Mr. Roderick reports that the development of Magplane's Joint Venture (JV)
in Inner Mongolia is proceeding as planned and, half-way through their initial
Roderick announced that an enhanced long-life component testing program has commenced and is proceeding in parallel with the 1km demonstration in order to meet customer requirements to begin commercial deployment in 2009.
In the letter Roderick outlines Magplane's priorities over the next 12 months:
-- Complete the design and demonstration of a commercial MagPipe system for coal transportation that is reliable and economically superior to truck transportation. -- Develop the JV facilities and enable sub-contractor manufacturing in Inner Mongolia. -- Launch the first commercial MagPipe project in Inner Mongolia. -- Complete the previously announced merger of the MagPipe business unit with IM-MAG. -- Become a fully reporting company.
The full text of the letter to shareholders is available on the Magplane's web-site at http://www.magplane.com/inves_news.asp and the latest photos can be seen in the media and photo gallery at http://www.magplane.com/Media.htm
About Magplane Technology, Inc.
Founded by a group of
Statements regarding financial matters in this press release other than historical facts are "forward-looking statements" within the meaning of section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and as that term is defined in the Private Securities Litigation Reform Act of 1995. The company intends that such proclamations about the Company's future expectations, including future revenues and earnings, technology effectiveness and all other forward-looking statements be subject to the safe harbors created thereby. Since these statements involve risks and uncertainties and are subject to change at any time, the Company's actual results may differ materially from expected results.
SOURCE Magplane Technology, Inc.