Apr 25 2013
Lithium Exploration Group today updated shareholders on its acquisition progress. As reported earlier this month, technology partner GD Glottech International (GDGI) has secured facilities in Houston, TX, to assemble, test, and manufacture new Ultrasonic Cavitation Generators (UCGs).
In light of this new development, Lithium Exploration Group has decided not to proceed in the potential acquisition of a machine shop, as previously stated. Lithium Exploration Group remains committed to the strategy of acquiring assets in order to expand its balance sheet and provide cash flow to sustain the company's operations during the testing of this UCG technology and exploration of its lithium assets.
"We're excited about the expanded operations of our partners at GDGI and feel that this opportunity will allow us to free up cash and focus on this and other verticals, such as acquiring assets and cash flow to help us accomplish many of our near-term goals," commented CEO Alex Walsh . "Although we're extremely close on all fronts, I can't yet disclose names or terms, but hope to have things wrapped up in short order and be able to update shareholders accordingly."
Given these new developments, the company felt that it would be advisable to delay the previously announced road-show, scheduled to kick off this week in Canada, until mid-May or to a date when these projects are fully merged into the company.
Source: http://www.lithiumexplorationgroup.com/