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Mercury Cable Files Complaint With U.S. Government Officials Asserting Economic Espionage Being Conducted by Hai'an Government Officials in Conjunction With Martin Wang
DANA POINT, CA, Jan 07, 2013 (MARKETWIRE via COMTEX) --
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
Contact:
Mercury Cable & Energy
Todd Harris
President
949-276-5375
Email Contact
SOURCE: Mercury Cable & Energy
http://www2.marketwire.com/mw/emailprcntct id=C957F59AA9BDD7D9
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