TEMPE, Arizona, May 9, 2017 /PRNewswire/ --
Lithium Exploration Group Inc. (OTCPINK: LEXG) today released a letter to shareholders from CEO Alex Walsh with the latest updates on the Company's two tiered approach to build Lithium Battery market share and Oil Field market share from one proprietary technology. LEXG's SonCav brings dramatic efficiencies to both the development of Lithium Batteries and the refinement of Oil. LEXG has developed a plan that capitalizes on bringing shareholders the potential of two ROI opportunities from just one technology investment. Read the CEO's latest updates below.
Dear Shareholders -
Over the past month, we have made a lot of moves and taken a number of forward steps for the Company. I want to use this update as a way of bringing all of our business strategies together in one place.
Oil and Gas Joint Development Agreement:
We have entered into a joint development agreement with a team in Houston and are days away from funding the first major installment which will trigger a 12 month development and purchase agreement with the seller of a significant oil project in Southwest Louisiana. This partnership will take place with the same team in Houston that has been working with us to source oil for our testing and has agreed to take our first field unit at one of their facilities as the first commercial customer. They believe strongly in the SonCav Oil Unit being a game changing technology and have invited us to partner with them on this particular project because of that belief in what we may be able to accomplish.
Continued Testing and Technology Development:
We have initiated a skid system design that will be housed in a container, meet all energy industry specifications, have remote operation and monitoring capabilities and be deployed in the field as an initial commercial unit, while also serving as a sales presentation unit for all deployments in the America's.
In collaboration with our partners at Sonic Cavitation, Ltd. we have decided to continue testing in Houston through the development process specific to the water treatment application. We both feel that the oil and water can run parallel paths to commercialization and don't want to waste the equipment we have, nor the valuable time. The testing should resume just after Memorial Day and will be primarily focused on the organic material degradation that is occurring within the Ultrasonic Generator system. This testing effort will be a collaboration between ourselves, Sonic Cavitation, Ltd, with the data collection and testing being performed by a team from Texas A&M Corpus Christi.
Lithium Technology Aggregator Engagement:
I met last week with the CEO of the lithium technology aggregator we've been working with since the first of the year, and we continue to find a great deal of excitement on the potential of working with them in the future. They are in the final stages of acquiring a significant patent portfolio and look at the Sonic Cavitation, Ltd. technology as a great second piece to take forward. They are well funded and very motivated to move aggressively in the lithium space and we feel they would be great partners for us.
We have so many plans for commercialization of this technology, and for the lithium market and beyond. The final details still need to be worked out, but may involve an ownership stake in their company going forward which would be passed on to our shareholders.
There will be a lot more to be said about all of these subjects and topics, all of which have huge potential. I look forward to providing updates and deeper details in the coming weeks and months which should be pretty exciting.
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 developing the SonCav Technology and the acquisition of oil and gas related assets. Lithium Exploration Group is traded on the OTCPINK 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.