Augrid Global Holdings Corp. Signs Acquisition Letter of Intent with Red Roadster Corporation, a Nevada Corporation

HOUSTON, Aug. 8, 2011 /PRNewswire/ -- 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."

Except for the historical information contained herein, this news release contains forward-looking statements that are subject to risks and uncertainties, including the possibility of Red Roadster Corporation not reaching a binding agreement with Augrid, and changes in economic conditions of the various markets Red Roadster Corporation serves, as well as the other risks detailed from time to time in Augrids's informational disclosures (available at OTCMarkets.com).

For further information, please contact Timberline Capital Inc. and ask for Michael, at 310-276-7335. Or, email [email protected]  

'Safe Harbor Statement'

This press release contains forward-looking statements that involve risks and uncertainties.  Actual results, events and performances could vary materially from those contemplated by these forward-looking statements. These statements involve known and unknown risks and uncertainties, which may cause the Company's actual results, expressed or implied, to differ materially from expected results. These risks and uncertainties include, among other things, product demand and market competition. You should independently investigate and fully understand all risks before making an investment decision.

SOURCE Red Roadster Corporation