PHOENIX, Nov. 22, 2017 (GLOBE NEWSWIRE) -- Lithium Exploration Group (USOTC:LEXG) announced today that, because of the progress being made in its three business units, it has initiated a 200-for-1 reverse split of the stock. The split will take effect on December 18, 2017 and will reverse the issued and authorized shares of the security, increasing the trading price but not increasing the authorized shares. Many people in the market are not able to buy shares of companies that trade at these low levels and the company believes that bringing the trading price up to a higher level will give it more visibility and the ability to increase institutional coverage in the coming months.
"The past few weeks have seen a series of seminal events in LEXG history. We have made a move to acquire a set of lithium battery patents, SonCav is preparing for initial sales presentations to customers, and our Louisiana oil project has completed its seismic shoot and is ready to take on serious capital to move it forward," commented CEO Alex Walsh. "Our core business since inception has been the SonCav technology and its success in the coming years will be substantially beneficial to our shareholders, especially those focused on lithium extraction in the Americas. That said, the oil project in Louisiana has the ability to start generating cash dividends for LEXG almost immediately and could be of tremendous value near and long term. We have finally turned the corner and are going to control our own destiny in 2018."
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 testing the Sonic Cavitation Ltd. technology and the acquisition of oil and gas related assets in the US and Canada. Lithium Exploration Group is traded on the OTC Markets under the symbol LEXG.
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 testing of the ultrasonic technology.
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.