 Conference Call on Tuesday, August 11, 2020 at 4pm ETRESTON, 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 Companys corporate progress and other meaningful developments. Seth Grae, President Chief Executive Officer of Lightbridge Corporation, commented, We continue to execute in accordance with our strategy and vision for commercializing Lightbridge FuelTM. 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 FuelTM 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 FuelTM 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 HighlightsThe 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, 2020 compared to the six months ended June 30, 2019. Total cash used for the six months ended June 30, 2020 was 0.9 million compared to 3.7 million for the six months ended June 30, 2019. This decrease consisted of the following: Cash used in operating activities increased approximately 0.6 million for the six months ended June 30, 2020 compared to the six months ended June 30, 2019 primarily due to an increase in general and administrative expenses offset by a decrease in our research and development expenses, as a result of the decrease in work with Framatome and Enfission as Lightbridge is no longer conducting research and development activities with Framatome and Enfission. Cash used in investing activities decreased by approximately 3.6 million for the six months ended June 30, 2020 compared to the six months ended June 30, 2019 primarily due to the inactive status of the Enfission joint venture resulting in no capital contributions made in 2020. Cash provided by financing activities decreased by approximately 0.2 million for the six months ended June 30, 2020 compared to the six months ended June 30, 2019 primarily due to the slight decrease in net proceeds from issuance of common stock in 2020, which was 2.7 million for the six months June 30, 2020 compared to 2.9 million proceeds for the six months ended June 30, 2019.Balance Sheet Summary Cash and cash equivalents were 17.1 million at June 30, 2020, compared to 18 million at December 31, 2019, a decrease of 0.9 million in cash and cash equivalents for the six months ended June 30, 2020. Total assets were 19.1 million at June 30, 2020 and total liabilities were 0.9 million at June 30, 2020. Working capital was 16.4 million at June 30, 2020 versus 18.1 million at December 31, 2019. This decrease of 1.7 million in working capital was due primarily to the factors stated above in the cash flow summary. Stockholders equity was 18.2 million at June 30, 2020 versus 19.9 million at December 31, 2019. This decrease was primarily due to the net loss reported for the six months ended June 30, 2020, offset by the increase in capital related to the sale of common stock.Operations Summary General and administrative expenses for the three months ended June 30, 2020 were 2.0 million compared to 1.2 million for the three months ended June 30, 2020. This increase of approximately 0.8 million was due to a total increase in employee compensation and employee benefits of approximately 0.6 million, an increase in professional fees of approximately 0.2 million, and an increase of patent write offs of 0.1 million. These increases were offset by a decrease in stock-based compensation of approximately 0.1 million, due to the decrease in stock option expense for prior stock option awards that have become fully vested in prior reporting periods. Research and development expenses decreased by approximately 0.4 million for the three months ended June 30, 2020, as compared to the three months ended June 30, 2019, due to the transitioning from work relating to Enfission to developing a new fuel development strategy. Employee compensation and employee benefits decreased approximately 0.2 million, consulting fees decreased approximately 0.1 million and stock-based compensation decrease approximately 0.1 million. Total net other operating expenses decreased by approximately 1.7 million for the three months ended June 30, 2020 as compared to the three months ended June 30, 2019 due to the inactive status of the Enfission joint venture for the three months and six months ended June 30, 2020 and at December 31, 2019. There was a net decrease in other income of approximately 0.1 million due to a decrease in interest income generated from the interest earned from the purchase of treasury bills and from our bank savings account for the three months ended June 30, 2020, as compared to the three months ended June 30, 2019. Net loss for the three months ended June 30, 2020 was 2.1 million compared to 3.3 million for 2019. This decrease of 1.2 million was primarily due to the factors stated above in the operations summary.SECOND QUARTER CONFERENCE CALL WEBCASTLightbridge will host a conference call on Tuesday, August 11th at 4:00 p.m. Eastern Time to discuss the Companys financial results for the second quarter ended June 30, 2020, as well as the Companys corporate progress and other meaningful developments.Interested parties can access the conference call by calling 877-407-3088 for U.S. callers, or 201-389-0927 for international callers. The call will be available on the Companys website via webcast at The conference call will be led by Seth Grae, President and Chief Executive Officer and other Lightbridge executives will also be available to answer questions.About Lightbridge CorporationLightbridge NASDAQ: LTBR is an advanced nuclear fuel technology development company based in Reston, Virginia, United States. The Company is developing Lightbridge FuelTM, a proprietary next-generation nuclear fuel technology for current and future reactors, which significantly enhances the economics, safety, and proliferation resistance of nuclear power. Lightbridge invented, patented, and has independently validated its technology, with goals of preventing climate change and enhancing national security. The Company has assembled a world-class development team. Four large electric utilities that generate about half of Americas nuclear power have been advising Lightbridge since 2012 on fuel development and deployment. The Company plans to operate under a licensing and royalty model and based on the increased power generated by Lightbridge-designed fuel, expects to offer high ROI for operators of existing and new reactors. For more information please visit: receive Lightbridge Corporation updates via e-mail, subscribe at is on Twitter. Sign up to follow LightbridgeCorp at Forward Looking StatementsWith 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 timing and outcome of research and development activities, other steps to commercialize Lightbridge FuelTM and future governmental support and funding for nuclear energy. 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. 