Magplane Pipeline Technology, Inc. Signs Framework Agreement With Inner Mongolia Totaling 80 Million Dollars Wednesday April 25, 9:29 am ET
BEDFORD, MA--(MARKET WIRE)--Apr 25, 2007 -- Magplane Pipeline Technology, Inc., a wholly owned subsidiary of Magplane Technology, Inc. (Other OTC:MAGP.PK - News), announces the signing of a Framework Agreement of Co-operation with the People's Government of Inner Mongolia Autonomous Region. ADVERTISEMENT
The agreement commits the Government to form a Joint Venture between a mutually agreed State-owned entity and MPTI and to award the JV at least 200km of commercial pipeline contracts in several phases. The first two commercial lines have been selected totaling an estimated $80M in revenue. As part of the agreement, the Magplane Pipeline Project will be designated as one of a select number of "Key Technology" programs to be pursued within Inner Mongolia. Design work for Phase one is to commence immediately.
Approximately 17% of China's annual coal production comes from Inner Mongolia and Magplane Pipeline Technology, Inc.'s MagPipe system has captured the attention of government officials and industrial enterprises involved in the production, transportation, and use of coal.
Yang Liu is quoted in Xinhua News, saying, "At present the coal transportation is a difficult problem that needs an urgent solution." A translation and link to the Xinhua article is available on the Magplane web site at www.magplane.com.
About Magplane Technology, Inc.
Magplane Technology, Inc. (MTI) is the developer of the Magplane system, an innovative magnetic levitation transportation system that offers significant advancements over other high-speed trains and light-rail transit systems. Magplanes can achieve speeds up to 500 km/hour for inter-city travel and nearly silent operation for urban mass transit systems. The Magplane system has also been adapted for use in a unique pipeline application that can reduce the cost and pollution from diesel trucks used in transporting material from mining operations. Based in Bedford, Massachusetts, USA, the company was founded in the mid-1990s by a group of MIT engineers who developed the Magplane concept.
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.
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Magplane Technology Appoints Dr. Bruce Montgomery for Second Consecutive Term as Chairman of the Board Tuesday June 5, 10:39 am ET Former MIT Associate Director Heads Up $80 Million Inner Mongolia Project for Magplane
BEDFORD, Mass., June 5 /PRNewswire-FirstCall/ -- Magplane Technology, Inc. (OTC: MAGP - News) is pleased to announce that the Company's Board of Directors has appointed Dr. Bruce Montgomery for his second consecutive term as Chairman of the Board. ADVERTISEMENT
Dr. Montgomery brings an impressive career spanning 40 years in engineering and management positions with the Massachusetts Institute of Technology (MIT). Most recently, Dr. Montgomery spent 18 years as Associate Director for the Plasma Fusion Center, the largest interdisciplinary on-campus research center at MIT. He was elected to the National Academy of Engineering in 1998. Specific experience he brings to Magplane involves the application of magnetic fields in science; project management of the construction of large science experiments; management of multi-disciplinary scientific research centers; and spearheading international R&D activities.
Dr. Montgomery officially retired from MIT in September of 1996, allowing him to devote his time fully to Magplane. "We are very pleased to benefit from Dr. Montgomery's vast engineering expertise toward the development and deployment of the Magplane system," said Dr. G. Larry Roderick, who sits on the Board of Directors for Magplane.
Magplane validated its technology in 2000 through a demonstration project at an IMC-Global phosphate mine in Lakeland, Florida. The demonstration successfully validated the economical and environmentally friendly operation of the pipeline. Magplane recently signed agreements with Inner Mongolia to build commercial pipeline infrastructure for transporting the region's coal production. Inner Mongolia committed to at least 200 km of commercial pipeline and the first phase worth $80 Million is currently being scheduled.
Dr. Montgomery commented, "I am honored to accept re-appointment to serve as Chairman of the Board of Magplane during this time of its pivotal growth. The Inner Mongolia project has tremendous potential to demonstrate large-scale implementation of the Magplane technology, and I believe it is just the beginning for this very promising company."
About Magplane Technology, Inc.
Founded by a group of MIT engineers, Magplane Technology, Inc. (MTI) is the developer of the Magplane system, an innovative magnetic levitation transportation system that offers significant advancements over other high- speed trains and light-rail transit systems. Magplanes can achieve speeds up to 500 km/hour for inter-city travel and nearly silent operation for urban mass transit systems. The Magplane system has also been adapted for use in a unique pipeline application that can reduce the cost and pollution from diesel trucks used in transporting material from mining operations. Most recently, Magplane signed agreements with Inner Mongolia initially worth $80 Million to build commercial pipeline infrastructure for transporting the region's coal production.
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.
CONTACT: For Investor Relations Rick McCaffrey OTC Financial Network 781-444-6100x621 rick*otcfn.com
At the Company: Jason Mill Magplane Technology, Inc. mill*magplane.com
Magplane Pipeline Technology, Inc. CTO Selected to Participate in ITER Magnet System Review Project in France BEDFORD, Mass., June 7 /PRNewswire-FirstCall/ -- Magplane Pipeline Technology, Inc., a wholly owned subsidiary of Magplane Technology, Inc. (Pink Sheets: MAGP), is proud to announce that Chairman and Chief Technology Officer Dr. Bruce Montgomery recently participated in the review of the international fusion nuclear reactor project held in France.
Dr. Montgomery was selected to be one of four outside experts to review the magnet systems for the fusion reactor to be built in Southern France. The experimental reactor, called ITER, is a multi-billion dollar joint project between seven parties that include the European Community, Japan, China and Russia. Dr. Montgomery led the US magnet design team working on ITER prior to leaving the Massachusetts Institute of Technology in 1996 to join the private sector.
Magplane's passenger and pipeline systems rely on advanced magnetic levitation (maglev) and magnetic drive technology to significantly improve transportation of passengers and solid materials from mining operations. Magplane's recently announced agreements in Inner Mongolia to apply its pipeline technology to coal transportation will substantially reduce the cost and pollution associated with the use of diesel trucks.
Binson Du, Magplane VP of China Operations, notes that, 'Magplane's pipeline system is expected to become major part of the coal transportation infrastructure in Inner Mongolia.' Agreements to build the first two commercial pipelines totaling $80M were announced in April.
About Magplane Technology, Inc.
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quote:Originally posted by lostone: i will get in as soon as my money is settled, finally got out at bottom on that dreaded HMIT.. down like 80%.. another lesson..
OTC Financial Network Issues Corporate Profile on Magplane Technology BEDFORD, Mass., June 13 /PRNewswire-FirstCall/ -- Magplane Technology, Inc. (OTC: MAGP), focused on commercializing proprietary magnetic levitation (maglev) technologies, announced today that OTC Financial Network (OTCFN), a division of National Financial Communications Corp., has issued a Corporate Facts report on the Company. The report includes a profile of the Company's technology applications, strategic joint venture, market opportunities, and management team. Interested parties can download the report at http://www.otcfn.com/magp/magp-report.pdf or call 781-444-6100 ext. 625 for reprints.
Publisher of OTCFN Corporate Facts Geoffrey Eiten stated, 'The Magplane system is a 'green' maglev technology that stands to create revolutionary new efficiencies in the public transportation sector, as well as mining operations, worldwide. Both applications reduce pollution by using 100% electric power instead of burning diesel fuel, cut down on congestion and noise, and infuse new cost efficiencies as compared to traditional methods of transportation. The Company has already made significant inroads into applying MagPipe to transport coal. Through its wholly-owned subsidiary Magplane Pipeline Technology, Inc.'s (MPTI) joint venture with the Inner Mongolian Government represents a milestone achievement that will bring $80 Million in near-term revenues to the joint venture.'
About OTC Financial Network
OTC Financial Network (OTCFN) has carved its niche as the nation's leading small/micro-cap investor relations and financial communications firm. OTCFN provides full-service investor relations, consulting services and customized marketing campaigns designed to maximize investor awareness for small/micro-cap publicly traded companies. Since its inception in 1992, OTCFN has represented over 500 clients. To view a current client list or for more information, visit http://www.otcfn.com. OTCFN is a division of National Financial Communications Corp. (http://www.nationalfc.com) based in Needham, MA.
Disclaimer: OTC Financial Network (OTCFN) serves as special advisor to the featured Company and has received fees for services, including a monthly fee of five thousand dollars, plus expenses, for the creation and distribution of materials, including the OTCFN Corporate Facts Report. This is not an offer to buy or sell securities. Information or opinions in this release are presented solely for informative purposes, and are not intended nor should they be construed as investment advice. Additional compensation information and a full disclaimer can be found online by visiting http://www.otcfn.com/magp/disclaimer.html.
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Magplane Technology Updates the Investment Community in All-New WallSt.net Interview BEDFORD, Mass., June 15 /PRNewswire-FirstCall/ -- Magplane Technology, Inc. (Pink Sheets: MAGP), focused on commercializing proprietary magnetic levitation (maglev) technologies, announced today that WallSt.net conducted an all-new interview with CFO Jason Mill on June 14, 2007. During the interview, Mill discussed the Company's key competitive strengths, commercialization of MagPipes in China and the United States, and its near-term outlook. To hear the interview in its entirety, visit http://www.wallst.net/audio/audio.asp?ticker=MAGP&id=3496.
During the interview, Mill commented on the trends driving adoption of its maglev technologies for coal transportation in Inner Mongolia. Mill said, 'Rising energy demands will result in larger mines being built with improved transportation infrastructure in Inner Mongolia.' Environmental concerns world-wide are creating pressure to reduce diesel fuel consumption used in trucks that carry the coal to its nearest distribution point. 'Diesel fuel is one of the most environmentally harmful fuels being used today. As a 'green' company, [MagPipes for transporting coal] is an area that will gather a lot of interest from industries.'
'Our joint venture agreement with Inner Mongolia will generate $80 million in revenues in 12 to 18 months. Beyond the committed pipeline covered in our JV, the Government of Inner Mongolia has identified many other pipelines totaling nearly 1,000 km, and we expect to win many more contracts there. We have first mover advantage for environmentally-friendly pipeline for coal and other materials,' said Mill.
Mill concluded saying that MagPipes can establish a 'strong revenue base,' which can be used to commercialize its other maglev application, high-speed passenger trains that transport people in nearly silent operation at a much lower cost compared to existing maglev technologies.
About WallSt.net
www.wallst.net is owned and operated by WallStreet Direct, Inc., a wholly owned subsidiary of Financial Media Group, Inc. The website is a leading provider of financial news, media, tools and community-driven applications for investors. www.wallst.net offers visitors free membership to its in-depth executive interviews, exclusive editorial content, breaking news, and several proprietary applications. In addition to its website, WallStreet Direct organizes investor conferences, publishes a newspaper, and provides multimedia advertising solutions to small and mid-sized publicly traded companies. WallStreet has received fees from Magplane Technology for services, including this interview. For full disclaimer information, visit http://www.wallst.net/disclaimer/disclaimer.asp.
About Magplane Technology, Inc.
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Magplane Pipeline Project Receives High Acclaim in China National Assessment Report - China National Government Endorses JV with Magplane Subsidiary MPTI - BEDFORD, Mass., June 19 /PRNewswire/ -- Magplane Pipeline Technology, Inc. (MPTI), a wholly owned subsidiary of Magplane Technology, Inc. (OTC: MAGP), which is focused on commercializing magnetic levitation (maglev) technologies for the transportation and mining industries, recently received a National Assessment report from the China Science and Technology Ministry on its MagPipe technology by a group of experts invited by the Inner Mongolian Science and Technology Department. Dr. Bruce Montgomery, Chairman and Chief Technical Officer and Mr. Binson Du, Vice President for China Operations, Magplane Technology, Inc., made a presentation and responded to questions raised by an expert panel in Beijing, China on June 11, 2007.
The report states that the pipeline technology is a unique technology that will bring great contributions to Inner Mongolia in the areas of environmental protection, reduction of petroleum fuel consumption, and provide solutions to existing logistical problems for ore transportation. The report further states that the technology has been demonstrated to be practical and that the reviewers have high confidence in the Magplane management team.
Du states that 'The National Assessment recognizes the great environmental and economic benefits of using MagPipe to transport ore instead of diesel trucks. The report is very positive and fully supports our technology in Inner Mongolia.'
Experts and science leaders participating in the review included members from the Institute of Electrical Engineering Chinese Academy of Science, the Shanghai Maglev Project Technology Research Center, several Chinese Technical Universities, and Directors of several Institutes within the National Science and Technology Ministry.
Dr. Montgomery said, 'This report is an important benchmark that validates the commercialization of our pipeline technology. A positive endorsement from the distinguished panel of experts in China clears the way for Inner Mongolia to proceed with setting up the Joint Venture with MPTI and to implement the first line in accordance with the Inner Mongolia and Magplane agreements. The agreements commit the Inner Mongolia government to award at least 200km of pipeline projects to the JV. The first two lines have been selected and will bring approximately US$80 million in revenue to the JV.'
About Magplane Technology, Inc.
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