Lightbridge Corporation Announces Appointment of Jesse
RESTON, Va., Aug.6, 2021 (GLOBE NEWSWIRE) – Lightbridge Corporation (Nasdaq: LTBR), a leading nuclear fuel technology company, today announced the appointment of Jesse Funches to the board of directors of Lightbridge, effective immediately. Mr. Funches will also be Chairman of the Board’s Audit Committee.
Mr. Funches is the former CFO of the US Nuclear Regulatory Commission (NRC) and currently provides advisory services and expert testimony to the US civilian nuclear industry on regulatory costs, including NRC fees and related matters. He is a leading authority on how to operate a competent and profitable nuclear oversight agency. Mr. Funches was instrumental in establishing the Federal Nuclear Regulatory Authority, the independent body responsible for regulating and licensing all nuclear energy related activities in the United Arab Emirates.
“We are delighted to welcome Jesse Funches to the Lightbridge Board of Directors. Jesse brings a unique skill set, combining years of successful financial management with in-depth knowledge of nuclear regulatory policies and processes. He also has extensive experience working with Congress and the Office of Management and Budget, ”commented Seth Grae, President and CEO of Lightbridge. “Jesse’s wealth of knowledge and strong leadership will be instrumental in guiding our fuel development initiatives and ensuring that we meet or exceed regulatory and government requirements. “
Commenting on his appointment, Mr. Funches said: “I am delighted to join the Lightbridge Board of Directors at a time of significant progress in its fuel development efforts, including the awarding of a second good GAIN by the DOE. Lightbridge’s fuel innovation brings strong safety and economic benefits, and is a vital driver for expanding the use of nuclear power to impact global energy and climate challenges . I look forward to helping the company move its fuel designs to market.
Mr. Funches has over three decades of regulatory experience, including ten years as CFO of the NRC. In this capacity, reporting to the Chairman of the Board, he was a key member of the senior management team that set the agency’s strategic direction and dealt with policy issues. He established internal controls and risk management, obtaining an unqualified statement of assurance on the federal version of Sarbanes Oxley. Mr. Funches liaised directly with Congress and the Office of Management and Budget on financial and regulatory program matters and oversaw all aspects of agency-wide budgeting, evaluation performance and strategic planning. Mr. Funches worked closely with the agency president, commissioners and program directors to authorize new power reactors and nuclear fuel cycle activities.
Prior to working at the NRC, Mr. Funches spent six years in the office of the Secretary of Defense at the Pentagon. As an operations research analyst, he has carried out analyzes and studies for the use of the Secretary of Defense in making decisions on defense programs and activities and has developed planning and tax guidance. for use by military departments.
Mr. Funches holds a BA in Mathematics from Jackson State University, an MA in Applied Mathematics from the University of Illinois and an MBA from Loyola College.
He has won numerous awards throughout his career. In addition to winning the Donald L. Scantlebury Memorial Award in 2004 (the federal government’s highest honor for excellence in financial management), Mr. Funches has three times received the Presidential Rank Award for Meritorious Senior Executives and has twice won the NRC Distinguished Service Award. Mr. Funches has also been an active member of the Federal Council of CFOs, a group of senior officials working to improve financial matters across government.
About Lightbridge Corporation
Lightbridge (NASDAQ: LTBR) is a leading nuclear fuel technology development company positioned to enable carbon-free energy applications that will be critical to preventing climate change. The Company is developing Lightbridge Fuel ™, a proprietary next-generation nuclear fuel technology for small modular reactors, as well as existing light water reactors, which significantly improves fuel safety, economy and resistance to proliferation. To date, Lightbridge has been twice awarded the US Department of Energy’s Gateway for Accelerated Innovation in Nuclear program to support the development of Lightbridge Fuel ™. Lightbridge’s innovative fuel technology is backed by an extensive portfolio of global patents. Lightbridge is included in the Russell Microcap® Index. For more information, please visit: www.ltbridge.com.
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Except for historical matters, matters discussed in this document are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding the timing and results of research and development activities, further steps to commercialize Lightbridge Fuel ™ and future government assistance and funding for nuclear power. These statements are based on current expectations as of the date of this press release and involve a number of risks and uncertainties which may cause actual results to differ materially from these 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 finance corporate overheads and external research and development costs; competition in the market; our ability to attract and retain qualified employees; dependence on strategic partners; fuel demand for nuclear reactors, including small modular reactors; the Company’s ability to effectively manage its business in a rapidly changing market; the availability of nuclear test reactors and the risks associated with unexpected changes in the Company’s fuel development schedule; the increased costs associated with the metallization of our nuclear fuel; public perception of nuclear energy in general; changes in the political environment; the risks associated with the continued spread of COVID-19, including the ultimate impact of COVID-19 on people, economies and the Company’s ability to access capital markets; changes in laws, rules and regulations governing the activities of the Company; the development and use of, and the challenges to, our intellectual property; risks associated with potential shareholder activism; potential and contingent liabilities; as well as other factors described in documents filed by Lightbridge with the Securities and Exchange Commission. Lightbridge assumes no obligation to update or revise these forward-looking statements, whether as a result of new developments or otherwise, except as required by law. Readers are cautioned not to place undue reliance on forward-looking statements.
A more detailed description of the risks and uncertainties can be found in Lightbridge’s annual report on Form 10-K for the year ended December 31, 2020 and in its other filings with the Securities and Exchange Commission, including in the sections thereof entitled “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
Phone. : +1 (646) 828-8710