SCOTTSDALE, Ariz., July 26, 2012 /PRNewswire/ -- Lithium Exploration Group (OTCBB: LEXG.OB) (OTCQB: LEXG.OB) today updated shareholders on progress with its ultrasonic generator. An order was placed with a manufacturer of AC drives in Pennsylvania for immediate production of a replacement variable frequency drive. This replacement drive will allot more power to the generator. The additional power will bring the generator up to the optimal speed required to produce extreme heat through a controlled cavitation.
"We had representatives of the drive manufacturer onsite last week to evaluate the situation and they were able to present us with a solution which should resolve our present issues. The drive will be completed and ready for installation on or before August 17, 2012," commented CEO Alex Walsh. "We are excited to be back on track with the optimization of the technology unit so that we can move on to the next phase: testing. We have been busy commissioning studies, crafting business plans, and building financial models all summer with the final input being the performance capabilities of the technology unit. Needless to say, the completion and testing of this technology are important catalysts for our future plans."
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