KIRKLAND, Wash., Nov. 3, 2010 (GLOBE NEWSWIRE) -- LadyBug Resource Group (OTCBB:LBRG) announces the official spin-off of subsidiaries, New Solar Electricity Corporation and Inner Path Health Corporation, to the shareholders of record as of November 12, 2010. Shareholders of record will receive 1 share of New Solar and Inner Path for every 10 shares of LadyBug. Additionally, on November 1, 2010, LadyBug acquired controlling interest of Mag International, Inc. (MAG), a leader in gasoline and electric mini-utility vehicles with $12.4 Million in sales since 2008.
Inner Path Health Corporation, which recently announced the signing of an exclusive 20-year licensing agreement for the worldwide sales and sub-license rights for a line of 170 health, cosmetic and hair care products, is in the process of arranging US manufacturing for its product line. The Company is focused on building sales in China, North America and formulating exclusive products for the multi-level industry.
New Solar Electricity is developing its novel solar concentrator called "Solar Tracer" to potentially capitalize on the multi-billion dollar global solar market. Solar Tracer will use concentrating solar power technology to capture energy from the sun and transfer it in the form of heat to run steam turbine generators. The company believes that Solar Tracer will exceed the performance of the current generation of linear concentrator systems.
There are an anticipated 5 stages to the development of Solar Tracer, with Phase One complete as of September 30, 2010.
Phase One: Reflectivity testing of various surface materials to be added to future substrate collector structure. Goal is to find a surface material that provides the highest reflectivity at the lowest cost.
Phase Two: Testing and development of prototype substrate collector structure. Testing will include sunlight capture and reflectivity efficiency testing on variations of parabolic shape and curvature.
Status: Currently in testing.
Phase Three: Testing and development of innovative collection tube with goal to improve sunlight capture while reducing "Tracking" movements and costs. Collection tube is being developed with the intention to proprietize the tube once proven and complete.
Phase Four: Integration of collection tube/ collection device with substrate collector structure and proceeding to full prototype testing.
Phase Five: Upon successful completion of full prototype testing and results, New Solar intends to begin marketing Solar Tracer worldwide for licensing.
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About Mag International Inc
Mag International, Inc. (MAG), based in Fountain Valley, California, was founded in 2004 as a manufacturer and distributor of quality and innovatively-designed mini-utility vehicles and accessories. MAG has also developed a proprietary conversion kit to electrify postal vehicles, which it will offer in 2011 along with its complete line of all-electric, E85 and Gasoline utility vehicles and parts.
For more information, visit www.maginternationalinc.com
About LadyBug Resource Group, Inc.
LadyBug Resource Group Inc. (OTCBB:LBRG), headquartered in Kirkland, WA, acquires and licenses breakthrough technologies, patents, patents-pending and trade secrets in the Energy, Health and Intellectual Property sectors. For more information please see www.LadybugRG.com.
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: This press release contains forward-looking statements (within the meaning of Section 27a of the Securities Act of 1933 and Section 21e of the Securities Exchange Act of 1934) regarding us and our business, financial condition, results of operations and prospects. Forward-looking statements in this report reflect the good faith judgment of our management and the statements are based on facts and factors as we currently know them. Forward-looking statements are subject to risks and uncertainties and actual results and outcomes may differ materially from the results and outcomes discussed in the forward-looking statements. Readers are urged not to place undue reliance on these forward-looking statements which speak only as of the date of this press release. We undertake no obligation to revise or update any forward-looking statements in order to reflect any event or circumstance that may arise after the date of the press release. Political and operational risks in the countries in which LadyBug Resource Group Inc. may operate and governmental regulation and judicial outcomes, and other risks detailed from time to time in LadyBug's filings with the Securities and Exchange Commission, including its Quarterly Report on Form 10-Q for the quarter ended March 31, 2009. Copies of each filing may be obtained from the S.E.C. or its web site at .
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