Magplane Technology to Receive $2M for Commercialization of the MagPipe System, MagPipe Manufacturing Building Completed in Inner Mongolia
LITTLETON, Mass., Dec. 9 /PRNewswire-FirstCall/ — Magplane Technology, Inc. (Pink Sheets: MAGP) and its Inner Mongolia Joint Venture (JV) team have completed the testing phase of the demonstration system and finalized technical planning for construction of the fully functional 1 km “pre-production status” system. Under the terms of agreements with the JV, Magplane will receive US$2 million for continued design and management services through this next phase of the MagPipe development that will enable construction of a deployed commercial system in 2010.
Dr. Bruce Montgomery, Chairman and Chief Technology Officer of Magplane, said “the 1km line demonstration design has been expanded to include numerous land topography features such as grade climbs and curves to simulate and encompass typical commercial installations. Using components to be produced for the commercial systems, the 1-km system will be fully tested to verify operation, reliability, and maintainability requirements under real-world conditions including continuous operation and power loss scenarios.”
The Inner Mongolia Joint Venture has completed the first manufacturing building (100m x 40m) on its 32 acre site in the Baotou Hi-Tech Industrial Development Zone. The building, which includes two 20 meter overhead cranes that travel the length of the building, will initially be used to manufacture the 1-km system and then the first commercial systems. This new building also houses the MagPipe Short Demonstration System which was made operational in July and recently moved from its temporary location. The Short Demo will now be used to test specific components and generate long-lead data for certification of the first commercial MagPipe systems.
More information on the MagPipe system can be found on the Magplane website and the latest pictures of the Short Demo in the new building can be found at www.magplane.com/media.htm
About Magplane Technology, Inc.
Founded by a group of MIT engineers, Magplane Technology, Inc. (MTI) is the developer of a unique magnetic pipeline application that can reduce the cost and pollution from diesel trucks used in transporting material from mining operations. Magplane Technology is also the developer of the Magplane Maglev system, an innovative magnetic levitation (maglev) transportation system that offers significant advancements over other high-speed trains and light-rail transit systems.
For more information on the Company, visit http://www.magplane.com or contact:
Jason Mill CFO, Magplane Technology, Inc. firstname.lastname@example.org
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.