LEXG Group Inc. (OTC-PINK:LEXG) CEO, Alex Walsh,
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Posted On: 04/17/2017 7:21:40 PM
LEXG Group Inc. (OTC-PINK:LEXG) CEO, Alex Walsh, updates shareholders on company activities:
We had an extremely busy quarter, completing the testing of the SonCav Oil Unit in Texas and working on several other strategic initiatives. At the same time, we continue to clean up our balance sheet and move the company towards revenue and profitability.
We are in on-going discussions with a lithium technology aggregator about the utilization of the SonCav technology to expedite the lithium extraction process with continental brines. They have been finalizing their initial acquisition of a set of lithium patents, the catalyst for moving forward. We are hopeful that they can complete that process soon and we can finalize an arrangement with them.
Last month, we announced the potential acquisition of a battery cell technology that would be utilized in conjunction with the SonCav technology unit. Unfortunately, after diligence, we found we would be unable to use it as planned, so we will not be pursuing that option any further. It is a very interesting technology, but we don't have the resources to make it work in the way we would require.
The testing of the SonCav Oil Unit in Texas was completed in February, and, since then, we have been gathering market feedback on the real-world application potential of the technology. We will be publishing a presentation to our website in the next few days based upon that feedback. The exciting news is that we have received a lot of great feedback regarding the need to heat and circulate oil in many more applications than we had initially anticipated. The ability to retrofit existing operations and bring a mobile solution that provides zero emissions was always nice in theory, but now that we have proven the application, it is great to have people in the industry validate the theory.
I spent last week with the SonCav vendors initiating the design work for the first field-deployable unit, which we hope to have ready to deliver to our first customer later this summer. All of the participants in this process were part of the initial design work for the unit that we have been testing for the past few months, so there is no learning curve involved. The key differences between the testing unit and the future unit are that it must meet code with specific types of coating and pressure settings. We also need the ability to remotely monitor and operate the unit, which is an important step for future commercialization.
We continue to be delayed in the drilling of our well in Pennsylvania due to a delay in financing from other parties. Our funds are on deposit with the driller, but because it is part of a multi-well package, nothing can be done until the other wells have been paid for. This has been a source of a lot of internal frustration and we recently filed a complaint with the Superior Court in Arizona and hope to have some resolution on that dispute shortly. I continue to look at various other oil and gas opportunities and, if any come to fruition, I will certainly be letting you know via releases and 8K filings for the details.
The goal for the company in the coming months is to clearly delineate our business efforts by establishing subsidiary entities to handle each of the industries and applications with which we intend to work, concerning both the SonCav technology and our other interests. I hope that this will not only create greater overall visibility and clarity to our actions and future direction, but eventually will also create greater overall enterprise value to our stake holders.
Read more: http://www.nasdaq.com/press-release/lithium-e...z4eYHLa29U
We had an extremely busy quarter, completing the testing of the SonCav Oil Unit in Texas and working on several other strategic initiatives. At the same time, we continue to clean up our balance sheet and move the company towards revenue and profitability.
We are in on-going discussions with a lithium technology aggregator about the utilization of the SonCav technology to expedite the lithium extraction process with continental brines. They have been finalizing their initial acquisition of a set of lithium patents, the catalyst for moving forward. We are hopeful that they can complete that process soon and we can finalize an arrangement with them.
Last month, we announced the potential acquisition of a battery cell technology that would be utilized in conjunction with the SonCav technology unit. Unfortunately, after diligence, we found we would be unable to use it as planned, so we will not be pursuing that option any further. It is a very interesting technology, but we don't have the resources to make it work in the way we would require.
The testing of the SonCav Oil Unit in Texas was completed in February, and, since then, we have been gathering market feedback on the real-world application potential of the technology. We will be publishing a presentation to our website in the next few days based upon that feedback. The exciting news is that we have received a lot of great feedback regarding the need to heat and circulate oil in many more applications than we had initially anticipated. The ability to retrofit existing operations and bring a mobile solution that provides zero emissions was always nice in theory, but now that we have proven the application, it is great to have people in the industry validate the theory.
I spent last week with the SonCav vendors initiating the design work for the first field-deployable unit, which we hope to have ready to deliver to our first customer later this summer. All of the participants in this process were part of the initial design work for the unit that we have been testing for the past few months, so there is no learning curve involved. The key differences between the testing unit and the future unit are that it must meet code with specific types of coating and pressure settings. We also need the ability to remotely monitor and operate the unit, which is an important step for future commercialization.
We continue to be delayed in the drilling of our well in Pennsylvania due to a delay in financing from other parties. Our funds are on deposit with the driller, but because it is part of a multi-well package, nothing can be done until the other wells have been paid for. This has been a source of a lot of internal frustration and we recently filed a complaint with the Superior Court in Arizona and hope to have some resolution on that dispute shortly. I continue to look at various other oil and gas opportunities and, if any come to fruition, I will certainly be letting you know via releases and 8K filings for the details.
The goal for the company in the coming months is to clearly delineate our business efforts by establishing subsidiary entities to handle each of the industries and applications with which we intend to work, concerning both the SonCav technology and our other interests. I hope that this will not only create greater overall visibility and clarity to our actions and future direction, but eventually will also create greater overall enterprise value to our stake holders.
Read more: http://www.nasdaq.com/press-release/lithium-e...z4eYHLa29U
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