VINELAND, N.J., May 31, 2006 (PRIMEZONE) -- AuGRID Corporation (Pink Sheets:AUGC) today released the following letter to its shareholders:
It is with considerable gratification that I am able to address our share holders of record, Micro cap Institutions, and those shareholders involved in the fast paced world of day trading in regard to the significant movements augrid corporation has made in my tenure at the helm of the Micro-cap corporation symbol Pink Sheets:AUGC. It has been stormy seas from the time of the market correction that began in 2000 through the tragedy of September 11th, 2001. And its devastating effects on the financial markets to multiple changes in securities policy, procedure and enforcement that govern small cap, micro cap and blue chip corporations. Through these last six years, AuGRID Corporation has had some successes and some failures. Where AuGRID has fallen short has been a direct result of outside consultants either not delivering what was contracted or attempting a hostile and often by illegal means to take over the corporation. Through it all, we have fended off these attempts. Our intentions have never changed as it pertains to pursuing the fired consultants in a court of law. AuGRID will make available to its shareholders information on the aforementioned as we are converting all files into electronic format for easier and more efficient distribution of data and as required by some sections of (SOX). A specific section of the AuGRID web site will house this data for access by shareholders and government only. The non-share holding public will need to wait for complaints to be filed.
I would like to touch upon the fact that management appreciates the continued shareholder support, as we have ventured into business models that are, to some degree, different than what our share holders initially invested in support of AuGRID. To management, there are many products and services that are available to manufacture and or services to bring to market, but AuGRID has tried to maintain a track close to its core competencies. The addition of services that would serve and can serve Homeland Security and defense will never be abandoned as long as the opportunity is realistic and a fiscally feasible one for AuGRID to garner a niche successfully. Over the past three years, the organization has morphed into a holding company, the realization of this over the course of the '05 year has and will continue to bring about some changes to the structure which I desire to speak about.
The 2006 year has brought about the following changes and improvements.
1. AuGRID enters into joint venture with Windham Resources;
this was done in order to create an asset base for AuGRID
in which to commence participation in revenue and profiting
from the three existing gold mines. Management understood
this was a radical swing, but a necessary shift in order
to give our share holders a seedling of value and potential
growth, and at the current price of the precious
mineral(Au), timing was everything.
2. AuGRID contracted Technical Adventures LLC to assist in
the electronic portion of (SOX) compliance (Equipment and
User Interface).
3. AuGRID moved its headquarters to 7 North 6th Street,
Vineland, New Jersey. Our cost of doing business dropped
significantly across the board; in addition we are much
closer to our JV partner and to the financial capital
of the world.
4. SOX required that all public companies have a P.C.A.O.B.
certified accounting firm, although AuGRID secured Malone
and Bailey of Houston, Texas at the very end of 2004.
AuGRID was only recently able to fully activate the firm
to review and audit the 2003 10K in order to certify
that document, as well as certify the '04 and '05 audited
statements. AuGRID's goal is to get all financial
reporting requirements up to compliance standards and
current, eventually seeking to be re-instated on the
OTCBB.
5. AuGRID has entered into a (MOU) with Primergy International,
Hong Kong Limited. This firm was retained for the purpose
of locating, from a selection of potential (China) JV
partners, one that would specialize in the area of
manufacturing AuGRID's CE or consumer electronic products.
The quest for this manufacturing firm is not limited to
the OEM of our products, that will range from Plasma &
LCD to high-end audio products, but also a percentage of
ownership stake of the particular entity, once again for
the purposes of increasing the asset value of AuGRID and
to have a direct oversight in the quality control and design
of our future branded CE products.
6. The internet Audio device, a device that was ahead of its
time due to at the time of the lagging role out of High
speed DSL is complete and ready for beta testing, the
remaining issues for te premier of this product will fall
under Tooling for the High end and the lower end models.
This is casing design for form and function. The
relationships with certain content providers are eminent
and JMR Records of Houston, Texas, will be one of the
initial small labels to get International exposure for
many of the artist that it signs, additional talks are
underway and will provide content through this High-End
stereo device. As soon as beta testing and final rollout
is complete.
We expect all websites to be fully active by or around July of 2006, with some expected to precede that date.
In Conclusion, our strategic alliances, our debt reduction plan and finance plan should place AuGRID in a different space, we are committed to provide the public with detailed information about our products, product launches, product services to maintain a closer relationship with our shareholders.
As the Windham Resources JV continues to solidify and the properties are mined for the reserves here in the Continental United States, AuGRID will pursue other mineral rights in China with Windham's express approval and for Windham to exploit.
AuGRID Management Vineland, New Jersey