VINELAND, N.J., March 14, 2007 (PRIME NEWSWIRE) -- AuGRID Global Holdings Corp. (Pink Sheets:AGHD) today announced that it is working toward providing a comprehensive update to its shareholders that will provide information concerning the Company's recent restructuring and its activities moving forward.
Although the Company has been active operationally, management believes that the lack of press releases over the past several months may indicate stagnation to some. The Company asserts that this is not the case, as it has been moving toward completion of majority ownership of several acquisition targets announced during 2006, including a meat processing plant, a shoe company, Optipure, and a hotel. Management believes that the diversification of the Company is one of the most effective ways to restore shareholder value, and to participate in growth-oriented businesses that serve multiple consumer segments.
In addition, the Company is contracting with Jagged Peak, Inc., a leading provider of real-time, Web-based demand execution services and solutions, to handle all back office needs for its consumer electronics products.
With the Company positioned to close on the aforementioned transactions, management believed it was imperative to restructure the capitalization table of the corporation.
To qualify for the particular registrations that would enable AGHC to raise the funds to complete these transactions, and to eradicate a 750,000,000-share short position, the Company reined in and cancelled 2.8 billion shares outstanding.
AGHC's goal is to attain a 51% interest in each of its acquisition targets. It intends to inform its shareholders incrementally, either on a weekly or bi-weekly basis, of the progress made as it builds its ownership position in each business, and plans to issue GAAP II audited financial statements.
The Company is looking forward to operating in an accountable and transparent manner moving forward, with AGHC's management and team members flowcharting the best ways to achieve transparency. The Company likewise plans to position itself, through acquisitions, growth and the maintenance of an orderly market for its securities, to become a reporting company and to eventually list its securities on an exchange.
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.