Lithium Exploration Group Inc. (OTCQB: LEXG) today announced that management is in discussion with their technology partners about an expanded relationship as the technology is deployed. Discussions have begun concerning an expanded role in the service and maintenance of technology units in Canada and the potential of expanding the geography outside of Canada to certain regions of the United States. Field testing of both the water and oil units is scheduled to take place in the final quarter of the year. Once those field tests have been completed, the expectation is to immediately have units ready for commercial distribution.
"The field testing is critical for the next steps in deploying the technology. We collectively must prove that these units can not only compete with current technologies but are in fact cheaper to build, cheaper to operate, and have higher output," commented CEO Alex Walsh. "The initial testing in February confirmed this thesis, but it now must be run in the field and independently validated. We have made a significant investment of time and money into this technology because of our belief that it will be revolutionary to the oil and gas industry. Other than the inventor himself, we are the most knowledgeable folks on earth to assist in the ramp up and deployment of the technology. We are working collaboratively with our partners at SonCav (www.soncav.com) to ensure the testing and deployment strategy is a success. Discussions at this point about an expanded role are preliminary, but would potentially be good for LEXG, SonCav, and LEXG shareholders alike."
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 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.