LadyBug Resource Group Announces Acquisition of 100% of MAG International Inc.
04 December 2010 - 12:00AM
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.
For more information, visit www.maginternationalinc.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.
"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.sec.gov.
CONTACT: CenterPoint Communications Group, LLC
Todd Lorenze, Investor Relations
(386) 775-2020
info@centerpointcg.com
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