PHOENIX, AZ, United States, via ETELIGIS INC., 04/20/2015 – – Lithium Exploration Group Inc. (OTC Pink: LEXG) (PINKSHEETS: LEXG), announced today that it is finalizing an agreement this week to sell its interest in Tero Oilfield Services. The goal of the transaction is to allow for that capital to pay for testing and corporate overhead. The company is focused on not taking on any more dilutive investment while imminent testing of the water unit in the US and the oil unit in Canada are taking place.
“We successfully tested the technology over a year ago, and we are finally close to seeing the water unit test in the field for water desalinization and the oil unit for upgrading hydrocarbons. We cannot dig a deeper hole of debt so close to these testing initiatives,” commented CEO Alex Walsh. “We are exploring investment into a few oil and gas opportunities that have been presented to us. However, the only investments we will take on at this stage are debt instruments into a subsidiary entity that do not have any conversion rights into the public company. Field testing of the Soncav units is our primary focus.”
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 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.
SOURCE: Lithium Exploration Group Inc.