SCOTTSDALE, Ariz., Sept. 4, 2012 /PRNewswire/ -- Given pending litigation against Glottech USA LLC, and the uncertainties naturally inherent of any litigation (particularly as to outcome and timing thereof), Lithium Exploration Group (OTCBB: LEXG.OB) (OTCQB: LEXG.OB) has moved to assure continuity of its licensing rights through entering into, and exercising, an option to contract directly with the technology inventor and patent owner, GD Glottech International Ltd.
Thus regardless of the outcome of the litigation, or indeed any action or inaction of Glottech USA, Lithium Exploration Group's interest in the technology is assured. As the fate of the current prototype is dependent upon the litigation, development of the next-generation prototype will begin shortly under the direction of the technology inventor.
"Our goal has always been to have more than one unit at our Valleyview Project in Alberta. This new relationship with GD Glottech International means that we can begin building the second unit and having a direct relationship with the inventor truly puts us in control of our own destiny," commented CEO Alex Walsh. "We have a devoted group of shareholders that understand the vision of where we are headed and deserve results, not further delays."
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 property. Lithium Exploration Group is a fully reporting company traded on the OTCBB under the symbol LEXG. Website: www.lithiumexplorationgroup.com. Lithium Exploration Group is also on Facebook, LinkedIn and Twitter @LEXG_OTCBB.
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