Business
Lightbridge Provides Business Update and Announces Second Quarter of 2020 Earnings Results
Conference Call on Tuesday, August 11, 2020 at 4pm ET RESTON, Va., Aug. 10, 2020 (GLOBE NEWSWIRE) -- Lightbridge Corporation (NASDAQ: LTBR), an advanced
About this update from Lightbridge Corporation
[{"type":"text","content":"Conference Call on Tuesday, August 11, 2020 at 4pm ET\nRESTON, Va., Aug. 10, 2020 (GLOBE NEWSWIRE) -- Lightbridge Corporation (NASDAQ: LTBR), an advanced nuclear fuel technology company, today announced financial results for the second quarter ended June 30, 2020, as well as the Company's corporate progress and other meaningful developments.\n Seth Grae, President & Chief Executive Officer of Lightbridge Corporation, commented, “We continue to execute in accordance with our strategy and vision for commercializing Lightbridge Fuel™. In June, we commenced work under the 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). Our focus over the 12 months of this agreement is to collaborate with the expert team at INL to develop a pathway to perform critical material irradiation testing in a US test reactor. “In addition, we continue to expand our intellectual property portfolio as we advance towards commercialization. In the second quarter, we received a Decision to Grant from the Japan Patent Office (JPO) for a patent related to a Lightbridge metallic fuel assembly design for use in CANDU-type reactors. We also received patents from the Australian Patent Office and the Eurasian Patent Office for our innovative nuclear fuel assemblies. In addition to the inherent economic and safety benefits, Lightbridge Fuel™ enables longer refueling cycles, which is key to extending the life of existing plants. We believe that a strong patent portfolio will help establish and sustain leadership in key global markets. “We continue to take the necessary steps towards validating our technology, proving that Lightbridge Fuel™ will be the solution that will significantly improve the economics and safety profile of both existing reactors and small modular reactors (SMR). This will generate significant value to our shareholders and sizable benefit to society, providing economical, clean energy around the world,” concluded Mr. Grae. Financial Highlights The Company maintains a strong working capital position of $16.4 million at June 30, 2020 and has no debt. Cash Flows Summary The change in the net decrease in cash and cash equivalents was approximately $2.8 million from the six months ended June 30, 2...