VINELAND, N.J., Nov. 16, 2006 (PRIMEZONE) -- AuGRID's Hong Kong strategic partner has started phase three, the due-diligence process, and has completed roughly 50% of that process on AuGRID's behalf with the acquisition target in China. AuGRID, as promised, is updating its shareholders.
Definitive agreements and acquisition documents to be finished on both U.S. and China acquisition targets Tuesday the 21st of November, or the following Monday due to the Thanksgiving holiday, in hard copy to be notarized in U.S. and the equivalent in China. AuGRID Global Holdings has ordered the auditing of the assets and the company accounting books for past three fiscal years. We have requested a British and/or American CPA Firm for the work. The nature of this acquisition, the naming of the accounting firm, will be made public as soon as we have that information; we anticipate having at next release. The name of the company being audited for acquisition by AGHC will not be named due to other interested parties.
There is confusion about the Optipure brand product AuGRID originally launched in 2004 but, because of a massive theft that was committed against AuGRID and its shareholders in which $225,000.00 worth of product was delivered against the orders of the officers in command of those assets (not to release) to a public company, and that firm never paid. A N.J. investment banking firm received at least three of those units and never paid either. Our product is sitting in places of business all along the east coast that AuGRID never had the invoice paid for. The CFO did a poor job of going after the money, hence AuGRID suffered tremendously. For the record, he was fired. The board has every intention of going after the money owed.
In more encouraging news, AuGRID has received word that the e-commerce site is complete and should be ready to go live in one week or less. AuGRID will release that URL to the public in its next release. We are excited to offer our products online and hopefully negate the issues of the past as it pertains to payment. Also, AuGRID has chosen Jagged Peak as the company to handle all the "back office" operations for its consumer electronics distribution. The CEO is waiting for a green light from the board of directors, The proposal has already been made by Jagged Peak. AuGRID has chosen a Cleveland company to outsource and handle the OEM speaker, back office and warranty work on the audio products side for 2007. We will identify these companies in the next release. For the record, AuGRID has wanted to be less vague about the companies we are re-building relationships with and building new relationships with; however, there has been a person of interest committing business interference each time we release information. We are looking into the possibilities of suing him in federal court, so hopefully in the very near future my AuGRID's shareholders and the regulators can enjoy the full scope of transparency once this person is brought to justice, or ordered to cease and desist. Staff will provide you with updates in the form of event driven releases and information releases, I would venture to say on a regular basis now.
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.