Lightbridge Corporation (ticker: LTBR, exchange: NASDAQ Capital Market (.O))
News Release -
Thorium Power Adds Nuclear Technology Experts
Company Expands Scope of Research and Development
MCLEAN, Va.--(BUSINESS WIRE)--July 9, 2008--Thorium Power Ltd.
(OTCBB: THPW), the leading developer of non-proliferative nuclear fuel
technology and a key provider of comprehensive advisory services,
today announced the appointment of two nuclear industry stalwarts.
Robert Ihde will serve as Thorium Power's Senior Vice President for
Nuclear Technology while Dr. Claudio Filippone will serve in the
capacity of Senior Director of Nuclear Technology Analysis.
Mr. Ihde brings a wealth of experience to Thorium Power from his
years in leadership positions with Areva and Babcock & Wilcox while
Dr. Filippone's extensive nuclear technology knowledge has been most
recently applied as a professor of Nuclear Science at the University
of Maryland. They join Thorium Power at a time when the Company is
accelerating its ongoing technical work on its key
proliferation-resistant fuel designs and expanding the scope of its
technology platform development. Thorium Power will call on Mr. Ihde
and Dr. Filippone to help manage and execute various technology
related projects within the Company.
In addition to the ongoing development work tied to the VVER-1000
reactor fuel designs, Thorium Power is pursuing additional
Western-style pressure water reactor fuel designs. Furthermore, the
expansion of scope also includes joint projects tied to leading
American technology partners and preparations for additional patent
filings. By focusing on nuclear fuel designs for Western reactors, Mr.
Ihde and Dr. Filippone will address an expanding area for Thorium
Seth Grae, Thorium Power's President and CEO, stated: "Our
priority is to commercialize Thorium Power's proprietary
non-proliferative fuel. The addition of Bob Ihde and Claudio Filippone
to our team strengthens this effort. Bob has a wealth of experience on
both the technology side and the business side of nuclear fuels while
Claudio is widely recognized as one of the most accomplished and
innovative nuclear researchers active in the field."
Andrey Mushakov, Thorium Power's Executive Vice President for
International Nuclear Operations, added: "I am immensely gratified
that Bob and Claudio have joined our company. In working with our team
of scientists and engineers in Moscow as well as our Technical
Advisory Board, they will help bring a sharp focus on how best to
demonstrate the inherent advantages of our fuel designs in terms of
proliferation resistance, low waste generation and operator
Robert Ihde currently serves on Thorium Power's Technical Advisory
Board and will maintain this position. Most recently, Mr. Ihde held
key management positions within AREVA, including President & CEO of
Duke, Cogema, Stone & Webster where his responsibilities included
carrying out the U.S. MOX (Mixed Oxide) fuel program during his 2000
to 2005 tenure. He also served as President & COO of Cogema
Technologies, Inc. from 1995 to 1999. In addition, Mr. Ihde spent a
significant part of his career at Babcock & Wilcox where he held
various senior management positions. While at Babcock & Wilcox, Mr.
Ihde led the Nuclear Fuel Services Business Unit and the formation of
B&W Fuel Company, where, as President, he was responsible for
establishing license agreements with international partners and
successfully implemented new fuel assembly designs as well as related
fuel hardware and services.
Dr. Filippone is an expert in nuclear engineering and related
energy systems with decades of problem solving experience and
out-of-the-box thinking. He has worked on advanced thermal-hydraulic
systems utilized in conventional and advanced nuclear, fossil-fuel
burning, and renewable energy power systems. In 2005, he served as
senior science advisor to Washington Policy and Analysis, Inc., a
D.C.-based policy consultancy headed by the former Deputy Secretary of
Energy and current chairman of the Department of Energy's Nuclear
Energy Research Advisory Committee. Dr. Filippone is the author of
numerous nuclear related patents and is a specialist in regard to
intellectual property. Dr. Filippone received his Ph.D. in Nuclear
Engineering from the University of Maryland, College Park in 1996, and
his Diploma of Maturita in Electrical Engineering from the Istituto
Tecnico Industriale G. Marconi in Verona, Italy in 1983.
About Thorium Power, Ltd.
Thorium Power is a pioneering U.S. nuclear energy company based in
McLean, VA. The Company develops non-proliferative nuclear fuel
technology and provides comprehensive advisory services for emerging
nuclear programs based on a philosophy of transparency,
non-proliferation, safety and operational excellence. Thorium Power's
technologies, which are aimed at both existing and future reactors,
include nuclear fuel designs optimized to address key concerns
regarding traditional nuclear power, including proliferation of
weapons usable nuclear materials and reduction of nuclear waste. The
Company maintains a seasoned team with unparalleled experience from
the nuclear energy industry, regulatory and government affairs,
non-proliferation and diplomacy. It leverages those broad and
integrated capabilities by offering consulting and strategic advisory
services to commercial entities and governments with a need to
establish or expand nuclear industry capabilities and infrastructure.
Thorium Power also maintains long-standing relationships with leading
Russian nuclear entities, providing expert resources and facilities
for its nuclear fuel development activities. The Company seeks and
forms partnerships with participants in the global nuclear industry,
allowing it to address a wide range of international opportunities.
Further information is available on Thorium Power Ltd's website at
CONTACT: Thorium Power, Ltd.
Peter Charles, 703-918-4932
SOURCE: Thorium Power Ltd.