LadyBug Resource Group, a company that acquires licenses and technologies, patents, patents-pending in energy sector, has signed a definitive agreement to acquire MAG International, a developer of gasoline and electric mini-utility vehicles.
MAG manufactures electric mini-utility vehicles that have an array of applications within various industries such as military bases, government facilities, universities, paper mills, corporate complexes, oil refineries, golf clubs and resorts.
MAG, which has customers in several divisions of the US Federal Government, including the US Air Force, the US Army and the US Marines, has $1.8m in orders for 2010 and is arranging an expanded credit facility to ramp up sales to meet the demand for its electric utility vehicles.
The acquisition of MAG will provide LadyBug with the opportunity to expand its footprint into the expanding US electric vehicle industry and the market for the EV related components such as electric drivetrains and batteries.
MAG CEO and founder Eric Baron said that MAG is extremely excited to be moving forward with the acquisition by LadyBug.
“MAG is strategically placed to capitalize on the booming EV market, especially the Federal Government’s effort to electrify portions of their vehicle fleets. We are positioned at the right place at the right time with the right products,” Baron said.