KIRKLAND, Wash., Aug. 19, 2010 (GLOBE NEWSWIRE) -- LadyBug Resource Group Inc. (OTCBB:LBRG) announced today the spin-off of New Solar Electricity Corporation to the shareholders of record as of October 4, 2010. Shareholders will receive one share of New Solar Electricity Corporation for every ten shares of LadyBug Resource Group, Inc.
New Solar is developing a cutting-edge 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. Eugene Augustin is leading the technology development team, and is considered one of the world's foremost experts in the design of Microwave Antennas, components and satellite systems.
Christian Tedrow, President of New Solar, said, "Mr. Augustin has the knowledge and expertise to build this "next generation" collector technology which we believe will exceed the performance of the current generation of linear concentrator systems. He has an outstanding success record in designing technological breakthrough products for the U.S. Navy, Hughes, Comtech, NATO and for other countries."
Dr. Craig Barton, COO of LadyBug, said, "We're pleased that our shareholders will have the opportunity to participate in the upside potential offered by New Solar Electricity Corporation. With our recent signing of the Letter of Intent to acquire 100% of Men's Medical Corporation, we feel this portfolio realignment will further enhance our long-term goals of double-digit growth and greatly improved returns."
About New Solar Electricity Corporation
New Solar Electricity Corporation, which will be 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, low cost solar concentrator that saves manufacturing costs while increasing the power generated. (visit www.NewSolarEC.com)
About LadyBug Resource Group, Inc.
Consistent with the previously announced intent to acquire 100% of Men's Medical Corporation, LadyBug Resource Group, Inc. plans to change its name to Men's Medical Group, Inc. Men's Medical Corporation is a licensee of the Boston Medical Group's name, trademark, patents, and other license rights for the U.S. Boston Medical Group (BMG) is a global alliance of medical centers sharing research information and treatment methods for male sexual dysfunction. For over fourteen years, BMG has focused on the treatment of ED, treating over 600,000 men with "the Boston Method". BMG offices can be found around the world, with locations across the United States, Latin America, the Middle East and Europe.
"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