HOUSTON, March 30, 2005 (PRIMEZONE) -- AuGRID Corporation (Pink Sheets:AGRI) announces as a direct result of an organized restructuring it is relocating its headquarters back to its Cleveland office at 2275 East 55th Street, Cleveland, Ohio, 44104. In a cost cutting measure, AuGRID has temporarily ceased distribution as well as research and development at Alysium Corp. in Austin and has eliminated its Austin and Houston staff. The company will maintain a smaller presence in the state.
As a result of a detailed legal review of AuGRID's acquisition agreement to formulate Alysium Corporation, a recommendation has been made to unwind the merger due to the entity's inability to produce the minimum numbers required per the agreement. In addition, AuGRID is being advised to proceed legally against three consultants and four of the Alysium partners; documents are being prepared.
"This reorganization will be a revitalization of our company. Our team is dedicated to creating a successful organization for our shareholders," said M.J. Shaheed, President and CEO of AuGRID Corporation. "We have had and will continue to make some difficult, but right, decisions in order to move ahead. We're looking forward to a successful 2005."
AuGRID Corporation and its subsidiaries are technology-based organizations.
Forward-Looking Statement: This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The statements regarding AuGRID Corporation in this release that are not historical in nature, particularly those that utilize terminology such as "may," "should," "likely," "expects," "anticipates," "estimates," "believes" or "plans," or comparable terminology, are forward-looking statements based on current expectations about future events, which AuGRID Corporation has derived from the information currently available to it. These forward-looking statements involve known and unknown risks and uncertainties that may cause our results to be materially different from results implied in such forward-looking statements. Important factors known to AuGRID Corporation that could cause forward-looking statements to turn out to be incorrect are identified and discussed from time to time in AuGRID Corporation's filings with the Securities and Exchange Commission. The forward-looking statements contained in this release speak only as of the date hereof, and AuGRID Corporation undertakes no obligation to correct or update any forward-looking statements, whether as a result of new information, future events or otherwise.