VINELAND, N.J., Oct. 31, 2006 (PRIMEZONE) -- AuGRID is pleased to announce further information regarding the acquisition target in the United States and the update on AuGRID's Optipure project. After a long due-diligence period, AuGRID Global Holdings Corp. has been given the green light by its CPA firm to move forward with the acquisition. It has passed the sniff test as it were. The numbers for the past five years are close to or exactly what was represented in the tax returns. On the advice of our accounting firm, we will immediately put in place a strict accounting and audit function/process as part of the acquisition, to modernize and raise the accountability standards to that of the P.C.A.O.B. We will detail that book keeping and internal audit function in an 8K within two weeks to the SEC.
With this acquisition and the proper accounting and internal audit programs, AuGRID should be fully reporting by mid 2007 at the latest. The acquisition target averages about 2.2 million per year in gross returns. This is a few hundred thousand per year below our original estimates, but that is the importance of the due-diligence period.
Upon acquiring 51% control, AuGRID will pursue a contract that has been made available worth US$21,000,000.00 to provide product to the Middle East. In addition, AuGRID Hong Kong Limited has been officially opened and registered as a China corporation; we will provide our registration number, telephone number and a PDF of the official document to the SEC in the form of an 8K and to the State Department as required. This was a monumental step, for the reason that it now allows AuGRID to aggressively pursue the two acquisition targets in China.
Finally, a deposit is scheduled to be placed on our container of 50" plasmas in the very near future. AuGRID's Optipure division has been coordinating closely with our web developer on completion of the e-commerce site in anticipation of the arrival of the Optipure plasmas.
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.