Mirus completes 409A valuation for Magplane Technology

Magplane Technology, Inc. (“MTI”), is the developer of the Magplane system. Based in Hampton, NH, the company was founded in the mid-1990s by a group of MIT engineers who developed the basic Magplane concept. MTI organized and led the efforts of over 30 engineers and scientists from the United States Army Corps of Engineers and 10 leading engineering firms, including Raytheon and MIT Lincoln Laboratory, to further develop the technology under the National Maglev Initiative of the United States Department of Transportation.

The company adapted several essential features of the Magplane technology to electromagnetic pipeline transport, and completed a US$2 million demonstration project for the IMC Global Corporation in November 2000. The Company has focused in the last several years on developing projects for several cities in China. The Company will lead the engineering support team in the United States for Magplane China Company supported by a number of major subcontractors.

Magplane was initially developed at the Massachusetts Institute of Technology (MIT) together with industrial partners. Magplane Technology, Inc. spun off in the 1990s to develop commercial systems. Prior to spin off from MIT, 60,000 hours of Faculty, staff, and graduate student research and development work was done on the basic Magplane concept. During this period a 1/25 scale working model was tested on a 100 meter long guideway to demonstrate the levitation and propulsion properties of the guideway and on-board magnets.

About Mirus Capital Advisors

Mirus Capital Advisors provides investment banking solutions to corporate clients in technology, business services, manufacturing, consumer products, health care, and the resort & hospitality industry. Since 1987, Mirus has provided corporate finance advisory services on engagements including mergers, acquisitions, divestitures, recapitalizations, and valuations. For additional information, visit www.merger.com.