KIRKLAND, Wash., Nov. 8, 2010 (GLOBE NEWSWIRE) -- LadyBug Resource Group (OTCBB:LBRG) announces that its subsidiary, MAG International Inc. (MAG), intends to compete for part of the potential United States Postal Service (USPS) Retrofit Project. The USPS is looking to reduce costs by potentially taking their fleet of approximately 146,000 gasoline Grumman LLV Mail Carriers and converting them to electric. The average industry cost to electrically convert a car is $40,000 and MAG says they can do it for $25,000 to $30,000.
According to the August 28, 2009 USPS Report "Electrification of Delivery Vehicles", the USPS is potentially seeking to reduce costs as well as their carbon footprint by converting their delivery fleet to electric in a multi-year process. MAG has already purchased a Grumman LLV Mail Carrier and has successfully converted it to electric. MAG will be ready to place the battery technology that is preferred by the USPS using MAG's Electric Plug-n-Play design. MAG has released video footage of its successfully converted Grumman LLV Mail Carrier: http://www.youtube.com/watch?v=RctItHumA_I
Currently, the Battery Technology Industry is booming, due in part to the Obama Administration's focus on fossil fuel reduction, clean fuels research, federal funding, allocated grant money and stimulus funding for advanced battery technology. MAG believes it is strategically placed to capitalize on this growing industry and boost shareholder value.
Eric Baron, CEO of MAG, said, "MAG is confident that if the USPS decides to convert to Electric Vehicles, we are in an excellent position to acquire a portion of the business. Researching, experimenting and building Electric Vehicles is familiar territory to MAG. Since 2004, we have been working on Electric Platforms and have kept up with technological advancements. We believed that this day would come, when Green Technology in our industry would be in high demand. MAG is ready to capitalize on this demand."
Baron concluded, "MAG will also position our product as one of the few that is using primarily "American Made" components. The motors, controllers, batteries and wiring are "All American". Couple American components with American Labor and you have a recipe for a successful venture."
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. MAG has $19.8 Million in sales since 2004.
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.
"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=200104%26l=4%26a=www.sec.gov%26u=http%253A%252F%252Fwww.sec.gov" target="_top">www.sec.gov.
CenterPoint Communications Group, LLC Todd Lorenze, Investor Relations (386) 775-2020