Lithium Exploration Group CEO Discusses Ongoing Operations and Strategy in February Letter to Shareholders
PRESS RELEASE GlobeNewswire
Feb. 5, 2018, 10:01 AM PHOENIX, Feb. 05, 2018 (GLOBE NEWSWIRE) -- Via OTC PR Wire -- Lithium Exploration Group Inc. (OTCPINK:LEXG) CEO Alex Walsh updates shareholders on company activities.
We continue to finalize some of the transitions that I laid out in last month’s update. In this letter I will be discussing a few specific items that follow this trend, and hope that this provides some helpful information as you follow our progress.
Blockchain and Cryptocurrency: After months of research, we have engaged in strategic discussions with a blockchain expert and feel that there is a much-needed commercial application for blockchain technology in the oil and gas industry. Our present strategy is to build an operational execution strategy to facilitate a transparent digital ledger for oil and gas assets. Parallel to that strategy, we will attempt to structure a capital raise that will facilitate buying a set of specific assets, then tagging them to this strategy and growing from that point. I am not sure if it will involve an issuance of stock, tokens, or scheduled dividends, but that will be evaluated and decided on in the next four to six weeks. At present, we do not see the cryptocurrency applications of blockchain as something that fits our strategy, but we are very bullish on developing some intellectual property and assets centering around blockchain technologies.
Lithium Technologies: We announced in January a strategy that we have long been discussing which centers around a strategic partnership with the management team from Alternet Systems (USOTC:ALYI). This relationship is still very much in process, but the goal is to finalize agreements to partner with them on the sales and distribution of the SonCav technology in the lithium industry. We feel that Alternet Systems has a great presence and set of connections in the industry and we see it as a benefit for our shareholders to have them lead the charge. I expect to have a deal finalized in principal on the go-forward plan with SonCav’s approval by the end of February.
We have elected this month not to pursue the final acquisition of a set of lithium battery patents for sale by a Korean inventor. The decision really was made on the basis of a lack bandwidth today to commercialize those patents adequately. Depending on how things progress with ALYI that could change at some point in the future.
Oil and Gas Projects: The seismic data at the White Top field is almost complete and right now the management team is finalizing the closing docs to complete the acquisition towards the end of February, with development drilling to begin in March. Our override on the field will begin immediately after the acquisition is complete. This override is a critical foundation for our efforts this year to generate positive cash flow and expand our oil and gas holdings.
By the end of the first quarter of this year, all of our day-to-day business operations will be focused on the continued development of oil and gas technologies and assets. We have been indirectly tied to the oil and gas industry since our inception and we believe that we are well positioned for long-term success.