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Lightbridge Announces 2013 First Quarter Business Update and Financial Results

Lightbridge Announces 2013 First Quarter Business Update and Financial Results

Live Conference Call and Webcast Scheduled at 11 a.m. EDT Thursday, May 9 at:
http://ir.ltbridge.com/eventdetail.cfm?eventid=127828

MCLEAN, Va., May 8, 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 provided a business update on the progress of its nuclear
fuel technology and consulting operations and reported financial results for
the quarter ended March 31, 2013.

"Strategic interest is growing in Lightbridge nuclear fuel designs together
with increased awareness and independent validation of our metallic fuel's
significant safety and economic benefits, compared to conventional uranium
oxide fuel," said Seth Grae, President and Chief Executive Officer.
"Lightbridge technology remains well positioned to answer the most pressing
global questions facing the commercial nuclear energy industry as the industry
works to deliver safer, long-term, efficient, base-load and carbon-free
electric power."

Lightbridge is developing and commercializing next generation nuclear fuel
technology with benefits of increasing power output of existing and new
reactors, reducing nuclear waste, improving safety and enhancing proliferation
resistance of spent fuel. Lightbridge's comprehensive advisory services are
helping existing clients with on-time and on-budget development and regulation
of nuclear power plants to expand electricity generation capabilities.

2013 First Quarter Business Update

Fuel Technology

Over the past four months, two independent studies, a peer-reviewed article
and analytical models were completed and published that validate the
proliferation resistance and safety and economic benefits of Lightbridge fuel
technology, Grae said.

"Nuclear fuel managers at the largest U.S. nuclear utilities are enthusiastic
about the safety features of our metallic fuel design," he added. "Lightbridge
fuel could help moderate the expense of post-Fukushima safety requirements
that are driving up power plant operating and construction costs. Nothing is
more expensive at a nuclear power plant than safety."

In a large break, loss-of-coolant accident (LOCA) scenario, preliminary
analytical modeling shows that the temperature of zirconium cladding on
Lightbridge metallic fuel rods remains at least 200 degrees Celsius below the
temperature at which steam begins to react with zirconium to generate hydrogen
gas and an explosion risk. Additional tests are planned to confirm these
preliminary results, Grae said.Under normal conditions, Lightbridge fuels are
designed to operate approximately 1,000 degrees Celsius lower than
conventional uranium oxide fuels.

In March, the proliferation resistance of the Company's fuel design was
validated in an independent analysis conducted by Siemens Industry,
Inc."…(T)he proposed Lightbridge design (is) classified as low enriched
uranium (that) cannot be used directly for the construction of nuclear
weapons," the report says.

An earlier Siemens Industry analysis of the Company's fuel design validated
the technology's benefits of increased power output and enhanced operating
economics for nuclear utilities."The value proposition of Lightbridge's
metallic fuel, combined with its proliferation resistance and safety benefits,
represent a compelling suite of solutions to big issues that confront nuclear
utilities around the world," Grae said.

A peer-reviewed article on Lightbridge metallic fuel technology was published
in the December 2012 edition of the American Nuclear Society journal Nuclear
Technology. An abstract of the article is available at
http://www.new.ans.org/pubs/journals/nt/v_180:3."The article's publication
provides further validation of Lightbridge fuel technology at an important
stage in Company negotiations on fuel fabrication for the planned irradiation
testing at research reactors in Russia and the U.S.," Grae said.

Lightbridge also reiterated key research and development milestones for its
fuel technology.

  *Demonstrate the full-scale fabrication process for Lightbridge metallic
    fuel rods in 2013-2014.
  *Perform in-reactor and out-of-reactor experiments in 2013-2016.
  *Develop analytical models in 2013-2016 for the Company's metallic fuel
    technology that can be used for regulatory licensing activities.
  *Begin lead test assembly (LTA) operation in a full-size commercial light
    water reactor in 2017-2018, which involves testing a limited number of the
    full-scale fuel assemblies in the core of a commercial nuclear power plant
    over three 18-month cycles.

Advisory Services

Lightbridge's comprehensive advisory services for developing safe, secure and
cost-effective nuclear power have generated more than $40 million in revenue
since 2008.

"We have submitted advisory services proposals to additional countries, mostly
in Europe, Asia and the Middle East," Grae said."While the review process for
these complex, multi-million dollar contracts can be long, we are optimistic
that in 2013 Lightbridge will obtain consulting contracts from other
governments interested in deploying nuclear power in their countries.
Responses are expected in coming quarters."

Financial Results and Guidance

For the quarter ended March 31, 2013, Lightbridge's net loss was $1.3 million,
or a loss of $0.10 per share, on revenue of $0.5 million, compared to a net
loss $0.8 million, or a loss of $0.06 per share, on revenue of $1.3 million in
the first quarter of 2012.Lightbridge revenues are derived from consulting
and strategic advisory services for foreign governments planning to create or
expand electricity generation capabilities using nuclear power plants, and are
used to help fund the continuing development of the Company's nuclear fuel
technologies.

Lightbridge reiterated that nuclear fuel research and development expenses
over the next 12 to 15 months are expected to be in the range of $3 million to
$4 million, contingent on execution of R&D agreements with outside
contractors. "We spent approximately $0.6 million and $0.5 million for
research and development during the three months ended March 31, 2013 and
2012, respectively," Grae said.

Balance Sheet Overview

At March 31, 2013, the Company had approximately $3.2 million in cash and cash
equivalents, restricted cash and marketable securities, and approximately $4.0
million of working capital, with no long-term debt.Stockholders' equity was
approximately $4.6 million at March 31, 2013 compared with $5.8 million on
December 31, 2012.Common shares outstanding at March 31, 2013 totaled
12,548,935.

"We expect to seek new financing or additional sources of capital in the next
six months to support ongoing R&D activities required to continue to advance
Lightbridge fuel products to a commercial stage," Grae said."Potential
sources of cash available to us include equity investments from institutional
investors; strategic investment through alliances with major fuel vendors,
fuel fabricators and/or other strategic parties during the next three years;
and new consulting contracts.Over the next two to three years, our R&D
activities are expected to increase with continued tests and demonstrations of
our metallic fuel technology for Western pressurized water reactors. These
activities are necessary to prepare for full-scale demonstration of our fuel
technology in an operating commercial PWR."

2013 First Quarter Conference Call

Lightbridge will hold a conference call on Thursday, May 9, at 11 a.m. EDT to
discuss the Company's 2013 first quarter results and provide an update on
recent corporate developments.Seth Grae, President and Chief Executive
Officer, will lead the call and additional members of the senior management
team will be available to answer questions. Questions may be asked live, using
the telephone lines below. Questions also may be submitted in writing before
or during the conference call to ir@ltbridge.com. All written questions will
be read and answered during the call.

Lightbridge Corporation Conference Call - Business Update and 2013 Q1
Financial Results
Date:                    Thursday, May 9, 2013
Time:                    11 a.m. EDT
Domestic Call-In:        877-440-7569
International Call-In:   253-237-1189
Listen-only Call-In:     877-670-9783
Listen-only              970-315-0421
International Call-In:
Live Webcast:            http://ir.ltbridge.com/eventdetail.cfm?eventid=127828
Replay:                  Available for one year at the URL above.

About Lightbridge Corporation

Lightbridge is a US 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.

Lightbridge is on Twitter.Sign up to follow @LightbridgeCorp at
http://twitter.com/lightbridgecorp.

Forward Looking Statements

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 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; 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.


Lightbridge Corporation
Condensed Consolidated Balance Sheets
                                                    March 31,    
                                                    2013         December 31,
                                                    (Unaudited)  2012
ASSETS                                                           
Current Assets                                                   
Cash and cash equivalents                           $ 1,082,948  $ 2,197,555
Marketable securities                               1,612,716    1,598,209
Restricted cash                                     554,092      553,682
Accounts receivable - project revenue and           418,113      601,803
reimbursable project costs
Prepaid expenses & other current assets             706,369      574,590
Total Current Assets                                4,374,238    5,525,839
                                                                
Property Plant and Equipment –net                    11,102       17,221
                                                                
Other Assets                                                     
Patent costs – net                                  634,953      600,596
Security deposits                                   --           --
Total Other Assets                                  634,953      600,596
                                                                
Total Assets                                         $ 5,020,293  $ 6,143,656
                                                                
LIABILITIES AND STOCKHOLDERS EQUITY                              
Current Liabilities                                              
Accounts payable and accrued liabilities            $ 393,619    $ 385,223
Total Current Liabilities                            393,619      385,223
                                                                
Commitments and contingencies                                    
                                                                
Stockholders' Equity                                             
Preferred stock, $0.001 par value, 50,000,000        --           --
authorized shares, no shares issued and outstanding
Common stock, $0.001par value, 500,000,000
authorized, 12,548,935 shares outstanding and        12,549       12,526
12,526,240 shares outstanding at March 31, 2013 and
December 31, 2012, respectively
Additional paid in capital - stock and stock         72,105,896   71,955,631
equivalents
Deficit                                              (67,491,771) (66,212,849)
Common stock reserved for issuance, 2,264 shares at  --           3,125
December 31, 2012
Total Stockholders' Equity                           4,626,674    5,758,433
                                                                
Total Liabilities and Stockholders' Equity           $ 5,020,293  $ 6,143,656


Lightbridge Corporation
Unaudited Condensed Consolidated Statements of Operations
                                             
                                             Three Months Ended
                                             March 31,
                                             2013          2012
Revenue:                                                   
Consulting Revenue                            $ 515,950     $ 1,257,521
Cost of Consulting Services Provided          284,337       769,685
Gross Margin                                  231,613       487,836
                                                          
Operating Expenses                                         
General and administrative                    881,778       945,362
Research and development expenses             643,273       496,708
Total Operating Expenses                      1,525,051     1,442,070
Operating Loss                                (1,293,438)   (954,234)
                                                          
Other Income and (Expenses)                                
Investment income                             15,556        151,558
Other income (expenses)                       (1,040)       6,142
Total Other Income and Expenses               14,516        157,700
Net loss before income taxes                  (1,278,922)   (796,534)
Income taxes                                  --            --
Net loss                                      $ (1,278,922) $ (796,534)
                                                          
Net Loss Per Common Share, Basic and Diluted  $ (0.10)      $ (0.06)
Weighted Average Number of shares outstanding 12,529,045   12,432,282


Lightbridge Corporation
Unaudited Condensed Consolidated Statements of Cash Flows
                                                    
                                                    Three Months Ended
                                                    March 31,
                                                    2013          2012
Operating Activities:                                             
Net Loss                                             $ (1,278,922) $ (796,534)
Adjustments to reconcile net loss from operations to              
net cash used in operating activities:
Stock-based compensation                             147,163       350,745
Depreciation and amortization                        6,119         6,166
Unrealized (gains) loss on marketable securities     3,359         (87,929)
Changes in non-cash operating working capital items:              
Accounts receivable - fees and reimbursable project  183,690       (648,043)
costs
Prepaid expenses and other assets                    (131,779)     (67,901)
Accounts payable, accrued liabilities and other      8,396         (268,122)
current liabilities
Net Cash Used In Operating Activities                (1,061,974)   (1,511,618)
                                                                 
Investing Activities:                                             
Purchase of Marketable securities                    (17,866)      (63,010)
Patent costs                                         (34,357)      (28,029)
Net Cash Used In Investing Activities                (52,223)      (91,039)
                                                                 
Financing Activities:                                             
Restricted cash                                      (410)         (549)
Net Cash Used In Financing Activities                (410)         (549)
                                                                 
Net Decrease In Cash and Cash Equivalents            (1,114,607)   (1,603,206)
                                                                 
Cash and Cash Equivalents, Beginning of Period       2,197,555     3,569,098
                                                                 
Cash and Cash Equivalents, End of Period             $ 1,082,948   $ 1,965,892
                                                                 
Supplemental Disclosure of Cash Flow Information:                 
Cash paid during the year:                                        
Interest paid                                        $ --          $ --
Income taxes paid                                    $ --          $ --

CONTACT: Gary Sharpe
         Investor Relations and Corporate Communications
         Lightbridge Corporation
         571-730-1213
         gsharpe@ltbridge.com

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