|By Marketwired .||
|January 7, 2013 07:35 PM EST||
DANA POINT, CA -- (Marketwire) -- 01/07/13 -- Mercury Cable & Energy ("Mercury"), the leading developer of High Voltage Composite Reinforced Conductors ("HVCRC") for electrical transmission lines, has filed a complaint with the U.S. Bureau of Industry and Security along with the Federal Bureau of Investigation for the illegal seizure of Mercury's production facility in Hai'an and the theft of Mercury HVCRC trade secrets, cash and restricted military grade raw materials. In its complaint Mercury has asked the U.S. Government to work directly with Beijing officials to rectify the illegal actions and hold the guilty parties accountable including naturalized U.S. citizen Martin Wang, Mr. Cao Hong Xin and Mr. Li Zheng the mayor of Hai'an and other Hai'an government and Industrial trade zone officials.
According to Todd Harris, President, Mercury Cable & Energy: "On January 5, 2013 Martin Wang and criminal elements in his employ seized the factory facility of Mercury Cable in Hai'an China (located outside of Shanghai near Nantong in Jiangsu Province). The seizure occurred in a pre-dawn assault on the security guards at the factory who were beaten by the thieves. Martin and his criminal associates stole Mercury's advanced composite production lines as well as the aerospace/military grade carbon and glass fiber. The late night theft was orchestrated and led by Martin Wang together with Chinese nationals Mr. Li Zheng from Shenzhen and Mr. Cao Hong Xin, a local Hai'an businessman. In addition, local Hai'an officials appear to have been complicit in the theft including Mr. Xu Hai Yong the governor of Hai'an and Mr. Zhang Yong Hua, who is the vice governor. It is believed that each of them received bribes, kickbacks and other illegal consideration to participate in the takeover and theft of Mercury property."
Mercury representatives filed a report with local police and lodged official complaints with the local Hai'an government authorities. To date, no meaningful action has been taken by the Hai'an government to arrest the perpetrators or recover the equipment and inventory stolen. In an attempt to resolve the situation as quickly as possible, Mercury has reported the theft of its technology, advanced composite production equipment and its raw materials inventory of aerospace/military grade carbon and glass fiber to the U.S. Federal Bureau of Investigation, the Bureau of Industry and Security, the U.S. Department of State and the U.S. Department of Commerce. In conjunction with U.S. Government officials, formal complaints will be lodged with the central government authorities in Beijing.
Mercury is also pursuing all available remedies against Mr. Wang and other parties in the United States including recently obtaining a judgment in a multi-million dollar Federal Court lawsuit against Mr. Wang.
Mercury Cable & Energy is a privately held developer of High Voltage Composite Reinforced Conductors (HVCRC), Smart Conductors for the Smart Grid. The patented HVCRC Smart Conductor is superior to existing conductors in a number of key performance areas including:
- Up to double the current carrying capacity of ACSR
- Substantially reduces high temperature sag
- Requires fewer structures for new line construction
- Increases capacity of existing rights of way and structures through retrofitting
- Eliminates bimetallic corrosion
- Significantly reduces line losses compared to same diameter conventional and composite conductors at equal operating temperatures
For additional information please visit our web site at www.mercurycable.com
Mercury Cable & Energy
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