KIRKLAND, Wash., Dec. 3, 2010 (GLOBE NEWSWIRE) -- LadyBug Resource Group Inc. (OTCBB:LBRG) has acquired 100% of MAG International, Inc. (MAG), a leader in gasoline and electric mini-utility vehicles. Craig Barton, COO of LadyBug, said, "LadyBug is excited to complete the acquisition of MAG. Acquiring MAG gives us the opportunity to get in on the ground floor of the booming alternative energy vehicle market and strategically place us to capitalize on the Federal Government's plan to transition portions of their gasoline mini-utility vehicles to electric, as well as compete for a portion of the potential USPS's plan to retrofit their 146,000 delivery fleet to electric. MAG has already successfully retrofitted a USPS delivery truck to electric propulsion with predominantly U.S. components at a cost substantially lower than the competition."
Barton concluded, "Additionally, with LadyBug appointing Thomas F. Krucker as Chief Executive Officer and Chairman of the Board, LadyBug and MAG are positioned for strong sales growth. Krucker served with Toyota USA for 11 years and held national positions as IR Director and Import Director for the USA. Krucker has a proven track-record of performance in the auto-industry with Toyota and was responsible for the largest selling region in USA and for building a dealer network for Toyota, which became the first imported vehicle nameplate to out-sell and out-register all domestic car lines including Chevrolet, Ford, and Chrysler. We believe this experience will translate into strong sales of MAG vehicles moving forward."
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.
"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