TEMPE, Arizona, March 20, 2017 /PRNewswire/ --
Lithium Exploration Group Inc. (USOTC: LEXG) today announced that it has reached a non-binding Memorandum of Understanding (MOU) with Solaris Power Cells Inc. (OTC: SPCL) to license and further develop its PESA™ Energy Storage Technology. The MOU outlines licensing terms for use of the technology as a component of the Ultrasonic Generator package, as well as giving LEXG the right to continue to develop the technology for other applications. The legal documents are being prepared while due diligence is conducted, with the goal of finalizing the agreements on or before May 1, 2017. Lithium Exploration Group intends to expand its engagement of Eric Dix and Innovation Associates to develop a strategy to further the development of this disruptive technology.
"This technology provides a truly differentiated way of collecting and storing energy that can be very useful for the Sonic Cavitation Ltd. Ultrasonic Generator's water application. We intend to use it to capture the energy from the steam released from the generator and reuse that energy to run the unit, potentially generating enough power to run the entire system without outside energy needs," commented CEO Alex Walsh. "We plan to expand the development of this technology and file patents around the industry applications and core invention so that it can be widely distributed across all industries. The deal we are working on with the team at SPCL will be beneficial to both companies because once patented, SPCL will receive additional compensation and an ongoing royalty in perpetuity. SPCL has taken the technology as far as it can and we are going to take the baton and continue running to ensure it reaches its full potential."
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.
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. & Solaris Power Cells Inc.