Lithium Exploration Group Confirms Strategic Initiative with Alternet Systems
01/18/2018 | 09:33am EDT
PHOENIX, Jan. 18, 2018 (GLOBE NEWSWIRE) -- Via OTC PR Wire -- Lithium Exploration Group (USOTC:LEXGD) announced today that it has entered into an LOI with Alternet Systems (USOTC:ALYI) to sell contractual distribution rights to the SonCav technology. The parties have been in discussions about the forging of this new relationship for many months, and have now entered into an LOI that would take Lithium Exploration Group shareholders (with the leadership of the Alternet Systems team) into a new company that will focus solely on the distribution and sales of the SonCav technology. The agreement is subject to finalization of definitive agreements between Lithium Exploration Group and Alternet Systems and approval by SonCav.
“The SonCav technology has transitioned in the past year from development to commercialization, and our role in that commercialization is to distribute and sell units for applications that solve commercial needs. The SonCav team is well positioned to commercialize their technology domestically and abroad. The team at ALYI is top shelf and they have a laser focus on lithium and connections that go far beyond those that we have here at LEXG, which is a major reason for this move,” commented CEO Alex Walsh. “Ultimately we want to ensure that our shareholders extract the most value from being on the ground floor of this amazing technology. This is a great opportunity for us to join forces and allow our shareholders to have interest in two separate companies instead of interest in one company with two lines of business.”
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 testing the Sonic Cavitation Ltd. technology and the acquisition of oil and gas related assets in the US and Canada. Lithium Exploration Group is traded on the OTC Markets under the symbol LEXG.
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.