LiTHOS announces expansion of its executive team to accelerate growth in the sustainable lithium sector and closing of financing

LiTHOS announces expansion of its executive team to accelerate growth in the sustainable lithium sector and closing of financing.

LiTHOS Group Ltd. (“LiTHOS” or the “Company”) (CBOE CA: LITS), a leader in sustainable lithium production, is pleased to announce recent strategic changes to its leadership team aimed at improving operational efficiency and meeting the growing demand for sustainable solutions environmentally responsible energy solutions.

We are pleased to introduce Judson LaCapra as our new Chief Development Officer, Seth Coblentz as General Counsel and Elyssia Patterson as Vice President of Corporate Communications. These appointments are critical to aligning our leadership with our strategic goals, especially as the Company begins deploying commercial AcQUA™ systems in the field to paying customers.

About the new directors:

• Judson LaCapra brings extensive international management experience, developing long-term partnerships and activities around the world. He has a proven track record in homeland security and renewable energy projects, and his multilingual skills and international business experience from Georgetown University are invaluable to our global operations.
• Seth Coblentz has over 20 years of experience advising fast-growing companies in highly regulated industries, including 5 years in Frankfurt, Germany. He specializes in mergers and acquisitions, complex investment transactions, corporate structuring and regulatory compliance. Seth received his doctorate in law, With honorsfrom the University of Miami.
• Elissia Patterson, MBA, brings extensive experience in capital markets and has played a key role in leading companies to the stock exchange. In his new role, he will focus on strengthening investor relations and communicating our strategic priorities to the financial community.

Current key achievements:

• Production milestones: We have begun production of our AcQUA™ modular field unit, with company factory acceptance testing scheduled for July 2024. This is a key step towards implementing our innovative technology in the field at scale.
• Leadership improvements: The promotions of Joe Fuqua to Chief Operating Officer and Michael Westlake to President, along with the appointment of Gabe Segal to Vice President of Strategy and Finance, are key to strengthening our operational and financial planning capabilities.

Salary update: award of RSU and PSU

In a prudent move to effectively manage our cash resources, the Lithos Board of Directors has approved the grant of an aggregate of 1,360,000 restricted stock units (RSU), we compensate our executive officers, independent board members, advisory board members and strategic consultants with equity rather than cash. Additionally, we are pleased to announce the award of a total of 5,668,888 performance share units (power supplies), which entitles you to 25% for each sale by the Company of at least USD 5,000,000. The granting of RSUs and PSUs provides strong motivation for our management team and other team members, linking their interests with the long-term success of the Company. This approach ensures that our management is deeply committed to our collective success, while conserving cash to support our ongoing operations and growth initiatives.

Successful closing of financing

LiTHOS is also pleased to announce the successful closing of previously announced financing. The company received a total of $1,146,288.90 at a price of $0.70 per unit. These funds will support LiTHOS’ continued innovation and development in the field of sustainable lithium extraction.

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LiTHOS announces expansion of its executive team to accelerate growth in the sustainable lithium sector and closing of financing. source