RESTON, Va., June 06, 2016 (GLOBE NEWSWIRE) -- Lightbridge Corporation (NASDAQ:LTBR), a U.S. nuclear energy company, today announced that it received a patent covering its metallic nuclear fuel rod design in Canada and has also received its patent in China following the notice of allowance announced in May 2016.
Seth Grae, President & Chief Executive Officer of Lightbridge Corporation, commented, “These patents in Canada and China illustrate our continued success securing our intellectual property rights around the world. We have now received patents for our breakthrough metallic nuclear fuel in key markets including the U.S., Canada, China, Japan, South Korea, Russia, and other global markets. China alone has 32 nuclear power reactors in operation and 22 under construction with additional reactors planned that will result in more than a three-fold increase in nuclear capacity. We believe the benefits of our fuel, including improved operating economics and enhanced safety, will help justify keeping reactors operating and accelerate the growth of nuclear around the world to achieve energy and climate change goals.”
“Securing our intellectual property rights is an important step in advancing our global strategy. We are working with key industry players and look forward to announcing our first major commercial arrangement for deploying our metallic fuel later this year. Through these strategic partnerships and joint ventures, we expect to be in position to leverage our partners’ existing resources and capabilities to cost effectively bring our fuel to market globally, which has the potential to generate hundreds of millions of dollars in annual royalty revenues to Lightbridge and our shareholders.”
About Lightbridge Corporation
Lightbridge is a nuclear energy company based in Reston, Virginia, USA. The Company develops proprietary next generation nuclear fuel technologies for current and future nuclear reactor systems. 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. 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 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 Statements
With the exception of historical matters, the matters discussed in this news release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding the Company's competitive position, the timing of demonstration testing and commercial production, the Company’s entry into agreements with nuclear fuel manufacturers and the timing thereof, the potential impact of the U.S. Clean Energy Plan and similar regulations, the Company’s anticipated financial resources and position, the Company’s product and service offerings and the expected market for the Company’s 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; demand for fuel for nuclear reactors; and the Company's ability to manage its business effectively in a rapidly evolving market, as well as other factors described 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. Readers are cautioned not to put undue reliance on forward-looking statements.
Investor Relations Contact: David Waldman/Natalya Rudman Crescendo Communications, LLC Tel. + 1 855-379-9900 Ltbr@crescendo-ir.com