PHOENIX, AZ / ACCESSWIRE / October 28, 2014 / Lithium Exploration Group, Inc. (LEXG), announced today that it is in discussions with a Texas-based company with a proprietary chemical additive that will assist in the oil treatment process. The chemical company has developed a proprietary blend of additives to treat paraffin and lighten the specific gravity of the oil. Lithium Exploration Group will ship samples of the oil treated at its Tero facility to Texas. A team will be heading there in a few weeks to assess the results of the tests and discuss this potential partnership.
"We are expanding the Tero facility to offer custom treating to local customers. There is demand for the service in the area, but we also plan to expand the facility so that we can get field testing data from the Ultrasonic Technology that we have already ordered to be operated at Tero. If this additive does what we think it can do, it could help speed up the oil treatment process, making it both more efficient and more profitable," commented CEO Alex Walsh. "Our thesis on the oil treatment business is that, if we can use proprietary techniques to improve the process and make it more profitable, then we can replicate that process and become a major competitor in the space. I will be in Texas in mid-November to oversee the progress on the SonCav oil unit, and will be meeting with the additive company to see the results of the testing they complete on the oil we are sending there now. I will send an update one way or another on the results, but will not be disclosing the name of the company until after we have formalized our relationship."
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.