SCOTTSDALE, AZ, September 26, 2013 -- Lithium Exploration Group Inc. (OTCQB: LEXG) CEO Alex Walsh announced today that the company is in discussions to acquire a third waste disposal facility. The company is currently in the process of acquiring its first two facilities. These acquisitions are scheduled to be completed on October 18 and November 23 respectively.
LEXG has entered into the waste disposal business in Canada as part of an ongoing strategy to become a smaller institutional acquirer of regional facilities. Sharing the sales and administrative expenses between several smaller facility owners will both increase profitability and provide better overall service than the larger competition can provide.
Both liquid and solid waste materials are produced in the exploration, production and refining aspects of the oil and gas industry. This reality provides opportunities for service companies who dispose of the unwanted byproducts generated by the industry. Canada is the third largest global producer of oil and gas, the largest importer to the United States, and 80% of this production takes place in the province of Alberta.
"We were recently made aware of another independent disposal opportunity. After positive initial discussions last week, my Calgary-based team visited the site yesterday to meet with the owner and look at the operations. Our focus right now is closing the first two acquisitions but we hope to add five to seven additional acquisitions in the first six months of 2014," commented CEO Alex Walsh. "We are building the back office infrastructure to be scalable, and each additional acquisition will increase our efficiencies and profitability."
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.
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.
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SOURCE: Lithium Exploration Group, Inc.