VINELAND, N.J., Sept. 12, 2006 (PRIMEZONE) -- AuGRID Global (Pink Sheets:AUGC) will submit its letter of intent to the acquisition target Wednesday, 9:00 a.m. Central time, the details of which includes purchase price and the financing model to be used. The most important part of the LOI is the requisition of financial documents to be reviewed by an accounting firm that is yet to be announced, and forwarded to the P.C.A.O.B Certified auditors for review. We are hopeful that this target of interest meets approval of AMEX. My planned visit to inspect the facility along with two others that will be charged with the duties of operating the facility is on schedule. 9-15-06.
AuGRID and Primergy have agreed to share an office in Hong Kong in order to work more closely and cut cost and time in the translation, signing and delivery of documents. AuGRID at some point in the near future should have a dedicated land line with a bilingual attendant that will handle all AuGRID calls from China and anywhere else in the world. AuGRID Global expects that its official paperwork from the Peoples Republic will arrive here in the United States by weeks end and will be signed by Mr. Shaheed upon his return from the inspection tour.
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.