RESTON, Va., May 23, 2016 (GLOBE NEWSWIRE) -- Lightbridge Corporation (NASDAQ:LTBR), a U.S. nuclear energy company, today announced that the Company and the Vietnam Agency for Radiation and Nuclear Safety (VARANS) have signed a nuclear safety training agreement for the first phase of a training program in 2016. The signing event was hosted by the American Chamber of Commerce (AmCham) and the Vietnam Chamber of Commerce and Industry (VCCI) and took place on Monday, May 23, at the Sheraton Hotel in Hanoi.
Under the agreement, Lightbridge will provide training in the United States for up to eight VARANS officials over a two-week period to provide them with an understanding of inspection fundamentals for early procurement of nuclear components. Focusing on inspection of design and fabrication of nuclear fuel for commercial pressurized water reactors (PWR), this two-week training program will also provide supplementary information to aid understanding and planning for early regulatory functions such as inspection of nuclear power plant construction, licensing, and capacity development. As a part of the agreement, VARANS also requested that Lightbridge prepare a long-term and comprehensive training program from 2017 to 2020.
Based on the results of this two-week training program, VARANS and Lightbridge will work together to make further improvements to the next phases of the training program in 2017 and subsequent years. This long-term program starting in 2017 is expected to entail topics related to safety standards and acceptance criteria for the design, construction, and installation of critical components affecting the safe operation of nuclear power plants and supporting infrastructure. This agreement marks a significant expansion beyond previous interactions between VARANS and the U.S. Nuclear Regulatory Commission (NRC).
Lightbridge Vice President Jonathan Baggett signed the agreement for Lightbridge in Hanoi. US Trade Representative Ambassador Michael Froman, U.S. Ambassador to Vietnam Ted Osius, U.S. Senator Tom Carper, and U.S. Congressmen Joaquin Castro and Beto O’Rourke attended the event. Vietnamese officials present included Tran Viet Thanh, Deputy Minister of the Ministry of Science and Technology (VARANS is an agency under this ministry) and officials from the Ministry of Foreign Affairs.
This Agreement is part of the growing U.S.-Vietnam strategic relationship, coinciding with President Obama’s visit to Vietnam. Both countries regard cooperation on civil nuclear power to be an important part of improving relations.
Seth Grae, President & Chief Executive Officer of Lightbridge Corporation, commented, “We are honored to work with VARANS on Vietnam's nuclear energy program. This training program is crucial for continuing cooperation in civil nuclear safety and security. This program is just the beginning of what both parties intend to be many years of cooperation, followed by a comprehensive training program from 2017-2020 to be provided by Lightbridge to VARANS.”
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.