KIRKLAND, Wash., Nov. 1, 2010 (GLOBE NEWSWIRE) -- LadyBug Resource Group Inc. (OTCBB:LBRG) has acquired controlling interest in MAG International, Inc. (MAG), a leader in gasoline and electric mini-utility vehicles with $12.4 million in sales since 2008. Mag President, Eric Baron, has joined Ladybug as a director and its new president.
MAG is a manufacturer and distributor of quality and innovatively designed gasoline and electric mini-utility vehicles. MAG's vehicles have an array of applications that can be seen nationwide within various industries such as military bases, government facilities, universities, paper mills, corporate complexes, oil refineries, golf clubs and resorts. MAG's largest customers include several divisions of the United States Federal Government including the U.S. Air Force, the U.S. Army and the U.S. Marines. Additionally, over the last four years, several hundred MAG Trucks have been purchased by United States Prime Contractors including Kellogg Brown & Root (KBR) and Fluor Inc. for use by the U.S. Military and are currently in service in the Middle East.
Sales from inception grew to $19.8 million dollars by the end of 2009 with the largest growth occurring in 2008 when sales hit $9.3 million dollars. As the worldwide recession took hold, MAG dramatically reduced inventory and cut costs during 2009, posting sales of $3.1 million dollars by year-end. For 2010, the Company has orders for $1.8 million but has experienced cash flow problems and is arranging an expanded credit facility so that it can ramp sales up to meet the demand by industry, government and the military in the electric vehicle market.
Eric Baron, CEO and Founder of MAG, said, "MAG is extremely excited about LadyBug's acquisition. MAG's strategic industry placement positions us to capitalize on the booming electric vehicle market, especially the Federal Government's multi-branch effort to electrify portions of their vehicle fleets. We are positioned at the right place at the right time with the right products."
Craig Barton, COO of LadyBug, said, "Acquiring MAG is an incredible opportunity to get in on the ground floor of the booming alternative energy vehicle market. The Federal Government's plan to transition portions of their gasoline mini-utility vehicles to electric presents dynamic opportunities for LadyBug and MAG. MAG is ahead of the game with their fully electric mini-utility vehicles as well as their cost effective electric retrofitting process, all using American made components and batteries. This is the industry of the future and we are very excited to be a part of it."
About Mag International Inc
Mag International, Inc. (MAG), based in Fountain Valley, California, was founded in 2004 as a manufacturer and distributor of quality and innovatively-designed mini-utility vehicles and accessories. MAG has also developed a proprietary conversion kit to electrify postal vehicles, which it will offer in 2011 along with its complete line of all-electric, E85 and Gasoline utility vehicles and parts.
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=204011%26l=10%26a=www.LadybugRG.com%26u=http%253A%252F%252Fus.lrd.yahoo.com%252FSIG%253D10u2n0qrf%252F%252A%252Ahttp%25253A%252Fwww.LadybugRG.com%252F" target="_top">www.LadybugRG.com.
Contact: Centerpoint Communication Group, LLC – Investor Relations - Todd Lorenze
"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=204011%26l=11%26a=www.sec.gov%26u=http%253A%252F%252Fus.lrd.yahoo.com%252FSIG%253D10o1ro8rc%252F%252A%252Ahttp%25253A%252Fwww.sec.gov%252F" target="_top">www.sec.gov.
CenterPoint Communications Group, LLC Investor Relations Todd Lorenz (386) 775-2020