Lithium Exploration Group Inc (OTCMKTS:LEXG) shares were flat on Tuesday but dropped 3.57% to $0.00270 in after-hours trading. The company has a market cap of $719K at 256.89 million shares outstanding. Share prices have been trading in a 52-week range of $0.00 to $0.12.
In a press release earlier in the year, Lithium Exploration Group Inc announced that it published an online presentation further detailing the recently disclosed a pending $1.2 million contract for access to the Sonic Cavitation lithium harvesting technology. This is projected to lead toan additional $1.5 million in follow on contracts promptly after the execution of the initial contract. The presentation includes a market-wide perspective on the lithium bull market partly driven by Trump’s presidency, as he has expressed desire for the automotive industry to create more US jobs and how increased electric car production might generate those jobs.
The pending contract calls for the company’s strategic engagement with an integrator of various technologies and services that amount to a turnkey capacity for delivering usable lithium ready for battery production. The presentation also discloses further measures that Lithium Exploration Group Inc is undertaking in conjunction with the contract under negotiation.
In a more recent statement, Lithium Exploration Group Inc announced receiving a report authored by Eric R. Dix of Innovation Associates who is a leading advanced battery technology industry expert engaged to evaluate a targeted portfolio of U.S. Patented Lithium Technologies. This is part of of a suite of products being evaluated by the company along with its recently announced comprehensive lithium technology strategy.
“The target portfolio is the foundation of the $1.2 million contract we recently announced where LEXG is considering an investment in our client’s technology. We wanted to do an independent analysis of their portfolio to ensure that it has legs as we finalize the negotiation of our licensing deal with them,” commented Lithium Exploration Group Inc CEO Alex Walsh. “Our initial analysis shows that these patents are certainly worth the effort. We are excited to continue our testing this week in Houston which will include a in person demonstration with the group that we are in discussions with about a $1.2M contract.”
Lithium Exploration Group Inc is an exploration-stage company engaged in the acquisition, exploration and development of resource properties. The company is focused on the acquisition and development of assets in Alberta, Canada.
Its Ultrasonic Technology assists in separating suspended solids from brine water through a transportable ultra-sound reactor. This has applications in the oil and gas, and mining industries. 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 and flow rates will vary depending on the salinity level of the input stream. 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 waterand minerals. As of June 30, 2016, the company has not generated any revenues.