VINELAND, N.J., April 17, 2007 (PRIME NEWSWIRE) -- AuGRID Global Holdings Corp. (Pink Sheets:AGHD), a holding company that acquires and manages a diverse range of businesses, today announced that it is performing final due diligence on a meat processing business that specializes in Halal meat products.
Literally, the word "halal" is Arabic for "permissible," and foods prepared by these standards are a mainstay in certain cultures. The global Halal food trade is currently estimated at $150 billion annually, and expected to grow to $500 billion by 2010. In the U.S., the Company has identified several opportunities to market and sell Halal products, including those in schools, the vending industry and convenience foods such as frozen dinners.
The Halal meat business to be acquired generated $2.55 million in revenues during its last reported fiscal year, with that number expected to climb to $2.8 in 2007. Currently holding a 14% interest in the business, AuGRID expects to acquire up to 40% interest within the next 30 days, and controlling interest soon thereafter. No assurances can be given that such acquisition shall be achieved or that, if achieved, will result in similar revenues.
About AuGRID Global Holdings Corporation
AuGRID Global Holdings Corporation is a holding company that seeks to increase its asset base and shareholder value through the acquisition of private companies in diverse industries that have proven revenue generation abilities, defensible business plans, and a product or service to which its target market has demonstrated receptiveness.
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.