SCOTTSDALE, AZ-- Yesterday afternoon Lithium Exploration Group Inc. (OTCQB: LEXG) submitted a binding LOI to acquire a majority interest in an independent oilfield waste disposal company in Alberta, Canada. The company operates a single Class 1B licensed facility that disposes of produced water, liquid oilfield waste, and solid oilfield waste. The facility has been operational since 1997. After multiple meetings with management the LOI has been presented based upon mutually agreeable terms. The LOI expires on August 22, 2013 at 5PM MTN. Should the LOI be accepted by the sole shareholder, details of the transaction will be filed in Form 8K at www.sec.gov on Friday of this week.
"We are very excited about the potential to partner with the operators of this facility. They have a fantastic facility and provide outstanding service to the local oil and gas operators. We plan to bring more back-office infrastructure and a dedicated sales and marketing team and this has the potential to grow the operation immensely in the years to come," commented CEO Alex Walsh. "This acquisition will dovetail perfectly with the sales and marketing efforts we are implementing for the Morinville disposal facility."
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 on its Western Canada lithium assets, testing its Ultrasonic Generator Technology and the acquisition of oil and gas related assets in Western Canada. Lithium Exploration Group is a fully reporting company traded on the OTCQB 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, 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, Inc.