AuGRID Signs LOI To Acquire Private Industrial Electronics Company Specializing in a Semiconductor Technology

    CLEVELAND--May 22, 2003--AuGRID Corporation (OTCBB:AGRD) announces it has signed a letter of intent to acquire a private industrial electronics company specializing in a semiconductor technology with annual projected revenues in excess of $2 million.
    This acquisition will complement as well as add dimension and vertical integration to AuGRID's distribution subsidiary and microelectronics division.
    "With the semiconductor industry on a whole refining itself, speed and delivery through every process in a production cycle is vital and will clearly define the competitive corporations in this industry," stated MJ Shaheed, President of AuGRID. "The market is desperate for alternate methods of cost cutting and lowering maintenance downtime. This company presently distributes electronic sensor pieces, and is nearing completion of the semiconductor technology."
    The due diligence period is underway; management intends to complete the process in 35-45 days.
    AuGRID's distribution subsidiary delivers next generation LCD and plasma displays for end users in consumer and commercial electronic markets.

    AuGRID Corporation is a technology-based organization engaged in the distribution and development of electronic and display devices. AuGRID is committed to the production of products that are exclusively designed to change the way people see things.

    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," "will," "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.