SOURCE: Lithium Exploration Group, Inc.
SCOTTSDALE, AZ--(Marketwired - Aug 23, 2013) - On Thursday, August 22, Lithium Exploration Group Inc. (OTCQB: LEXG) entered into a Letter of Intent with Tero Oilfield Services pursuant to which Lithium Exploration Group has offered to purchase 75% of Tero in consideration of $1.5 million in cash and a $500,000 loan. The closing date is anticipated to be on or before November 20, 2013 pending completion of an audit of Tero's financials, due diligence, and financing of the transaction.
Tero Oilfield Services is a family-owned waste disposal company. The facility has been under the same ownership since operations began in 1997. In 2002, the owners successfully reclassified the original Class II well to a Class Ib disposal well and expanded the capabilities of the facility to handle solid waste disposal. It is located near Wardlow, AB, and is located right in the heart of the area's oil and gas producers. The nearest competing commercial disposal companies are 75 kilometers distant, presenting Tero's facility with a huge geographical advantage. The family operating Tero prides itself in extraordinary customer service and competitive disposal rates. They are passionate about their business and have big plans for this facility and its future capabilities.
"The family will carry a 25% ownership in this facility. We are delighted that all of the staff at Tero today will be staying on board and will continue to operate the facility," commented CEO Alex Walsh. "We intend to enhance the back office operations and assist from Calgary in bringing new clients to Tero as well as expanding the existing services that are provided to current clients."
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 on its Western Canada lithium assets, testing its Ultrasonic Generator Technology and the acquisition of oil and gas related assets in Western Canada. Lithium Exploration Group is a fully reporting company traded on the OTCQB under the symbol LEXG. Website: www.lithiumexplorationgroup.com.
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, including but not limited to the definitive terms and conditions or ultimate completion of the proposed acquisition of Tero Oilfield Services.
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.