Lithium Exploration Group Inc (OTCMKTS:LEXG) shares rose 14.29% to $0.00080 and were unchanged in after-hours trading on Monday. The company has a market cap of $1.56 million at 2.09 billion shares outstanding.
In a press release, Lithium Exploration Group Inc announced that it will begin initiating discussions with potential Canadian customers who have inquired about the SonCav Technology and that it has also invested in an oil and gas industry database to identify all storage tank facilities and pipeline operators in Western Canada.
“We are confident now with initiating these sales calls because for some of these large midstream companies the sales cycle can be quite long. By the time we present the technology to the decision makers the unit in Louisiana should be ready to deploy so we need to start discussions now,” remarked Lithium Exploration Group Inc CEO Alex Walsh.
“From our research and discussions with experts throughout the industry these companies are at the highest levels and best suited for the technology today because they dont have their own supply of natural gas and have a high need to keep their feedstock at a very specific heat,” he continued.
Lithium Exploration Group Inc is an exploration-stage company that is engaged in the acquisition, exploration and development of resource properties. It is focused on the acquisition and development of assets in Alberta, Canada. Its Ultrasonic Technology assists in separating suspended solids from brine water.
The technology is based around a transportable ultra-sound reactor. It has applications in the oil and gas, and mining industries. A single base unit of the Ultrasonic Generator can desalinate water at a rate of over 25 to 35 cubic meters per hour. The two discharge streams are distilled water and marketable minerals.
The Ultrasonic Generator also has the ability to upgrade crude oil. A single Ultrasonic Generator can upgrade crude oil into petroleum products. The Ultrasonic Generator’s by-products are clean water or steam and minerals.