Lithium Exploration Group CEO Discusses Ongoing Operations in a Q4 Letter to Shareholders
November 26, 2018 — Phoenix, AZ / Lithium Exploration Group Inc. (OTCPINK: LEXG) CEO Alex Walsh updates shareholders on company activities.
These are very exciting times for Lithium Exploration Group. We will consolidate our first revenue from the oil and gas override next month. We also are very excited about the continued efforts by SonCav to commercialize their technology in 2019. We have several additional initiatives to tackle in 2019, but the priority is financial stability and positive cash flow.
SonCav is on track and on time with its manufacture of full-scale commercial design water remediation units. The company already has an order backlog for 6-8 months of production on its books. SonCav has numerous other interested customers. Additionally, SonCav has secured a development contract for its oil processing machine. Development of a full-scale commercial design oil processing unit has started, with the first operational unit to be available early in 2019. The company expects demand for the oil processing unit to equal demand for the water remediation unit.
We will start to provide quarterly activity results for our oil investment so that you can all understand what we are growing towards. The important focus is that they are going to be drilling wells on a constant basis for the next three years and, as each of those wells come online, our monthly revenue will steadily rise. Our hope is to be profitable by next summer and have ten years of going concern while the SonCav technology grows and we develop other opportunities to benefit our shareholders.
If you are a new shareholder you might wonder why we are called Lithium Exploration Group. It really centers on the SonCav technology and its ability to solve a number of commercial fluid handling issues across many industries. The first target for LEXG was lithium extraction from oilfield brine. The lithium leases became too expensive to hold on to and, while we may go back to that target in the future, our near-term focus must be the applications that are quicker to get to market. The oil treatment application with the SonCav unit is greener and just as efficient as present technology used by the industry.
We also recently came across an opportunity to acquire small private water utilities and are beginning to explore that opportunity with our partners at SonCav on a domestic and international level. Ultimately it could be an opportunity for rural populations to solve their fresh water needs, allowing for the support of larger populations of livestock and humans. One of SonCav’s primary initiatives after the commercialization of this technology has always been to provide water purification resources for humanitarian needs all over the world. This effort in Canada would provide an amazing platform for future humanitarian efforts globally.
I wish you all a happy holiday season and look forward to giving you more updates between now and the New Year.
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 testing its SonCav Technology and the acquisition of oil and gas related assets. Lithium Exploration Group is traded on the OTCPINK 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.