ORLANDO, Fla., April 13, 2010 (GLOBE NEWSWIRE) -- LadyBug Resource Group Inc. (OTCBB:LBRG) announced today it has acquired 37% of New Solar Electricity Corporation. As a result of the transaction, the Company will be entering one of the fastest growing global markets for alternative energy.
LadyBug anticipates that the solar energy market will continue to rapidly expand with increased industry and government focused efforts to fast-track the development of renewable energy. The global solar energy market is set to reach $50-$70 billion by 2014. Acquiring a minority interest in New Solar Electricity Corporation is the beginning of the Company's push to acquire and license solar, wind and alternative fuel systems, companies and patents.
New Solar's proprietary breakthrough technology, which is estimated to cut the 30-year total cost of concentrator by 80% to 90% and thereby reduce total CSP investment cost by approximately 50%, will give New Solar immediate growth opportunities in funded and future projects to license their cost-saving technology. LadyBug believes that the synergies between the contacts, experience and market expertise both companies bring to the partnership, will allow for increased market reach, sales, license opportunities and overall to increase LadyBug Resource Group shareholder value.
About New Solar Electricity Corporation:
New Solar Electricity Corporation is an alternative energy company capitalizing on the growing multi-billion dollar global solar market through its novel and extremely low cost solar concentrator. New Solar is uniquely situated in offering an installation design that significantly reduces the lifetime cost of solar concentrator construction and maintenance. Dr. Jason Yu, New Solar founder and patent developer, is a scientist focused on renewable energy products and technologies, including New Solar Electricity Corporation's concentrator and solar energy system. Dr. Yu conducted research and development at the U.S. Department of Energy's Argonne Laboratory while at the same time obtained his Ph.D. in Intermediate Energy Physics from Northwestern University, USA in 1993. Dr. Yu has more than twelve years Research and Development experience with renewable energy and energy physics, and nine years as the CEO and CTO for commercial enterprises.
For more information go to: www.NewSolarec.com
About LadyBug Resource Group Inc:
LadyBug Resource Group Inc. acquires and licenses breakthrough technologies, patents, patents-pending and trade secrets in the Energy, Health and Intellectual Property sectors. The Company works through a network of strategic contacts and consultants on a project-needed basis, seeking to leverage out-sourced talent in cost-effective ways to bring to market their products, patents, technologies and intellectual capital. The Company's focus for 2010-2011 is on licensed joint ventures in the United States and China.
"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 www.sec.gov.
LadyBug Resource Group Inc. Karen Aalders (407) 207-0400 Fax: (407) 207-0434