PHOENIX, AZ, United States, via ETELIGIS INC., 10/21/2014 – – On Wednesday of last week, Lithium Exploration Group, Inc. (OTCQB: LEXG) filed its annual Form 10K. In Note 14 of the Financial Statements, the revenue from operations at Tero Oilfield Services ("Tero") is reported. From March through June 2014, Tero generated $408,714 from operations. It is expected that third and fourth quarter financial statements will show an additional increase in revenue.
"Traditionally the revenue generated in the second half of the calendar year is much stronger than the first half of the year, because of harsh winter conditions in Q1 and in the months of April and May they go through what is called ‘break up’ where the ground thaws, making many remote facilities inaccessible. If trucking companies can’t gather the waste, they can’t bring it to Tero," commented CEO Alex Walsh. "In the summer months and through the fall, companies are very active in cleaning out dirty tanks and doing a lot of maintenance work that goes above and beyond day-to-day production. We will be filing our 10Q in the coming weeks and are excited for what should be a strong finish to 2014."
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.
SOURCE: Lithium Exploration Group, Inc.