LIGHTBRIDGE CORPORATION (NASDAQ:LTBR) Files An 8-K Other Events
Item 8.01 Other Events.
Lightbridge Corporation (the “Company”) today announced that it has filed a request for arbitration (the “Arbitration Request”) in the International Court of Arbitration of the International Chamber of Commerce against Framatome SAS (“Framatome”). The Company has undertaken this action in order to obtain, inter alia, a declaration that the R&D Services Agreement, dated November 14, 2017, by and among Framatome (formerly known as AREVA NP S.A.S), Enfission, LLC (“Enfission”) and the Company (as amended by Amendment Number One, dated January 25, 2018, and Amendment Number Two, dated June 20, 2018, the “RDSA”) was validly terminated and is no longer in force, and to obtain compensation for the damage incurred.
As previously reported by the Company, on November 18, 2019, the Company delivered a notice of termination of the RDSA to Framatome, thereby terminating the RDSA, based on Framatome’s uncured material breach of certain material terms of the RDSA, relating to its invoicing obligations, as well as a failure of the escalation process under the RDSA to agree to a budget commitment for 2019-2020. In correspondence with the Company, Framatome has contested the Company’s right to terminate the RDSA, has taken positions that challenge the Company’s rights to its intellectual property and to continue research activities within the Domain outside of Enfission, and has reserved its right to seek compensation from the Company. On this basis, and based on the conduct of Framatome in preventing Enfission from functioning and progressing towards its goals, the Company filed the Arbitration Request.
About LIGHTBRIDGE CORPORATION (NASDAQ:LTBR)
Lightbridge Corporation is a nuclear fuel technology company. The Company participates in the nuclear power industry in the United States and internationally. Its segments include nuclear fuel technology business and nuclear energy consulting business. The nuclear fuel technology business develops next generation nuclear fuel technology that increases the power output of commercial reactors; generates nuclear energy and the amount of nuclear waste on a per-megawatt-hour basis, and enhances reactor safety and the proliferation resistance of spent fuel. The nuclear energy consulting business segment provides nuclear power consulting and strategic advisory services to commercial and governmental entities across the world. It provides integrated strategic advice across a range of areas, including, regulatory development, nuclear reactor site selection, procurement and deployment, reactor and fuel technology, international relations, program management and infrastructure development.
