Lithium Exploration Group Updates Status of Ultrasonic Generator Unit and Settles Outstanding Dispute with Glottech
SCOTTSDALE, Ariz., July 9, 2012 /PRNewswire/ -- Lithium Exploration Group (OTCBB: LEXG) (OTCQB: LEXG) is pleased to announce that it has reached an agreement in principle with Glottech to fund the completion of its Ultrasonic Generator Unit. The parties are currently finalizing the settlement agreements and have laid out a clear path to troubleshoot the electrical issues that occurred during the process of bringing the Ultrasonic Generator up to full operational speed. The company firmly believes that all material roadblocks have now been lifted and expects to have a fully functional machine imminently.
"We continue to have full confidence in the successful completion of the Ultrasonic Generator Unit. This technology is critical for the next steps in development at our core Valleyview Project and it must be completed and tested without further delay. We fully expect to resolve this issue promptly," commented CEO Alex Walsh. "Protecting the interests of our shareholders is our number one priority at the moment, and we are excited to see what the coming months will bring as we implement this technology and proceed with other developments at our Valleyview Project."
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