Lightbridge Receives Notice of Allowance on Key Patent from the Canadian Intellectual Property Office

Rhea-AI Summary

Lightbridge Corporation (LTBR) announced a Notice of Allowance from the Canadian Intellectual Property Office for a patent aimed at enhancing its Lightbridge Fuel™ technology. This patent expands its claims for a square fuel assembly with metallic fuel rods in a mixed grid pattern. CEO Seth Grae highlighted Canada's potential market for the company’s products, given the 22 reactors active in the country. The company holds pending patents in multiple nations, reinforcing its innovative nuclear fuel technology's market prospects and intellectual property protection.

Positive

• Receipt of Notice of Allowance for Canadian patent enhances IP portfolio.
• Potential for significant market in Canada with 22 operational reactors.
• Expansion of patent protection broadens commercial opportunities.

Negative

• None.

RESTON, Va., July 13, 2022 (GLOBE NEWSWIRE) -- Lightbridge Corporation (Nasdaq: LTBR), an advanced nuclear fuel technology company, today announced that it has received a Notice of Allowance from the Canadian Intellectual Property Office. The newly allowed patent is based on the 2014 Patent Cooperation Treaty (PCT) patent application and broadens the company’s claims directed to a square fuel assembly having metallic fuel rods arranged in a mixed grid pattern.

Seth Grae, President and CEO of Lightbridge commented: “Canada represents a sizeable market for Lightbridge Fuel™ for deployment in both existing and new-build reactors, with 22 reactors currently in operation. This Notice of Allowance is an important achievement that expands our IP portfolio and broadens our patent protection in Canada.”

Lightbridge Fuel has been designed to enhance the safety and economics of nuclear power for both existing and next-generation nuclear reactors. Lightbridge has patents pending in various countries around the world, including the United States, South Korea, Canada, Japan, Eurasia, and Australia, as well as additional patents pending in Europe and China.

About Lightbridge Corporation
Lightbridge (NASDAQ: LTBR) is an advanced nuclear fuel technology development company positioned to enable carbon-free energy applications that will be essential in preventing climate change. The Company is developing Lightbridge Fuel™, a proprietary next-generation nuclear fuel technology for small modular reactors, as well as existing large light-water reactors, which significantly enhances safety, economics, and proliferation resistance. To date, Lightbridge has been awarded twice by the U.S. Department of Energy’s Gateway for Accelerated Innovation in Nuclear program to support development of Lightbridge Fuel™. Lightbridge’s innovative fuel technology is backed by an extensive worldwide patent portfolio. Lightbridge is included in the Russell Microcap® Index. For more information, please visit: www.ltbridge.com.

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Forward Looking Statements

With the exception of historical matters, the matters discussed herein 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 Fuel™ 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. The risks include, but are not limited to: the Company’s ability to commercialize its nuclear fuel technology; the degree of market adoption of the Company's product and service offerings; the Company’s ability to fund general corporate overhead and outside research and development costs; market competition; our ability to attract and retain qualified employees; dependence on strategic partners; demand for fuel for nuclear reactors, including small modular reactors; the Company's ability to manage its business effectively in a rapidly evolving market; the availability of nuclear test reactors and the risks associated with unexpected changes in the Company’s fuel development timeline; the increased costs associated with metallization of our nuclear fuel; public perception of nuclear energy generally; changes in the political environment; risks associated with the further spread of COVID-19, including the ultimate impact of COVID-19 on people, economies, and the Company’s ability to access capital markets; risks associated with war in Europe; risks associated with limited availability of conversion and enrichment services for nuclear fuel production; changes in the laws, rules and regulations governing the Company’s business; development and utilization of, and challenges to, our intellectual property; risks associated with potential shareholder activism; potential and contingent liabilities; 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, except as required by law. Readers are cautioned not to put undue reliance on forward-looking statements.

A further description of risks and uncertainties can be found in Lightbridge’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021, and in its other filings with the Securities and Exchange Commission, including in the sections thereof captioned “Risk Factors” and “Forward-Looking Statements”, all of which are available at http://www.sec.gov/ and www.ltbridge.com.

Investor Relations Contact:
Matthew Abenante, IRC
Director of Investor Relations
Tel: +1 (646) 828-8710
ir@ltbridge.com

FAQ

What is the significance of Lightbridge Corporation's new patent approval in Canada?

The new patent approval enhances Lightbridge Corporation's intellectual property portfolio, allowing broader claims for its innovative nuclear fuel technology in Canada, which has a substantial market for nuclear reactors.

How does Lightbridge Fuel™ technology improve nuclear power safety?

Lightbridge Fuel™ technology is designed to enhance safety and economics in both existing and next-generation nuclear reactors, contributing to safer nuclear energy solutions.

Which countries have pending patents for Lightbridge's technology?

Lightbridge has patents pending in countries such as the United States, South Korea, Canada, Japan, Eurasia, Australia, as well as additional patents pending in Europe and China.

What opportunities are created by the new patent for Lightbridge Corporation?

The new patent creates opportunities for commercializing Lightbridge Fuel™ in Canada, especially given the operational reactors in the country, thus potentially increasing market adoption.