the end result will be further growth in this business over the next several months." 

Currently, the Company's operating revenues are derived primarily from the Company's consulting and strategic advisory services for foreign governments planning to create or expand electricity generation capabilities using nuclear power plants and are used to help fund the continued development of the Company's nuclear fuel design technology. Revenues are primarily generated from the five-year consulting contracts in place in the United Arab Emirates ("UAE") with two separate entities, the Emirates Nuclear Energy Corporation ("ENEC") and the Federal Authority for Nuclear Regulation ("FANR"). 

As of September 30, 2010, the Company had approximately $3.6 million of cash and cash equivalents, $10.4 million in marketable securities and approximately $14.4 million of working capital. As of December 31, 2009, the Company had approximately $4.5 million of working capital. The increase in working capital is primarily due to the $13.7 million offered Lightbridge completed on July 28, 2010.

About Non-GAAP Financial Measures

This press release contains non-GAAP financial measures for earnings that exclude non-cash items. Net income excluding non-cash items is not a measure of performance calculated in accordance with generally accepted accounting principles in the United States ("GAAP") and has limitations as an analytical tool. The Company believes the presentation of net income excluding non-cash expense is relevant and useful by enhancing the readers' ability to understand the Company's operating performance. The Company's management utilizes net income excluding non-cash expense as a means to measure operating performance. You should not consider it in isolation or as a substitute for net income or any other measure calculated in accordance with GAAP. In addition, it should be noted that other companies may calculate adjusted net income differently and, therefore, adjusted net income as presented for the Company may not be comparable to the calculations of adjusted net income reported by other companies. The table below reconciles adjusted net income (loss) excluding non-cash expense, a non-GAAP measure, to GAAP net income (loss) for the three months ended September 30, 2010 and September 30, 2009 (Expressed in Thousands of US Dollars).
  Three Months Ended Three Months Ended
  30-Sept-10 30-Sept 09
GAAP Net Income (Loss) $ (1,671) $ (2,287)
Expense - non-cash employee compensation 677 1,176
Expense - depreciation 18 20
Adjusted Net Income (Loss) $ (976) $ (1,091)

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 their services to commercial entities and governments with a need to establish or expand nuclear industry capabilities and infrastructure.