Business
Lightbridge Provides Business Update and Announces First Quarter of 2020 Earnings Results
Conference Call on Thursday, May 14, 2020 at 4pm ET RESTON, Va., May 13, 2020 (GLOBE NEWSWIRE) -- Lightbridge Corporation (NASDAQ: LTBR), an advanced nuclear
About this update from Lightbridge Corporation
[{"type":"text","content":"Conference Call on Thursday, May 14, 2020 at 4pm ET\nRESTON, Va., May 13, 2020 (GLOBE NEWSWIRE) -- Lightbridge Corporation (NASDAQ: LTBR), an advanced nuclear fuel technology company, today announced financial results for the first quarter ended March 31, 2020, as well as the Company's corporate progress and other meaningful developments.\n Seth Grae, President & Chief Executive Officer of Lightbridge Corporation, commented, “When COVID-19 changed our economic landscape in the first quarter, our company adapted quickly, working hard to ensure the safety of our employees and the continuity of our operations. I would like to thank our team for seamlessly handling our organizational changes while simultaneously battling the headwinds that came with COVID-19. We closed the first quarter with approximately $16.3M of cash on hand, continuing to maintain a disciplined approach to managing our cash expenditures, preserving liquidity, and optimizing our costs while we adjust our planning for the remainder of fiscal 2020 and 2021. “We recently entered into our Cooperative Research and Development Agreement (CRADA) with Battelle Energy Alliance, LLC, the operating contractor of Idaho National Laboratory (INL), in collaboration with the U.S. Department of Energy (DOE). The scope of this CRADA is to design an experiment for irradiation of Lightbridge metallic fuel material samples in the Advanced Test Reactor (ATR) at Idaho National Lab (INL). The total project over the next 12 months has a value of approximately $845,000, with three-quarters of this amount funded by DOE for the scope performed by INL. We expect to begin work under the CRADA in the coming weeks and look forward to providing updates on our progress. “For Lightbridge, the initiation of our CRADA is an important achievement on its merits. However, we also recognize the potential opportunities for additional collaborations with DOE in the future. The recently issued report from the Nuclear Fuel Working Group (NFWG) outlines a dramatic shift in federal policy related to strengthening America’s nuclear energy capabilities. These policies include a stated goal of funding research and development for advanced fuels and high-assay low-enriched uranium (HALEU). This initiative, combined with our CRADA, has the potential to position Lightbridge Fuel™ in front of key decisionmakers as t...