Lightbridge and Vietnam’s Civil Nuclear Regulatory Agency Sign Nuclear Safety Training Agreement
May 23 2016 - 10:29AM
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.
Investor Relations Contact:
David Waldman/Natalya Rudman
Crescendo Communications, LLC
Tel. + 1 855-379-9900
Ltbr@crescendo-ir.com
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