HOUSTON, Dec. 13, 2004 (PRIMEZONE) -- AuGRID Corporation (OTCBB:AGRI) announced that it will be temporarily trading under the symbol AGRIE (OTCBB:AGRIE). The new symbol ending with the letter "E" was imposed by NASDAQ. All public companies are being randomly audited for compliance conformity with the Sarbanes-Oxley Act of 2002 (http://www.sarbanes-oxley.com).
As a result of the audit, the company has been asked to comply with Section 102 of the above mentioned act. This section of Sarbanes-Oxley dictates that every public company's accounting firm be registered with the PCAOB (Public Company Accounting Oversight Group), (http://www.pcaob.com/). This organization oversees the new record-keeping and disclosure requirements of the Sarbanes-Oxley Act (SOX).
Henry Creel and Associates, the company's accountant of record, is currently working to amend this issue and intends to have the paperwork completed and filed in a timely manner. "These are some of the many new changes affecting the way public companies report and file," stated Stan Chapman, AuGRID's internal controller, who went on to say that the company will move swiftly to comply with the decision of the auditor.
The Sarbanes-Oxley Act of 2002 requires conformance with specific rules requiring officers to certify that they are responsible for establishing, maintaining and regularly evaluating the effectiveness of the issuer's internal controls; that they have made certain disclosures to the issuer's auditors and the audit committee of the board of directors about the issuer's internal controls; and that they have included information in the issuer's quarterly and annual reports about their evaluation and whether there have been significant changes in the issuer's internal controls or in other factors that could significantly affect internal controls subsequent to the evaluation.