Lithium Energy Products Inc. announced that it has signed a memorandum of understanding for lithium off-take with Sichuan Zhiyuan Lithium industries (SZLI), a subsidiary of Shehong Zhiyuan Industry Co. The memorandum of understanding calls for 200 tonnes per month of industrial grade lithium chloride and lithium carbonate and 1,500 tonnes per month of industrial grade lithium chloride brine. Purchase price will be based on prevailing market prices at the time the desired products are sold. Market price will be determined from an average of the previous three months prices.