KIRKLAND, Wash., Sept. 14, 2010 (GLOBE NEWSWIRE) -- LadyBug Resource Group (OTCBB:LBRG) announced today that its subsidiary, New Solar Electricity Corporation, is nearing completion of Phase One in the development of its novel solar concentrator called "Solar Tracer." Solar Tracer 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.
Phase One in the development of Solar Tracer is to identify a low-cost, high reflectivity surface material to be used on the concentrator unit. Phase One consists of testing multiple surface types and materials and determining their reflectivity. The majority of current linear concentration systems use steel board and glass mirror/plastic mirror sheet for their reflective surface. These materials are expensive and constitute nearly half the cost of building a concentrated solar power field.
Christian Tedrow, President of New Solar, said, "We are very excited to be nearing completion of Phase One of Solar Tracer's development. Identifying a low-cost, high reflectivity surface material for Solar Tracer is vital to achieve New Solar's goals of producing solar power at lower costs."
Tedrow concluded, "It is New Solar's goal to reduce the cost per watt of solar electricity for consumers. To do this depends on the efficiency, the total system cost, and maintenance cost of the concentrator. We believe 'Solar Tracer' will have an impact on all three of these factors."
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 Solar Tracer, a novel low-cost solar concentrator that saves manufacturing costs while increasing the power generated. (www.NewSolarEC.com/" target="_top" rel="nofollow">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. For more information please see www.LadybugRG.com/" target="_top" rel="nofollow">www.LadybugRG.com. Wholly owned subsidiaries of the LadyBug Resource Group (www.globenewswire.com/newsroom/ctr%3Fd=196911%26l=8%26a=www.LadybugRG.com%26u=http%253A%252F%252Fwww.LadybugRG.com" target="_top" rel="nofollow">www.LadybugRG.com) include New Solar Electricity Corporation (www.globenewswire.com/newsroom/ctr%3Fd=196911%26l=8%26a=www.NewSolarEC.com%26u=http%253A%252F%252Fwww.NewSolarEC.com" target="_top" rel="nofollow">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.globenewswire.com/newsroom/ctr%3Fd=196911%26l=9%26a=www.sec.gov%26u=http%253A%252F%252Fwww.sec.gov" target="_top" rel="nofollow">www.sec.gov.
CenterPoint Communications Group, LLC Investor Relations Todd Lorenze 386-775-2020 www.centerpointcg.com