VINELAND, N.J., June 27, 2006 (PRIMEZONE) -- AuGRID Corporation (PinkSheets:AUGC) announces that it has fully engaged the services of the PCAOB Certified Accounting firm of Malone and Bailey, PC. The firm is in the process of re-auditing the corporation's past financials as well as working to bring all filings current. "We are continuing to make decisions that will move this organization forward through this restructuring," stated MJ Shaheed, President of AuGRID Corporation, "the completion of this financial information will allow AuGRID to update it's filings with the SEC as well as make available the opportunity to go back to the OTCBB."
In addition, AuGRID has contracted with former U.S. and Japan Eastech President and Electronics Consultant, Yuji Hoshina, in an effort to revitalize its electronics division. Under Hoshina's tenure, Eastech grew to over 200 million in sales, entertained Akai, Epson, NEC, Samsung, Sony and many more as customers, while maintaining a list of retailers including, but not limited to: Best Buy, Walmart and Radio Shack. "After careful review and consideration, Mr. Hoshina believes we have the ability to jump start our consumer electronics business," said Shaheed, "we are extremely optimistic and privileged to have him leading us in the right direction."
AuGRID continues to monitor the price fluctuation of gold and believes that the current fluctuation will continue to rise in a staggered pattern over time. In any event, AuGRID is watching very closely to monitor its price per ounce from the benchmark of $250.00 per ounce to mine. We will update on each property and what the status and the plans for the joint venture are on a per property basis.
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.