PHOENIX, AZ / ACCESSWIRE / May 13, 2016 / Lithium Exploration Group Inc. (OTCPINK: LEXG) CEO Alex Walsh updates hareholders on company activities.
Dear Shareholders,
We have spent the past month getting prepared for testing of the oil unit but I think it is an appropriate time to bring everyone up to speed on where we are and what we are trying to accomplish this summer.
Oil Unit:
We have had the generator and motor mounted and delivered to a testing facility outside of Houston, TX. The folks there are finalizing a testing vessel that meets our needs and over the next few weeks will complete the piping to ready the oil unit for testing. Our goal is to be able to test it at the assembly facility with different crude oil inputs to gather performance data. After that round of tests is completed, we hope to be able to move the unit to the field for onsite testing.
We have built a thesis around the ability to upgrade field oil to pipeline specifications, eliminating the need for chemical or outside heat. The secondary benefit of the reaction that takes place in the generator is that it will break down the crude oil, cracking the hydrocarbon chain and making it more valuable when sold to the refinery. We intend to have an independent engineering firm validate all of the testing variables which we will be able to share with the public as we get ready for commercial deployment.
The exact sales model is still to be determined, but it will be put in place at the direction of our partners at Sonic Cavitation once we have all of the data inputs.
Water Unit:
The water unit is also being prepared for onsite testing at a facility that presently treats various waste-water streams outside of Houston, TX. The Sonic Cavitation team is working hand-in-hand with this company to test the water unit's capabilities as part of their water treatment process. We will continue to update you on that progress through the summer.
Oil Assets:
As I announced last week we have identified what we believe to be an outstanding investment in an oil field. It will allow us to not only collect revenue from the existing production, but will also be somewhere that we can field test the oil unit on production that we control.
Additional Opportunities:
We have explored a few different opportunities to add to our efforts at LEXG. Some of them are chemical companies that need access to the Canadian and US markets where we are well connected and others are emerging oilfield technologies. We have not done anything to date but, given our extensive knowledge of the industry and distribution capabilities, we will continue to explore all opportunities that can lead to revenue and enhance LEXG's ability to generate profits.
I am headed to Houston next week and should have a good handle on progress by the time I get back. As always, I appreciate your patience and support in 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 on its Western Canada lithium assets, testing its Ultrasonic Generator Technology and the acquisition of oil and gas related assets in Western Canada. 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
SOURCE: Lithium Exploration Group Inc.
