PHOENIX, August 10, 2017 /PRNewswire/ --
Lithium Exploration Group Inc. (USOTC: LEXG) announced today that on July 14, 2017 it moved for entry of default against PetroChase, Inc. and Warren County PC #1, LLC. Default became effective on July 31, 2017. Today the company will file an entry of the judgement with the court and expects the judgement to become effective in the next few weeks. Upon entry of the judgement the company will take steps to recover the investment.
"We certainly would have preferred to see the well drilled as planned on this project in Pennsylvania but due to the lack of momentum from PetroChase we are simply going to have to go about recovering our investment and moving on," commented CEO, Alex Walsh.
About Lithium Exploration Group
Lithium Exploration Group is a U.S.-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 the Sonic Cavitation Ltd. technology and the acquisition of oil and gas related assets in the U.S. and Canada. Lithium Exploration Group is traded on the OTC Markets under the symbol LEXG.
Website: 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.