Lithium Exploration Group Acquires Class 1A Waste Disposal Facility in Alberta
SCOTTSDALE, Ariz., June 12, 2013 /PRNewswire/ — Lithium Exploration Group Inc. (OTCQB: LEXG) announces that yesterday it executed a binding agreement to acquire Blue Tap, Inc., an entity that has consolidated the disposal facility and assets of Excel Valley Petroleum. Lithium Exploration Group entered into an LOI with Excel Valley Petroleum in May to perform due diligence on the assets and explore an opportunity to acquire a controlling interest in the disposal facility. Details of the transaction will be filed in Form 8K at www.sec.gov. The existing management will retain a portion of the equity and will be responsible for day to day operation of the disposal facility. The facility is ready to accept salt water disposal today and has a Class 1A waste designation which will require some additional infrastructure before it becomes active. The investment from Lithium Exploration Group will bring the facility to active Class 1A status and drive significantly higher revenue and profit to the operation.
“We are excited to move into the waste disposal business. It has many synergies with our existing efforts in mineral exploration and technology development. This is a great asset and we have a very knowledgeable and experienced management team to partner with. We will all be meeting next week in Calgary to build our FY2014 projections and execution strategy for the coming months,” commented CEO Alex Walsh. “We are still exploring other opportunities that complement our activity in the mining, oil and gas, and technology industries.”
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, including but not limited to the completion, testing, transportation, and final installation of the unit.
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.