AuGRID Corporation Name Change and Acquisition
Shareholder Update
Distribution Source : Prime Newswire
Date : Thursday, September 07, 2006
VINELAND, N.J., Sept. 7, 2006 (PRIMEZONE) -- AuGRID Corporation has filed with the state of Nevada for a name change. In addition, a new logo is also completed. These changes are representative of the direction of the AuGRID corporation acquisition model.
An 8K will be filed in 10 days detailing our intent for short-term and long-term goals; we feel it is a good practice to keep the Regulatory agencies informed about the International activities of the corporation and any event driven activities within the United States.
The new board of directors have convened and tabled the discussion of any reverse and decided against it. The board will reconvene in October.
The name change is as follows: AuGRID Global Holdings Corporation. The new logo will be available on our web site in one week. We ask that the investment community follow AuGRID closely and watch our progress, all though it may take small steps, it will be steps forward. The first acquisition is a Chinese company named TSM Limited. The purpose for this micro-acquisition is key for AuGRID doing business in China. The Chinese Company has an established record and is up to date and clean. This will give AGHC a historical presence in Hong Kong, and immediately open doors for two acquisitions that are pending. AuGRID Global Holdings Corporation will continue its efforts to satisfy compliance issues for Regulatory agencies, as well to negotiate for future acquisitions. AuGRID is hopeful that through compliance, hard work, and strategic acquisitions of either companies, or qualified assets, that AuGRID and its shareholder base will qualify for the AMEX.
AuGRID will apply for non-reporting status, but will continue to report as expected for a fully reporting company. The basis for this action is simple; if we wish to go to the AMEX in the future we had better learn to behave like an AMEX company now.
In closing, AuGRID is signing a letter of intent on the 15th of September for a small acquisition. A majority of the terms and conditions have been negotiated and will await Accounting and Auditing approval. Management assesses that after the auditing the numbers of the Acquisition target is done, and the acquisition is complete, that the market will view AuGRID in a different light and status.
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.
CONTACT: AuGRID Corporation
(856) 205-0856
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