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
irish487@pacbell.net
'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