SCOTTSDALE, Ariz., April 23, 2013 /PRNewswire/ -- Lithium Exploration Group (OTCQB: LEXG) today updated shareholders on its acquisition progress. As reported earlier this month, technology partner GD Glottech International (GDGI) has secured facilities in Houston, TX, to assemble, test, and manufacture new Ultrasonic Cavitation Generators (UCGs). In light of this new development, Lithium Exploration Group has decided not to proceed in the potential acquisition of a machine shop, as previously stated. Lithium Exploration Group remains committed to the strategy of acquiring assets in order to expand its balance sheet and provide cash flow to sustain the company's operations during the testing of this UCG technology and exploration of its lithium assets.
"We're excited about the expanded operations of our partners at GDGI and feel that this opportunity will allow us to free up cash and focus on this and other verticals, such as acquiring assets and cash flow to help us accomplish many of our near-term goals," commented CEO Alex Walsh. "Although we're extremely close on all fronts, I can't yet disclose names or terms, but hope to have things wrapped up in short order and be able to update shareholders accordingly."
Given these new developments, the company felt that it would be advisable to delay the previously announced road-show, scheduled to kick off this week in Canada, until mid-May or to a date when these projects are fully merged into the company.
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