DALLAS, October 24, 2017 /PRNewswire/ --
Alternet Systems, Inc. (USOTC: ALYI) today confirmed that the company is in negotiations with Lithium Exploration Group, Inc. (USOTC: LEXG). This confirmation is released as a joint announcement from the two companies. The two companies are working together to pursue the growing demand for lithium batteries driven in large part by the $83 billion electric vehicle market and 40% CAGR.
Reducing Fire and Explosion from Lithium Ion Cell Overcharging
Alternet Systems acquired Lithium IP Holdings on July 21st of this year. Prior to the acquisition by Alternet Systems, Lithium IP Holdings obtained a portfolio of patented lithium-based energy storage technologies in an exclusive and confidential agreement with a prominent Fortune 500 company. A joint announcement with the Fortune 500 company detailing the agreement and disclosing specifics of the patents is in the works. In February this year, when Lithium IP Holdings and LEXG initially engaged and Lithium IP Holdings was in negotiations to acquire the subject patent portfolio, LEXG commissioned an independent analysis of the lithium battery related technology portfolio. LEXG has made their independent report available for review. The report highlights the technology portfolio's contribution to the reduced risk of fire and explosion from the overcharging of lithium ion cells.
Alternet Systems plans to expand its portfolio of lithium technologies and is accordingly eager to explore a strategy to capitalize on Lithium IP Holdings previous relationship with LEXG.
Disclaimer/Safe Harbor: This news release contains forward-looking statements within the meaning of the Securities Litigation Reform Act. The statements reflect the Company's current views with respect to future events that involve risks and uncertainties. Among others, these risks include the expectation that any of the companies mentioned herein will achieve significant sales, the failure to meet schedule or performance requirements of the companies' contracts, the companies' liquidity position, the companies' ability to obtain new contracts, the emergence of competitors with greater financial resources and the impact of competitive pricing. In the light of these uncertainties, the forward-looking events referred to in this release might not occur.
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SOURCE Alternet Systems, Inc. and Lithium Exploration Group, Inc.