Augrid Global Holdings Signs Acquisition Letter of Intent with Red Roadster

HOUSTON--Aug. 8, 2011: Augrid Global Holdings Corp. (OTCBBO: AGHD) and Red Roadster Corporation Corp. has announced the signing of a non-binding Letter of Intent ["LOI"] to explore the acquisition by Augrid of Red Roadster Corporation.  Red Roadster Corporation is a privately-held Nevada corporation which created and sells the unique three-wheel, natural gas-powered vehicle which gives the company its name.  Augrid is a Nevada corporation seeking to acquire privately-held companies with strong engineering and technology portfolios which would thrive as part of a public entity.

"We are very excited about this first merger between Augrid in the area of green, energy-efficient transportation technology," said M.J. Shaheed, CEO of Augrid Global Holdings Corp.  "We plan to continue effecting mergers in the transportation industry that are complementary to, and synergistic with, the manufacturing of alternative energy vehicles."

The unique design of the Red Roadster encompasses both form and substance. It features new, proprietary engine technology powered by natural gas and natural gas products, as well as the new products and services necessary to fuel the vehicle at home or office.  Home connectivity is included in the Road Roadster's comprehensive pricing structure, though an owner may also obtain the service from their own natural gas supplier.  In terms of styling the Red Roadster is the ultimate personal vehicle, giving its one or two passengers an exciting automotive experience that is both aerodynamic and green.  Each Red Roadster running on natural gas goes the equivalent of 70 miles per gallon of traditional gas, leading to maximum range per fill-up in excess of 400 miles.  Red Roadster presently has over 1,200 vehicles orders (MSRP=$19,900), totaling more than $30,000,000 of back orders.

As part of the LOI, Red Roadster Corporation Nevada Corp is retaining an independent auditor to provide audited financial statements for its fiscal year; the financials will be in accordance with U.S. GAAP standards.

"Red Roadster Corporation looks forward to successfully consummating the LOI with Augrid, and are pleased to retain a P.C.A.O.B certified accounting firm to perform the audit on our financials," commented Edward Steinbeck, CPA, the new CFO of Red Roadster Corporation.  "The audit is a necessary component to the due diligence process, as well as to accommodate high net worth investors and other alternative energy companies. We are confident that we will be able to execute definitive agreements once the audit is completed."