LadyBug Resource Group Announces MAG International Inc.'s Intention to Compete for United States Postal Service Retrofit Project
08 November 2010 - 3:00PM
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.
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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