VINELAND, N.J., March 27, 2007 (PRIME NEWSWIRE) -- AuGRID Global Holdings Corp. (Pink Sheets:AGHD) previously announced that it has undergone a 1-for-30 reverse split and cancelled 2.8 billion shares, which reduced the total number of shares outstanding to 395,140,000. This is the most recent development in the Company's' continuing effort to completely reorganize both its capital structure and its business operations.
"We believe that we are putting forth the most logical and intelligent plan to move our Company forward," stated CEO M.J. Shaheed. "Like many micro-cap companies, our corporate developments are often overlooked. However, I can assure our shareholders that we have been working diligently towards completing three important acquisitions and I am pleased to report that we are well on the way to building a viable company and increasing shareholder value. Furthermore, the recent increased trading activity in our shares is an indication to me that our shareholders continue to believe that we will, in fact, execute our business plan."
In addition to its 100% ownership in Optipure Corp., AGHD's goal is to attain a minimum 51% interest in each of the following acquisition targets: a hotel located in Beijing, China; a meat processing plant in the U.S.; and a shoe manufacturer, also located in Hong Kong, China, giving the Company a well-rounded, diverse range of assets.
Jagged Peak, Inc., a leading provider of real-time, Web-based demand execution services and solutions, is under contract to handle fulfillment and logistics associated with AuGRID's consumer electronics products. AGHD has received assurance from Jagged Peak that secure warehouse space has been reserved and when the Plasma and LCD products arrive at the Jagged Peak facility, each unit will be tested and repackaged prior to shipment to the consumer.
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.