VINELAND, N.J., Sept. 1, 2006 (PRIMEZONE) -- A release issued earlier today for AuGRID with the same headline did not include the Forward-Looking Statement. The corrected release follows.
The AuGRID/Primergy Hong Kong collaboration has identified two entities for targets of acquisition; Primergy has started negotiations on behalf of AuGRID. In total there are three such companies of interest, two in China, and one local. Management's encouragement arises from possibilities due to an asset, revenue and profit change if acquired, that could result in qualification for placement on a different exchange. The corporation's acquisition targets in question gross no less than 2.5 million per fiscal annum minimum. We look forward to updating you with a progress report soon states MJ Shaheed, who will be visiting one of the acquisition targets within the next two weeks to review Fiscal data that will be prepared for the accounting and PCAOB certification process. The remaining companies of interest are in China, which Primergy is working the preliminaries on the accounting and regulation compliance for the U.S. markets.
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