CLEVELAND, Ohio, Oct. 27, 2005 (PRIMEZONE) -- AuGRID Corporation (Pink Sheets:AGRI) announces it has engaged Baron Capital Partners, LLC of Boca Raton, Florida, a full-service investment banking firm, as its exclusive financial and acquisition advisor.
As AuGRID continues its organizational restructuring program, under the guidance of ProPTC, a proprietary technology solution for publicly traded companies, Baron will assist AuGRID in financial decisions and development as well as identifying and qualifying possible mergers and acquisitions. Baron is led by Greg Lustig, who has over $6 billion of transactional experience including over 100 mergers and acquisitions.
"This partnership together with the board's unanimously approved reverse split, effective today, will allow for the company to attract new equity funding as well as initiate a program to satisfy some outstanding debt carried on the books in excess of 2 years," stated MJ Shaheed, President of AuGRID Corporation
The Board of Directors approved by written action a one-to-one thousand (1:1000) split of the Company's common stock (a reverse split). Understanding that a record date for the reverse split is not necessary, the effective date is October 27, 2005. The only condition to effectiveness that must be satisfied is the passage of time. Pursuant to rules promulgated under the Securities Exchange Act of 1934, the reverse split cannot be effective until ten (10) days after notification to Nasdaq has been made of action taken by written consent. That notice was given on or about October 6, 2005. AuGRID's is now trading under the symbol AUGC.
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.