TEMPE, Arizona, March 16, 2017 /PRNewswire/ --
Lithium Exploration Group Inc. (USOTC: LEXG) today announced that the company has a solution in the works that would put an end to the lithium battery fires made famous by the Galaxy 7 and reiterated in yesterday's headset explosion on a flight from Beijing to Melbourne. The technology is part of a portfolio of patented lithium related technologies to be acquired as part of an overall, comprehensive lithium solution. LEXG announced entering into a $1.2 million contract earlier this year to provide access to is Sonic Cavitation Technology as part of a full spectrum lithium solution ranging from exploration and mining to battery production. The patent portfolio acquisition is now pending legal review and finalization, having been through an intensive technology review.
"It is exciting that the acquisition of the portfolio we have reviewed is almost final. That piece is critical to the next steps in finalizing the licensing contract that we have been discussing for months," commented CEO Alex Walsh. "With the addition of the energy storage technology that we are working on from our end we are in advanced discussions with the IP acquisition partner about an expansion of the original $1.2M contract into a potential JV with our shareholders. We should have a lot more color on this by middle of next week and will update shareholders as details come to fruition."
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: http://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.