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.
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