MCLEAN, Va., Oct. 7, 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 announced that the Company has been selected as technical advisor to provide independent re-verification of equipment and material procurement processes related to construction and maintenance of nuclear power plants operated by Korea Hydro and Nuclear Power Company (KHNP).
As a subcontractor to London-based Lloyd's Register Group Limited, Lightbridge will focus on the environmental and seismic qualification, and commercial grade dedication aspects of a two-year Lloyd's Register/KHNP contract. Paul C. Rizzo Associates, Inc. of Monroeville, Pennsylvania is also a subcontractor.
"Lightbridge was selected for this important work because of the Company's expertise and growing global reputation for excellence," said Seth Grae, Lightbridge President and Chief Executive Officer. "Our component of the Lloyd's Register/KHNP contract was among several outstanding advisory services proposals to government entities in Europe, Asia and the Middle East with plans to create or expand nuclear electricity generation. Revenue from our advisory services segment is one of the previously disclosed sources of capital that will support the ongoing R&D activities required to advance Lightbridge's fuel products to a commercial stage."
About Lightbridge Corporation
Lightbridge is a U.S. nuclear energy company based in McLean, Virginia 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 to 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. The Company 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.
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Forward Looking Statement
This news release contains statements that are forward-looking in nature, including statements regarding the Company's competitive position and product and service offerings. These statements are based on current expectations on the date of this news release and involve a number of risks and uncertainties that may cause actual results to differ significantly from such estimates. The risks include, but are not limited to, the degree of market adoption of the Company's product and service offerings; market competition; dependence on strategic partners; and the Company's ability to manage its business effectively in a rapidly evolving market. Certain of these and other risks are set forth in more detail in Lightbridge's filings with the Securities and Exchange Commission. Lightbridge does not assume any obligation to update or revise any such forward-looking statements, whether as the result of new developments or otherwise.
CONTACT: Gary Sharpe Investor Relations Lightbridge Corporation 571-730-1213 firstname.lastname@example.org