PHOENIX, January 17, 2017 /PRNewswire/ --
Lithium Exploration Group Inc. (USOTC: LEXG) today announced that the Company is engaged in a negotiation that could lead to a $1.2 million contract for access to LEXG's Sonic Cavitation Ltd lithium harvesting technology. The subject contract is designed to lead to even further sales of LEXG's Sonic Cavitation Ltd lithium harvesting technology. The prospective customer is an "integrator" of lithium technology, service, and resource providers. The integrator/customer is assembling a coalition of lithium technology, service and resource providers with the intent of taking the coalition to market under a single, unified banner offering a comprehensive service delivering usable lithium ready for battery production. The integrator/customer's success in securing turnkey lithium contracts, would in turn result in additional revenue for LEXG. The integrator/customer would pay LEXG an estimated $1.2 million for initial access to the Sonic Cavitation Ltd harvesting technology with further payments to follow when the integrator/customer successfully secures turnkey lithium contracts.
Coalition Service Enhancement Through Patented Lithium Technology
In addition to assembling this coalition, the integrator/customer is presently engaged in the acquisition of multiple lithium patents expected to enhance the specific processes of the coalition's combined capabilities. LEXG is exploring the prospect of making an equity investment in the integrator/customer company.
New York Times Lithium Feature Article On 3 California Electric Utility Lithium Plants
Timed to coincide with Tesla's (NASDAQ: TSLA) opening of its Lithium Gigafactory, LEXG published a comprehensive online presentation detailing the Company's capacity to improve the efficiency of extracting lithium from brine. Today's release coincides with another major lithium industry event demonstrating the exploding demand for lithium. A just released New York Times feature article details the history and future of lithium ion battery facilities integrated into public utility electric grids. Specifically, the article reports on the near completion of three major electric storage facilities consisting of lithium ion battery arrays about to come online in California.
"The contract under negotiation is intended to shape the Company's future as a lithium harvesting technology service provider. In 2012, we developed a proprietary mineral processing technique to transform lithium chloride brine into lithium carbonate. With this contract we intend to integrate that technique with the Sonic Cavitation technology to exploit the upstream application of lithium production by licensing it to various groups that would use these applications for their own projects," commented CEO Alex Walsh. "This chain of technologies, services and mineral resources is required to ultimately produce usable lithium as an end-product ready to be built into a rechargeable battery and we want to be a cog in many wheels. No single company can produce a lithium Ion battery without integrating the capabilities of multiple, discrete technology, service and resource providers. We are working with the customer and with our partners at Sonic Cavitation Ltd on details of the agreements."
About Lithium Exploration Group
Lithium Exploration Group is a US-based exploration and development company focused on the acquisition and development potential of lithium brines and other precious metals that demonstrate high probability for near-term production. Currently the company is focused testing its SonCav Technology and the acquisition of oil and gas related assets in Western Canada. Lithium Exploration Group is traded on the OTC Markets under the symbol LEXG.
Website: www.lithiumexplorationgroup.com .
Safe Harbor Statement
This news release contains "forward-looking statements". Statements in this press release that are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future testing of the ultrasonic technology.
Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with mineral exploration and difficulties associated with obtaining financing on acceptable terms. We are not in control of lithium prices and these could vary to make development uneconomic. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements.
Although we believe that the beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that such beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all of the information set forth herein and should also refer to the risk factors disclosure outlined in our most recent annual report for our last fiscal year, our quarterly reports, and other periodic reports filed from time-to-time with the Securities and Exchange Commission.
SOURCE Lithium Exploration Group Inc.