VINELAND, N.J., Sept. 26, 2006 (PRIMEZONE) -- AuGRID (Pink Sheets:AUGC) is pleased to announce the signing of the first letter of intent under its new business model as a holding company. After completing a preliminary due diligence visit to the target company, AuGRID has placed a deposit and set terms for the upcoming acquisition of a U.S.-based company with approximately $2,800,000 in annual revenues.
Additionally, AuGRID's strategic partner, Primergy International Hong Kong Ltd, has begun negotiations on AuGRID's behalf with two acquisition targets in China. We are planning visits to these two companies in the near future and will keep our shareholders apprised of our progress.
With a view toward aggressively pursuing future acquisitions, AuGRID believes its current broad-based capital structure is conducive to achieving its goals and doesn't foresee any form of stock splits in the near future. Every acquisition target will go through a stringent due diligence process by the company and its auditing firm Malone and Bailey to meet the standards set forth by the commission and trading exchanges.
Due to a minor delay in the engagement of an additional outside accounting firm, AuGRID's 8K notification will be filed Wednesday, September 27, 2006.
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.