KIRKLAND, Wash., Sept. 30, 2010 (GLOBE NEWSWIRE) -- LadyBug Resource Group (OTCBB:LBRG) subsidiary, New Solar Electricity Corporation, is set to be spun-off to the shareholders of record October 4, 2010. The spin-off is part of the terms in the acquisition agreement of Men's Medical Corporation.
New Solar has completed 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 Solar Tracer will exceed the performance of the current generation of linear concentrator systems.
The development of Solar Tracer is a multi-phase project with the goal of creating a low-cost, high efficiency solar concentrator. There are an anticipated 5 stages to the development of Solar Tracer, with completion of Phase One complete as of September 30, 2010. Phase One consisted of reflectivity testing of various surface materials to be added to future substrate collector structure with the goal of finding a surface material that provides the highest reflectivity at the lowest cost. Phase Two consists of testing and development of prototype substrate composite collector structure.
Testing will include sunlight capture and reflectivity efficiency testing on variations of parabolic shape and curvature. Phase Three consists of testing and development of innovative collection tube with goal to improve sunlight capture while reducing "Tracking" movements and costs. The collection tube is being developed with the intention to proprietize the tube once proven and complete. Phase Four consists of integrating collection tube with substrate composite collector structure and proceeding to full prototype testing. Phase Five consists of full prototype testing and subsequent marketing of Solar Tracer worldwide for licensing on a country-by-country basis.
Christian Tedrow, President of New Solar, said, "We are very excited to be nearing completion of Phase One of Solar Tracer's development and entering Phase Two. With the global solar market experiencing 34% growth on average between 2008 and 2010 and the global solar energy market set to exceed $60 billion by 2014, New Solar believes it set to capitalize on this growing market with Solar Tracer."
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 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.globenewswire.com/newsroom/ctr%3Fd=201425%26l=8%26a=www.LadybugRG.com%26u=http%253A%252F%252Fus.lrd.yahoo.com%252FSIG%253D10u2n0qrf%252F%252A%252Ahttp%25253A%252Fwww.LadybugRG.com%252F" target="_top" rel="nofollow">www.LadybugRG.com. Wholly owned subsidiaries of the LadyBug Resource Group (www.globenewswire.com/newsroom/ctr%3Fd=201425%26l=8%26a=www.LadybugRG.com%26u=http%253A%252F%252Fus.lrd.yahoo.com%252FSIG%253D13u4mlf3l%252F%252A%252Ahttp%25253A%252Fwww.globenewswire.com%252Fnewsroom%252Fctr%25253Fd%253D196911%252526l%253D8%252526a%253Dwww.LadybugRG.com%252526u%253Dhttp%2525253A%2525252F%2525252Fwww.LadybugRG.com" target="_top" rel="nofollow">www.LadybugRG.com) include New Solar Electricity Corporation (www.globenewswire.com/newsroom/ctr%3Fd=201425%26l=8%26a=www.NewSolarEC.com%26u=http%253A%252F%252Fus.lrd.yahoo.com%252FSIG%253D1403ileg5%252F%252A%252Ahttp%25253A%252Fwww.globenewswire.com%252Fnewsroom%252Fctr%25253Fd%253D196911%252526l%253D8%252526a%253Dwww.NewSolarEC.com%252526u%253Dhttp%2525253A%2525252F%2525252Fwww.NewSolarEC.com" target="_top" rel="nofollow">www.NewSolarEC.com) and Inner Path Health Corporation. (www.globenewswire.com/newsroom/ctr%3Fd=201425%26l=8%26a=www.InnerPathHealth.com%26u=http%253A%252F%252Fwww.InnerPathHealth.com" target="_top" rel="nofollow">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=201425%26l=9%26a=www.sec.gov%26u=http%253A%252F%252Fus.lrd.yahoo.com%252FSIG%253D13in58ekk%252F%252A%252Ahttp%25253A%252Fwww.globenewswire.com%252Fnewsroom%252Fctr%25253Fd%253D196911%252526l%253D9%252526a%253Dwww.sec.gov%252526u%253Dhttp%2525253A%2525252F%2525252Fwww.sec.gov" target="_top" rel="nofollow">www.sec.gov.