VINELAND, N.J., Dec. 18, 2006 (PRIME NEWSWIRE) -- AuGRID (Pink Sheets:AUGC) has completed 99% of its e-commerce site and should be ready to launch by weeks end under the name (www.Optipure.biz). In addition, AuGRID's division Optipure has decided to back the (Sony) Blue ray high definition protocol on its future AV product lines, i.e. its DVD players. Optipure will also be adding to its product line in early 2007 a 46" LCD 1080i TV and later that year a 1080p LCD unit (this is the highest standard possible). AuGRID expects delivery of the first container in 4-6 weeks and have verbal commitments of sale for all units in the container. Delays on arrival are due to holidays in the U.S. in December and the beginning of January, and in China in February. The sample production with Optipure logo unit has been completed and is in route to Hong Kong office, final photo shoot is complete for website. The first units to arrive in the U.S. will be the 50" plasmas.
AuGRID has received the audited financial statements for the past five years for the China acquisition target, and the numbers meet the financial requirements for acquisition. AuGRID's CPA firm will review the audited statements this week and advise on proceeding.
Wednesday, the revised definitive acquisition document will be completed and forwarded to the seller of the U.S. acquisition target for his signature. AuGRID is hopeful that shortly afterward, it will attain 51% control, and increase the 2.2 - 2.5 million by about 5% per annum. An 8K will be filed this week detailing our accounting procedure for 2007.
Another acquisition target in Beijing has been placed before AuGRID. Final negotiations will commence after the American New Year, but contract drafts are already underway.
Shareholder updates will no longer be presented as press releases; they will be made available to shareholders and the public on the AuGRID website.
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.