SCOTTSDALE, AZ — (Marketwired) — 07/29/13 — Lithium Exploration Group Inc. (OTCQB: LEXG) today updated shareholders on progress with the development of the Ultrasonic Generator, located in Houston, TX. All necessary components have now been procured and, once the final parts of the reactor have been machined, the new unit will be ready for testing.
Due to the substantial financial investment Lithium Exploration Group has made in the development of the technology, the company has certain rights to this technology in Canada. Primarily the company has the rights to use the technology for the separation of valuable minerals from their suspended state and the exclusive use and distribution of the technology in the non-petrochemical mining industry throughout Canada. The company also has distribution rights for non-mining industry in Canada. Lithium Exploration Group will receive a percentage of revenue generated for each unit distributed to third parties for use of the technology from in-house distribution efforts and will use the technology for its own projects at a discount to the market rate.
Lithium Exploration Group and the technology owner, GDGI Ltd., have built a strong relationship over the past two years and continue to be focused on the development, testing, and commercialization of this game-changing technology, which has the potential to impact so many industries.
„With our entry into the waste disposal space, we have begun to execute on our overall goal of being a diversified holding company. Each of our planned verticals (lithium production, oil and gas production, and waste disposal) ties back to the development of this technology,“ commented CEO Alex Walsh. „We are as committed and confident today about the future of this technology as we have ever been.“
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: .
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, including but not limited to the completion, testing, transportation, and final installation of the unit.
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.
Shanon Chilson 480-641-4790
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