|By Marketwired .||
|March 7, 2014 08:15 AM EST||
SCOTTSDALE, AZ -- (Marketwired) -- 03/07/14 -- Lithium Exploration Group Inc. (OTCQB: LEXG) CEO addresses shareholders with his monthly newsletter:
Last month began with the successful testing of the ultrasonic generator unit in Houston. The same day that the testing was taking place, we received notification that our Morinville facility had been upgraded from Class 2 to limited Class 1b. So February started out pretty well.
The following week, the Morinville facility was upgraded to limited Class 1a status, with full Class 1b status. This means we are able to market a significantly expanded suite of disposal options to potential customers, and all of these additional options command higher pricing than standard Class 2 produced water.
Two weeks ago, there happened to be a diesel spill on a highway in the region requiring the disposal of thousands of tons of contaminated water and, as a local site with our newfound regulatory approvals, we were ready to fill that order. Then last week we got another call from a new customer with a significant amount of high dollar waste needing a home. Our new approvals allow us to take it. Six weeks ago, we would have had to turn all of these opportunities away.
Without the final numbers in, I hesitate to discuss exact amounts but I feel comfortable saying that in the month of March alone we will achieve more revenue than we projected for the first six months of 2014. We intentionally modeled only a Class 2 revenue stream for the first six months of 2014 and have set a cap on the amount of fluid we are willing to dispose at Morinville until we get six months of injectivity pressure testing. We think of this well as a gold mine and want to ensure that we treat it properly so that it can produce revenue for us for decades to come. If we get too aggressive too soon, we run the risk of damaging the integrity of the formation and the well.
We spent the last ten days of February rounding up the required capital to close on the transaction to purchase 50% of the outstanding shares of Tero Oilfield Services. We have spent the past six months working with the management of Tero to improve some operational performance metrics which have gone very well. Their books are not yet GAAP compliant so unfortunately I cannot discuss their 2013 financial performance but I can say that we are extremely excited to have completed this transaction.
Tero Oilfield Services is a Class 1b liquid disposal and solid waste processing facility. One of the plans that we have made with our partners is to expand their facility to offer custom treating of oil (treating producer's oil to make it pipeline-ready) for some of the smaller operators in their addressable market. They have already taken steps to begin this process with a few of their customers and, after a few months of this "custom treating trial," we will make a decision regarding the prospects of expanding the facility to accept larger volumes. Tero has a great team on site and we believe that, with a little bit of help from our team at Alta Disposal, this facility can be a considerable thorn in the side of the larger competition in the area.
Financially we have assembled a team of people in Calgary and a set of assets (Morinville and Tero) that will allow us to operate profitably on a go forward basis while we wait for the technology to be field-tested and prepared for mass distribution; but I don't see us resting on our laurels at this stage in the game.
- We will be looking at more acquisitions of disposal facilities with the following criteria:
- That we can provide needed back office support from Calgary (bookkeeping, production accounting, regulatory and safety programs, etc.).
- That we can improve revenue via sales and marketing efforts of our own.
- That we can assist in adding additional product offerings to their clientele.
- We will continue to develop the strategy for extraction of lithium, potassium, magnesium and other industrial minerals from oilfield brine. Timing will be dependent on the deployment of the technology to the field and performance results but there certainly is work that we can begin now to prepare for a bench scale test of our separation technique.
- We are already looking at the distribution of additional technologies that are trying to find a home in the Western Canadian energy ecosystem. We will add these products to the "technology distribution" arm of the business (to go along with the distribution rights we have in Canada for the ultrasonic generator). These technologies need some field testing which we can provide at our disposal facilities and they need a talented sales force to manage the strategy and deployment.
- We are going to get into the production side of the oil and gas industry. It is just a matter of when and where. We are not actively looking for assets but if we find the right asset with the right management team, we will not hesitate to pull the trigger on an acquisition.
We feel pretty excited about the growth opportunity that we have in front of us and I thank you all for the opportunity to serve as your Chief Executive. We have so many things going on right now that I will be distributing a letter of this kind in the first week of every month for the foreseeable future.
Lithium Exploration Group, Inc.
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 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.
Companies can harness IoT and predictive analytics to sustain business continuity; predict and manage site performance during emergencies; minimize expensive reactive maintenance; and forecast equipment and maintenance budgets and expenditures. Providing cost-effective, uninterrupted service is challenging, particularly for organizations with geographically dispersed operations.
Feb. 12, 2016 06:00 PM EST
SYS-CON Events announced today that Catchpoint Systems, Inc., a provider of innovative web and infrastructure monitoring solutions, has been named “Silver Sponsor” of SYS-CON's DevOps Summit at 18th Cloud Expo New York, which will take place June 7-9, 2016, at the Javits Center in New York City, NY. Catchpoint is a leading Digital Performance Analytics company that provides unparalleled insight into customer-critical services to help consistently deliver an amazing customer experience. Designed...
Feb. 12, 2016 06:00 PM EST Reads: 400
When building large, cloud-based applications that operate at a high scale, it’s important to maintain a high availability and resilience to failures. In order to do that, you must be tolerant of failures, even in light of failures in other areas of your application. “Fly two mistakes high” is an old adage in the radio control airplane hobby. It means, fly high enough so that if you make a mistake, you can continue flying with room to still make mistakes. In his session at 18th Cloud Expo, Lee...
Feb. 12, 2016 04:45 PM EST
With the proliferation of both SQL and NoSQL databases, organizations can now target specific fit-for-purpose database tools for their different application needs regarding scalability, ease of use, ACID support, etc. Platform as a Service offerings make this even easier now, enabling developers to roll out their own database infrastructure in minutes with minimal management overhead. However, this same amount of flexibility also comes with the challenges of picking the right tool, on the right ...
Feb. 12, 2016 04:30 PM EST Reads: 189
DevOps is not just last year’s buzzword. Companies with DevOps practices are 2.5x more likely to exceed profitability, market share, and productivity goals. But how do you enable high performance? What can you do right now to start? Find out from DevOps experts including Gene Kim, co-author of "The Phoenix Project," and the Dynatrace Center of Excellence.
Feb. 12, 2016 04:30 PM EST
SYS-CON Events announced today that Column Technologies will exhibit at SYS-CON's @DevOpsSummit at Cloud Expo, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. Established in 1998, Column Technologies is a global technology solutions provider with over 400 employees, headquartered in the United States with offices in Canada, India, and the United Kingdom. Column Technologies provides “Best of Breed” technology solutions that automate the key DevOps principal...
Feb. 12, 2016 04:15 PM EST
SYS-CON Events announced today that Interoute, owner-operator of one of Europe's largest networks and a global cloud services platform, has been named “Bronze Sponsor” of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2015 at the Javits Center in New York, New York. Interoute is the owner-operator of one of Europe's largest networks and a global cloud services platform which encompasses 12 data centers, 14 virtual data centers and 31 colocation centers, with connections to 195 ad...
Feb. 12, 2016 04:15 PM EST Reads: 425
Join us at Cloud Expo | @ThingsExpo 2016 – June 7-9 at the Javits Center in New York City and November 1-3 at the Santa Clara Convention Center in Santa Clara, CA – and deliver your unique message in a way that is striking and unforgettable by taking advantage of SYS-CON's unmatched high-impact, result-driven event / media packages.
Feb. 12, 2016 03:00 PM EST
SYS-CON Events announced today that Commvault, a global leader in enterprise data protection and information management, has been named “Bronze Sponsor” of SYS-CON's 18th International Cloud Expo, which will take place on June 7–9, 2016, at the Javits Center in New York City, NY, and the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Commvault is a leading provider of data protection and information management...
Feb. 12, 2016 02:15 PM EST Reads: 448
There will be new vendors providing applications, middleware, and connected devices to support the thriving IoT ecosystem. This essentially means that electronic device manufacturers will also be in the software business. Many will be new to building embedded software or robust software. This creates an increased importance on software quality, particularly within the Industrial Internet of Things where business-critical applications are becoming dependent on products controlled by software. Qua...
Feb. 12, 2016 02:15 PM EST
As someone who has been dedicated to automation and Application Release Automation (ARA) technology for almost six years now, one of the most common questions I get asked regards Platform-as-a-Service (PaaS). Specifically, people want to know whether release automation is still needed when a PaaS is in place, and why. Isn't that what a PaaS provides? A solution to the deployment and runtime challenges of an application? Why would anyone using a PaaS then need an automation engine with workflow ...
Feb. 12, 2016 01:45 PM EST Reads: 229
With an estimated 50 billion devices connected to the Internet by 2020, several industries will begin to expand their capabilities for retaining end point data at the edge to better utilize the range of data types and sheer volume of M2M data generated by the Internet of Things. In his session at @ThingsExpo, Don DeLoach, CEO and President of Infobright, will discuss the infrastructures businesses will need to implement to handle this explosion of data by providing specific use cases for filte...
Feb. 12, 2016 01:00 PM EST Reads: 227
SYS-CON Events announced today that Pythian, a global IT services company specializing in helping companies adopt disruptive technologies to optimize revenue-generating systems, has been named “Bronze Sponsor” of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2015 at the Javits Center in New York, New York. Founded in 1997, Pythian is a global IT services company that helps companies compete by adopting disruptive technologies such as cloud, Big Data, advanced analytics, and DevO...
Feb. 12, 2016 12:30 PM EST Reads: 262
SYS-CON Events announced today that Avere Systems, a leading provider of enterprise storage for the hybrid cloud, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. Avere delivers a more modern architectural approach to storage that doesn’t require the overprovisioning of storage capacity to achieve performance, overspending on expensive storage media for inactive data or the overbuilding of data centers ...
Feb. 12, 2016 12:30 PM EST Reads: 108
CIOs and those charged with running IT Operations are challenged to deliver secure, audited, and reliable compute environments for the applications and data for the business. Behind the scenes these tasks are often accomplished by following onerous time-consuming processes and often the management of these environments and processes will be outsourced to multiple IT service providers. In addition, the division of work is often siloed into traditional "towers" that are not well integrated for cro...
Feb. 12, 2016 12:00 PM EST Reads: 499