PHOENIX, January 17, 2017 /PRNewswire/ --
Lithium Exploration Group Inc. (USOTC: LEXG) today
announced that the Company is engaged in a negotiation that could
lead to a $1.2 million contract for
access to LEXG's Sonic Cavitation Ltd lithium harvesting
technology. The subject contract is designed to lead to even
further sales of LEXG's Sonic Cavitation Ltd lithium
harvesting technology. The prospective customer is an "integrator"
of lithium technology, service, and resource providers. The
integrator/customer is assembling a coalition of lithium
technology, service and resource providers with the intent of
taking the coalition to market under a single, unified banner
offering a comprehensive service delivering usable lithium ready
for battery production. The integrator/customer's success in
securing turnkey lithium contracts, would in turn result in
additional revenue for LEXG. The integrator/customer would
pay LEXG an estimated $1.2
million for initial access to the Sonic Cavitation Ltd
harvesting technology with further payments to follow when the
integrator/customer successfully secures turnkey lithium
contracts.
Coalition Service Enhancement Through Patented Lithium
Technology
In addition to assembling this coalition, the
integrator/customer is presently engaged in the acquisition of
multiple lithium patents expected to enhance the specific processes
of the coalition's combined capabilities. LEXG is exploring the
prospect of making an equity investment in the integrator/customer
company.
New York Times Lithium Feature Article On 3 California
Electric Utility Lithium Plants
Timed to coincide with Tesla's (NASDAQ:
TSLA) opening of its Lithium Gigafactory, LEXG published a
comprehensive online presentation detailing the Company's
capacity to improve the efficiency of extracting lithium from
brine. Today's release coincides with another major lithium
industry event demonstrating the exploding demand for lithium. A
just released New York Times feature article details the
history and future of lithium ion battery facilities integrated
into public utility electric grids. Specifically, the article
reports on the near completion of three major electric storage
facilities consisting of lithium ion battery arrays about to come
online in California.
"The contract under negotiation is intended to shape the
Company's future as a lithium harvesting technology service
provider. In 2012, we developed a proprietary mineral processing
technique to transform lithium chloride brine into lithium
carbonate. With this contract we intend to integrate that technique
with the Sonic Cavitation technology to exploit the upstream
application of lithium production by licensing it to various groups
that would use these applications for their own projects,"
commented CEO Alex Walsh. "This
chain of technologies, services and mineral resources is required
to ultimately produce usable lithium as an end-product ready to be
built into a rechargeable battery and we want to be a cog in many
wheels. No single company can produce a lithium Ion battery without
integrating the capabilities of multiple, discrete technology,
service and resource providers. We are working with the customer
and with our partners at Sonic Cavitation Ltd on details of the
agreements."
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 in Western Canada. Lithium Exploration Group is
traded on the OTC Markets 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
SOURCE Lithium Exploration Group Inc.