PHOENIX, February 13, 2017 /PRNewswire/ --
Lithium Exploration Group Inc. (USOTC: LEXG) today announced receiving a report authored by Eric R. Dix of Innovation Associates. Mr. Dix is a leading advanced battery technology industry expert engaged to evaluate a targeted portfolio of U.S. Patented Lithium Technologies. The targeted lithium patents are part of a suite of products being evaluated by LEXG in conjunction with a recently announced, comprehensive lithium technology strategy. The cost to develop the portfolio is estimated to be between $5 and $7 million and the highlight of the portfolio is a series of patents that are geared towards solving overcharging issues like those encountered by the Galaxy Note 7.
"The target portfolio is the foundation of the $1.2 million contract we recently announced where LEXG is considering an investment in our client's technology. We wanted to do an independent analysis of their portfolio to ensure that it has legs as we finalize the negotiation of our licensing deal with them," commented CEO Alex Walsh. "Our initial analysis shows that these patents are certainly worth the effort. We are excited to continue our testing this week in Houston which will include a in person demonstration with the group that we are in discussions with about a $1.2M contract."
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.