LITHIUM EXPLORATION GROUP ANNOUNCES STRATEGIC ACQUISITION OF SOLARIS POWER CELLS INC. PESA ENERGY STORAGE TECHNOLOGY
March 20 2017 - 9:24AM
ADVFN NewsWire
Tempe, AZ - March 20, 2017 - InvestorsHub NewsWire - Lithium
Exploration Group Inc. (USOTC:
LEXG) today announced that it has reached a non-binding
Memorandum of Understanding (MOU) with Solaris Power Cells Inc.
(SPCL)
to license and further develop its
PESA™ Energy Storage Technology. The MOU outlines licensing
terms for use of the technology as a component of the Ultrasonic
Generator package, as well as giving LEXG the right to continue to
develop the technology for other applications. The legal documents
are being prepared while due diligence is conducted, with the goal
of finalizing the agreements on or before May 1, 2017. Lithium
Exploration Group intends to expand its engagement of
Eric Dix and Innovation Associates to develop a strategy
to further the development of this disruptive technology.
"This technology provides a truly differentiated way of collecting
and storing energy that can be very useful for the Sonic Cavitation
Ltd. Ultrasonic Generator's water application. We intend to use it
to capture the energy from the steam released from the generator
and reuse that energy to run the unit, potentially generating
enough power to run the entire system without outside energy
needs," commented CEO Alex Walsh. "We plan to expand the
development of this technology and file patents around the industry
applications and core invention so that it can be widely
distributed across all industries. The deal we are working on with
the team at SPCL will be beneficial to both companies because, once
patented, SPCL will receive additional compensation and an ongoing
royalty in perpetuity. SPCL has taken the technology as far as it
can and we are going to take the baton and continue running to
ensure it reaches its full potential."
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