VINELAND, N.J., Nov. 10, 2006 (PRIMEZONE) -- AuGRID's strategic partner, Primergy International Hong Kong Ltd, has completed phase two negotiations on AuGRID's behalf with the acquisition target in China. AuGRID has promised an update for AuGRID's shareholders.
Definitive agreements near completion and foreign banking financing chosen as the facility for finishing the first China acquisition. After reviewing the draft definitive agreement, it was decided and accepted that AuGRID would use the two Asian banks to finance the acquisition through a combination of three mechanisms, debt against existing real estate, bank financing and some concessions of restricted stock. The seller requested AuGRID to use the two banks due to existing bank to business relationships, as well as the understanding of the ongoing seller's business operations.
Optipure Final sample will be finished with all tooling and design changes in three weeks, as reported by our Hong Kong partners, I have requested the unit be tested with the new BLUERAY and HDDVD players for future compatibility. A representative will travel to witness this test in particular amongst QC and basic inspection. In addition, firmware updates will be implemented in 2007 for the 1080p resolution that will be used in next year's models of 50" and 63" plasmas.
AuGRID intends to file two lawsuits in federal court against two separate individuals for multiple complaints of business interference, of which one complaint of interference could possibly be viewed as obstruction. Good or bad, we must report the news to the public and our shareholders. It is the beginning of our move toward transparency. Until the lawsuits are filed, the corporation is not allowed to name the alleged perpetrators. It has been brought to our attention that at least one of the individuals is in the process of being litigated against for libel and slander in a situation unrelated to AuGRID. We will keep the shareholders updated. Even with litigation imminent we are moving forward in a rapid progressive pace.
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.