VINELAND, N.J., Nov. 6, 2006 (PRIMEZONE) -- AuGRID (Pink Sheets:AUGC) is pleased to announce the signing of its second letter of intent under its new business model as a holding company. AuGRID is planning a preliminary due diligence visit to the target company in China during the month of November, AuGRID and the seller have requested that counsel immediately begin drafting the definitive acquisition agreement of the China based company with approximately $2,200,000.00 in annual revenues, current contracts and $11,000,000.00 in assets. AuGRID has requested a complete audit by an internationally recognized accounting firm (due to its geographical location) to commence in short order.
AuGRID's strategic partner, Primergy International Hong Kong Ltd, has completed phase one negotiations on AuGRID's behalf with the acquisition target in China. AuGRID will keep its shareholders apprised of our progress.
Currently, the U.S. acquisition target has moved forward to a definitive acquisition document as well, a representative of the AuGRID Global Holding Corporation will be meeting with a U.S. merger and acquisition firm this week. Both acquisitions are topics of discussion for possible acceleration in their completion.
8K will be filed by Friday to notify SEC about our status as a registered corporation in the People's Republic of China.
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.