KIRKLAND, Wash., July 21, 2010 (GLOBE NEWSWIRE) -- LadyBug Resource Group (OTCBB:LBRG) announced today that its subsidiary, New Solar Electricity Corporation, is developing a novel solar concentrator called "Solar Tracer," which 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 its Solar Tracer will exceed the performance of the current generation of linear concentrator systems.
Christian Tedrow, President of New Solar, said, "Solar thermal is a method of collecting and concentrating sunlight by utilizing specially designed structures that capture and reflect sunlight onto attached 'collection tubes.' These tubes are filled with fluid that is heated by the reflected sunlight. The fluid is heated up to 300C above ambient temperature and flows to a facility attached to the solar field where its energy is used to produce steam, which drives conventional steam turbine generators to produce electricity. Solar thermal is the most widely used system of solar power generation in the world today. The goal of all such systems is to reduce the cost per watt of the electricity, which depends on the efficiency, the total system cost, and maintenance cost of the project. We believe "Solar Tracer" will have an impact on all three of these factors."
Mr. Tedrow went on to say that the first stage of their development agreement with Eugene Augustin and his company, Wireless Engineering Corp., is well underway. "I believe we are making excellent and timely progress in our stage one reflective surface and coating tests. It is a detailed scientific process, which involves temperature gauging on the various coated surfaces to determine which combination of coatings and surfaces produce the highest temperature. In order to utilize the widest useful spectrum of sunlight intensity, the tests are being conducted throughout the day, from early morning to late afternoon."
Tedrow concluded his remarks by adding, "New Solar selected Eugene Augustin and his company, Wireless Engineering Corp. to develop and design "Solar Tracer," 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. He is one of the world's foremost experts in the design of Microwave Antennas, components and satellite systems, and has the knowledge and expertise to build a 'next generation' solar collector technology that has the potential to revolutionize the industry."
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 386-775-2020 www.centerpointcg.com