AUGC full news release
AuGRID Corporation Takes Another Step Forward
Aug 29, 2006 10:35:00 AM
2006 PrimeZone Media Network
VINELAND, N.J., Aug. 29, 2006 (PRIMEZONE) -- AuGRID Corporation announced today that its board of directors has approved the restructuring of AuGRID as a holding company. The board has also approved a proposed name change to AuGRID Global Holdings Corp.
Due to various international and domestic business opportunities, the management has determined that restructuring AuGRID as a holding company, best suits the Company's current business model. AuGRID will become a vehicle to acquire, or partner with, companies that demonstrate the potential for rapid growth.
Through its strategic partner, Primergy International of Hong Kong, AuGRID has already identified several exciting acquisition targets in China.
CEO, M.J. Shaheed stated, "We are now poised to take advantage of numerous diverse opportunities available to us. With our new structure, plus a strong shareholder base and a broad capitalization, AuGRID as a holding company makes common sense. AuGRID management is looking forward to building each subsidiary with a view to ultimately enhancing shareholder value."
AuGRID Corporation's current capital structure is well suited for our holding company and micro acquisition model.
CONTACT: AuGRID Corporation
856-205-0856
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