HOUSTON, July 27, 2005 (PRIMEZONE) -- In a release issued earlier today under the same headline, note the removal of the phrases "Platinum-Selling" and "world wide web" and the replacement of "system" with "device." The company-issued correction follows:
AuGRID Corporation (Pink Sheets:AGRI) today announced it has entered into an agreement with JMR Records, a small record label based in Houston, under which AGRI, through its Internet Audio Device, will distribute JMR product to music fans globally. AGRI will also retain a 5% ownership position in JMR, whose feature artist Hynch is spinning in the tier 3 markets; quickly approaching tier 2 and tier 1.
AuGRID's previously announced Internet Audio Device supports 7.1-channel output, high-end audio, and is compatible with most high-end receivers, allowing users to easily download entire CDs at a time from a centrally located server. It's heavily encrypted and prevents loss of revenue to the music industry due to pirating. JMR Records is currently promoting the works of four artists, with plans to include another 16 artists on the label.
"AuGRID and its Internet Audio will provide global exposure to JMR's artists without the time delays that occur with CD production and label printing and enable our international customers to buy and burn JMR music directly and at his or her convenience," stated MJ Shaheed, CEO of AuGRID Corporation, "but most importantly, it will begin to eliminate the significant revenues that are lost each year through the pirating of record label assets."
About AuGRID
AuGRID Corporation is a technology based organization that produces and distributes plasma televisions, audio and video products. Capitalizing on its roots as a research and development organization, the Company has a unique approach to product development that combines third party manufacturing with consumer-friendly features appealing to an international customer base. AuGRID has spent the past year restructuring. This includes eliminating unprofitable business lines such as an R&D facility in Texas, cutting non-essential staff and departments, and strengthening its core competencies of making and selling consumer electronics. Management still maintains its R&D mindset by seeking to develop the most efficient enhancements to its products.
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.