PHOENIX, Nov. 07, 2017 (GLOBE NEWSWIRE) -- Lithium Exploration Group Inc. (OTCPINK:LEXG) CEO Alex Walsh updates shareholders on company activities.
Dear Shareholders,
We have had a relatively exciting start to the 4th quarter of the calendar year.
- Our offer to purchase a series of lithium battery patents was accepted by the seller’s representatives and we are moving forward on next steps of evaluating that market opportunity.
- SonCav is in the final stages of preparation to initiate customer demonstrations of their ultrasonic technology for water applications.
- We are very close to completing the raise at White Top that will initiate the initial drilling program in Louisiana.
We mentioned the Korean patent portfolio in September when we were introduced to the inventor and his company. They are very excited to work with a US based partner that can bring the next phase of development and strategy to their product and we are excited to have a partner that is well versed in Chinese manufacturing and technology development. At this stage our plan is to establish a subsidiary entity to hold these patents and partner with the inventor to finalize the commercialization strategy and go to market. Any significant dollars needed will be raised privately through the subsidiary and will be accretive value to our parent company. While it is still very early in the relationship we are excited about what we have seen and the prospects to enter the battery market next year.
Testing of the SonCav oil unit was completed last spring and garnered significant performance data that we have posted to our website for you all to review. We have been making efforts to connect with potential customers for future sales and in parallel SonCav has been preparing to showcase their water unit to potential customers and investors. This process is set to begin in the near future which will not only go a long way to gathering performance data on the water capabilities but will also assist in raising future development dollars so that they can put commercial oil and water units in the field next year. They have been working tirelessly to get to this stage and we are their biggest cheerleaders and supporters in their efforts.
The White Top capital raise to initiate drilling has been slow going in the past few months which is really due to the size and scope of the project. It is a small dollar amount to raise and it has been very difficult for our partners to cobble together in small chunks. They have been meeting with multiple investment groups in the past 8 weeks and hope to have one finalized soon. While we do not have any obligation to participate in the drilling efforts we have begun discussions with a number of outside parties about utilizing our private subsidiary Black Box Energy as a vehicle to bring in dollars to drill a few wells outside of the public entity.
You will notice this is a recurring theme in our strategy and that is for good reason. We have established three clear paths for the company - technology development, SonCav unit distribution/sales, and oil and gas asset acquisition/investment. While the parent LEXG has raised funds to support all of these efforts to date our intent is to use the base of the private subsidiaries to grow their value which will in turn benefit the parent entity long term so that we can continue to clean up our balance sheet and move the company forward in the years to come.
We have really turned a corner in the past 6 months and I sincerely appreciate all of your letters and feedback on all of our efforts.
Sincerely,
Alex Walsh
CEO
Lithium Exploration Group
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 testing its SonCav Technology and the acquisition of oil and gas related assets. Lithium Exploration Group is traded on the OTCPINK 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.
Contact Info
Shanon Chilson
480-641-4790
info@lithiumexplorationgroup.com