Lightbridge Corp. reported a business update on its operations in the third quarter of 2011. The company is involved with the nuclear energy industry and provides consulting and other services to a number of private sector and governmental organizations.
Lightbridge said that Idaho National Laboratory completed a preliminary study that supports the viability of performing loop irradiation of metallic fuel samples provided by the company. Lightbridge Corporation now plans to move forward with a more detailed experiment on the same concept.
Lightbridge has initiated discussions with an undisclosed company that is involved with the fuel fabrication business. The company hopes to have a partner assist in the metal fuel fabrication development process.
Lightbridge applied to the U.S. Patent and Trademark Office (USPTO) for a patent on a locking mechanism for a fuel assembly system designed by the company. The USPTO granted a notice of allowance to Lightbridge and the company expects to receive a patent on this invention shortly.
Lightbridge reported sales of $1.7 million in the third quarter of 2011, which ended on September 30, 2011. This was a decline from the $2.1 million in sales reported in the corresponding quarter in 2010. Lightbridge had cash and cash equivalents of $9.3 million, and no debt as of 9/30/2011.
For more information on the company, go to www.ltbridge.com
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