[ACCESSWIRE]
PHOENIX, AZ / ACCESSWIRE / January 20, 2016 / Lithium Exploration Group Inc. (OTCPINK: LEXG) CEO Alex Walsh updates shareholders on company activities.
Dear Shareholders,
I want to start out by expressing my sincere apologies for the lack of communication lately. The past few months have been difficult for us from a corporate standpoint, due to delayed SEC filings. Our June 30, 2015 Form 10K took a significantly longer time to file than planned, because the year included so many moving parts that we had a tough time working through with our auditors. That put us behind on filing our September 30, 2015 Form 10Q. We are close to putting those behind us and fully intend to be current on all future filings.
I am happy to announce to you today that both the oil and water units have been reassembled with new parts and are ready to begin testing. I also am pleased to announce that after my meetings with our partners at SonCav in Texas last week, Lithium Exploration Group has taken delivery of both the water and oil units. We are going to work hand-in-hand with the SonCav team to get both units piped up and ready to test at the same time. I will get into more detail on that in the coming weeks.
We still hope to be able to test both units for extended run times this quarter, including demonstration testing for potential customers as well as some strategic field testing for existing operators.
Looking to the future, our plans have not changed. We intend to be able to stress test the water and oil units to gather the final data required to initiate third party orders for field units. At that stage we will be able to project positive cash flow and hope to recap all of our outstanding obligations and move the company forward.
Our meetings with the SonCav team last week were very positive and we both continue to be very much on the same page and focused on execution and providing value to our collective stakeholders. This technology is more needed now in the markets than it was five years ago when we embarked on this project. The small sample of testing completed this summer showed that the cavitation worked to generate steam from fresh water with very little power consumption. We are ready to take the technology to the next stage: commercialization.
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. 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.
Contact Info
Shanon Chilson
480-641-4790
[email protected]
SOURCE: Lithium Exploration Group
