Lithium Exploration Group Announces Continued Progress on Ultrasonic Generator Technology
SCOTTSDALE, Ariz., June 11, 2013 /PRNewswire/ -- Lithium Exploration Group Inc. (OTCQB: LEXG) today updated shareholders on progress on the ultrasonic generator technology. The technology's master licensor, led by co-principal and inventor Dr. Victor Glotov, concluded their review with various engineering experts of the Philadelphia Unit componentry. The unanimous consensus was that significant design flaws in the bowls and shaft from the principal pump's manufacturer, exacerbated by former Glottech-USA management's inadequate supervision of such design and manufacturing, caused the Philadelphia Unit to be inoperable for the purpose intended. Focus now shifts exclusively to the completion of the first horizontal unit for field testing. With the design phase completed, machining and assembly of the horizontal unit has begun and testing is on schedule.
"Working closely with Dr. Glotov and his team to develop the Ultrasonic Generator Technology remains a priority for us. Given that he has already developed this technology once in Russia, he and his team will have the horizontal unit up and running in short order," commented CEO Alex Walsh. "With the development of the horizontal unit well underway, 100% focus is on commencing field testing with this new mobile unit, and to that end our partners can count on our full support in moving forward. Our mutual interests in developing this technology continue to be perfectly aligned."
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 on its Western Canada lithium assets, testing its Ultrasonic Generator Technology and the acquisition of producing oil & gas assets in Western Canada. Lithium Exploration Group is a fully reporting company traded on the OTCQB 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, including but not limited to the completion, testing, transportation, and final installation of the unit.
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