MCLEAN, Va., April 22, 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 President and Chief Executive Officer Seth Grae will participate in a U.S. Department of Commerce trade mission to China and Vietnam to promote U.S. access to business opportunities in the international commercial nuclear industry.
Industry executives will meet with potential buyers, agents, distributors and joint venture partners. In addition, industry leaders and senior officials from the U.S. Departments of Commerce, Energy, State and the White House are scheduled to meet with Chinese and Vietnamese government officials on civil nuclear energy policies. The trip is set for May 17 to May 23, with stops in Hanoi, Vietnam and Beijing, China, as well as at a nuclear power plant in Sanmen, China. Trade mission participants also have the option to observe the U.S.-Association of Southeast Asian Nations (ASEAN) Energy Cooperation - Subsector Network workshop on civil nuclear power on May 16 in Hanoi.
China's nuclear industry is expected to grow to nearly $300 billion by 2020. Commercial nuclear energy opportunities in Vietnam are currently estimated at $10 billion and are expected to grow to $50 billion by 2030, according to Commerce Department data.
Mr. Grae is a member of participating in the eight-day mission through his position on the U.S. Department of Commerce Civil Nuclear Trade Advisory Committee (CINTAC). The Committee advises the Secretary of Commerce on how to expand U.S. civil nuclear exports and strengthen the industry's competitiveness. Mr. Grae was first named to the 30-member CINTAC in 2010.
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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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 press release and involve a number of risks and uncertainties, which 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