Aug. 20, 2010 – LadyBug Resource Group will spin-off its New Solar Electricity Corporation to the shareholders on Oct. 4, 2010. Shareholders will receive one share of New Solar Electricity Corporation for every 10 shares of LadyBug they own.
New Solar is developing a technology to use concentrating solar power to capture energy from the sun and transfer it in the form of heat to run steam turbine generators.
Dr. Craig Barton, COO of LadyBug, said, “We’re pleased that our shareholders will have the opportunity to participate in the upside potential offered by New Solar Electricity Corporation. With our recent signing of the Letter of Intent to acquire 100% of Men’s Medical Corporation, we feel this portfolio realignment will further enhance our long-term goals of double-digit growth and greatly improved returns.”
New Solar Electricity Corporation, which will be headquartered in Orlando, Fla., is an alternative energy company seeking to capitalize on the solar energy market through the development of a low-cost solar concentrator that saves manufacturing costs while increasing the power generated.
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