PHOENIX, AZ / ACCESSWIRE / November 2, 2015 / Lithium Exploration Group Inc. (OTCPink:LEXG) (PINKSHEETS: LEXG) CEO Alex Walsh updates shareholders on company activities.
It has been a few months since I sent an update on the company's endeavors. We have been extremely busy completing our annual audit, which should be filed in the next few days. We continue to be focused on the testing and deployment of the ultrasonic technology units, but have several other business initiatives that we hope to be able to tether into that business in the future. I hope this update gives you a good idea of our current situation, and more information on all fronts will be released as it becomes available.
The oil and water units have been waiting for the past few months for upgraded parts to arrive from Europe. Unfortunately these parts took a lot longer to get from the manufacturer than initially expected, but I am happy to announce that they have arrived in Houston at the facility, where both units are located, and the reassembly is underway. We are now able to continue with our planning and schedules to get the oil unit ready for field-testing.
Our partners at SonCav also have recently made a change in their management team, inserting a new CEO to ensure that things stay on track with all of their business initiatives. We have been working collaboratively with the new management on testing strategies for both the oil and water units. We are extremely happy with the way that their team is set up, and have a stronger relationship with them now than we have in years.
Over the past few months, we have also been in discussions with a US-based chemical company with a unique product, which we believe has great potential for application in the Canadian oil and gas markets. We will be testing it at sites with some of our contacts in Alberta and are exploring a distribution partnership with them. We have been actively working with oil and gas operators in many capacities over the past few years and are well-positioned to assist in bringing products and technologies to the Canadian markets.
We also continue to explore opportunistic oil and gas deals in Western Canada. We don't have funding in place presently to execute, but as we initiate testing of the oil unit, we want to be ready to act quickly on buying distressed assets at a fraction of what they were worth only 18 months ago.
With the successful testing of the water and oil units over the summer we have initiated discussions with financial partners who could come in and recap all of our debt, assist in purchasing oil and gas assets, and bring significant industry expertise to the company. This would give a huge lift to the company and the value that we are trying to create for the future.
It has been a long few months of strategy, planning, and capacity building, but we are finally in a position in which we no longer have to wait on vendors and can move forward expeditiously.
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 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.