KIRKLAND, Wash., July 14, 2010 (GLOBE NEWSWIRE) -- New Solar Electricity Corporation, a wholly owned subsidiary of LadyBug Resource Group (OTCBB:LBRG), announced today that it has signed an agreement with Eugene Augustin of Wireless Engineering Corp. to accelerate the development of its improved solar concentrator, to be called "Solar Tracer." The goal is to develop for worldwide license and sale an efficient solar concentrator which can be manufactured at a substantially lower cost.
Christian Tedrow, President of New Solar, said, "We chose to work with Eugene Augustin and his company, Wireless Engineering Corp., because of his outstanding success record in designing technological breakthrough products for the U.S. Navy, Hughes, Comtech, NATO, the government of Taiwan and many others. They have all sought the technology expertise of Eugene Augustin, one of the world's foremost experts in the design of Microwave Antennas, components and satellite systems."
Tedrow went on to say, "Mr. Augustin's antenna designs are in current production and used on virtually every ship in the U.S. Navy. His antennas and rotary joints are on more than 2,000 Freedom Fighter aircraft. He designed the Coastal Defense Radar System for Taiwan, the satellite TVRO systems for Hughes, Comtech and Boman. We are confident that we have chosen the right design engineer to bring "Solar Tracer" successfully to market."
The New Solar plan to develop the next generation of solar concentrator, to be called "Solar Tracer," is a staged development wherein the results of a stage will determine the path for the next stage. The Company anticipates changes to the work plan as the development is pursued and tested. At the end of the process, the Company plans on having a tested "Solar Tracer" patent-pending product, with a "White Paper" for presentation to Industry groups. It is anticipated that full-scale manufacturing will be done in China.
About New Solar Electricity Corporation
New Solar Electricity Corporation, headquartered in Orlando, Florida, is an alternative energy company seeking to capitalize on the growing multi-billion dollar global solar market through the development of a novel cost solar concentrator that saves manufacturing costs while increasing the power generated. (www.NewSolarEC.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. The Company is focusing on the Chinese and American markets for license sales and joint ventures. Wholly owned subsidiaries of the LadyBug Resource Group (www.LadybugRG.com) include, New Solar Electricity Corporation (www.NewSolarEC.com) and Inner Path Health Corporation (www.InnerPathHealth.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 www.sec.gov.
CenterPoint Communications Group, LLC Investor Relations Todd Lorenze T386-775-2020 www.centerpointcg.com