KIRKLAND, Wash., Aug. 31, 2010 (GLOBE NEWSWIRE) -- LadyBug Resource Group Inc. (OTCBB:LBRG) has signed an Agreement to acquire 100% of Men's Medical Corporation.
Terms of the agreement include changing LadyBug's corporate name to Men's Medical Group Inc. and the completion and delivery of Men's Medical Corporation's audited financial statements on or before September 30, 2010, the target closing date. At the closing LadyBug shall own 100% of Men's Medical Corporation and its assets including the license rights. LadyBug plans to spin off its two subsidiaries, New Solar Electricity Corporation and Inner Path Health Corporation to the shareholders of record as of October 4, 2010.
Men's Medical Corporation holds a license for the use of certain proprietary, personalized treatment processes for erectile dysfunction and premature ejaculation known as The Boston Method in the United States together with other protected marks, trade names and patents associated with men's health and lifestyle management. Upon consummation of the transaction, Men's Medical Corporation intends to roll out development of strategic alliances with Physicians nationwide to offer a full range of men's health and lifestyle services incorporating the intellectual property.
The U.S. market for men's sexual dysfunction therapies is expected to reach an estimated $1.72 billion by the end of 2010. Worldwide, more than 150 million men are affected by erectile dysfunction, with an additional 35 million men per year experiencing symptoms for the first time.
The licensed rights to be utilized by Men's Medical Corporation include but will not be limited to those licensed to other third party licensees to the Boston Medical brand of products and services. The contemplated transaction does not relate in any way to the business activity of North American Men's Health, Inc, ("NAMH"). NAMH is a third party, independent licensee to the Boston Medical brands established in 2002, operating Boston Medical Group clinics, in the United States.
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 www.sec.gov.