AuGRID Relocates to Better Joint Venture Partnership May 11, 2006 9:33:00 AM 2006 PrimeZone Media Network CLEVELAND, May 11, 2006 (PRIMEZONE) -- AuGRID Corporation (Pink Sheets:AUGC) announces that it has relocated its headquarters office to New Jersey to better collaborate with their joint venture partner Windham Resources, Inc. Augrid's agreement with Windham Resources, Inc. ("Windham") is to acquire interests in Windham's mineral properties located in the State of Nevada. Windham owns the rights to the Hill of Gold lode mining claims, located in the Tonopah, Nevada Mining District and the New Era Mine located near Searchlight, Nevada, and also participates as a joint venture partner in a project with proven ore reserves located in San Bernardino County, California.
"As we continue our restructuring and focus on development and growth, this move will ultimately bring better performance and results with the two organizations being able to work closer together," said MJ Shaheed, President of Augrid Corporation. "As previously stated, gold is maintaining it's performance level and we believe the trends are likely to continue. These interests should prove to be an exciting foundation by which Augrid can make the most of the opportunities in the mineral resources industry and form a foundation for its share holder base."
Did you ever wake up to find A day that broke up your mind Destroying your notion of circular time Rolling Stones~ Sway
-------------------- please dont trade stocks on my alerts, do your dd first. Posts: 5265 | From: Alberta | Registered: Jan 2006
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Here’s to you, AuGrid Corp. I hardly had a chance to know you and now you’re leaving Cleveland for the warmer climate of Houston.
I’m disappointed. I had hoped to meet president and CEO Muhammad J. Shaheed, chief financial officer Stan Chapman, corporate secretary Mary Horoszko and the rest of the gang at AuGrid.
I tried. Really, I tried and tried.
I didn’t care if you had a penny stock trading on the Over-the-Counter Bulletin Board. As I treat other tech startups in Northeast Ohio, I wanted to meet you, learn about your business and hear your story.
All I know is what I’ve read in your news releases: AuGrid is “a technology-based organization engaged in the distribution and development of electronic and display devices.” A little fuzzy, but I was intrigued.
Your news releases were many. Last May, July and August, there were four announcements regarding an acquisition of a “private industrial electronics company,” though the acquired company was not identified. The announcements got my curiosity aroused enough to call with each release, but you never responded.
In September, you announced the name of the acquired company, Alysium Corp., and again I called. You didn’t answer or respond to my phone message.
After not hearing from you, I visited your office at 2275 E. 55th St., a dull, brick warehouse that houses Tom Paige Catering Co. and is next to the Goodwill store. Neither Mr. Shaheed nor any employees answered when I buzzed at the door. When I asked people working inside the building’s loading dock about AuGrid, they did not seem to know the company.
After writing off AuGrid as a company probably not worth my time, my curiosity was stirred once more in October, when Axcess Business News, an online business publication, reported that “playboy broker” Daniel Rubin invested $1.5 million in the company.
Again, I left messages. I visited your office a second time, and no one answered the buzzer.
Your share prices have remained steady at a price of less than 1 cent, though there were times last summer when it closed at 2 cents. There have been days when trading has been furious; last Sept. 10, for instance, there were 110 million shares traded.
Someone is interested in AuGrid.
AuGrid’s filings with the Securities and Exchange Commission have been somewhat enlightening. AuGrid reported no revenue for the first nine months of 2003 or for all of 2002; the company lost nearly $2 million in the first nine months of 2003 compared with a loss of $461,000 in the like period of 2002, according to the company’s most recent SEC filing.
In November, I called Alysium in Texas. The person who answered the phone — he declined to give his name — refused to tell me much about Alysium or AuGrid. He said any information would need to come from AuGrid’s Mary Horoszko — the same person for whom I had been leaving messages during the past four months. I explained Ms. Horoszko’s lack of respones to the unidentified man answering the Alysium phone, and he took down my number and said he would ask Ms. Horoszko to call.
You know what? She called the next day.
Ms. Horoszko said she never received any of my messages and blamed the company’s answering service. She said I should call her at her direct line. During that first conversation, she also gave me a brief description of AuGrid but said we needed to sit down and discuss the company in greater detail. I agreed.
After exchanging phone messages throughout December, Ms. Horoszko and I tentatively agreed to meet on Dec. 22, either at the East 55th Street office or her home office in Seven Hills. Because Ms. Horoszko would be flying in from Texas on the morning of the 22nd, we agreed to talk that day to set the place and time.
Come that morning, I called. She didn’t call back.
Instead, AuGrid made an announcement that morning. The company said it would be packing up and moving to Houston.
“AuGrid’s decision is in response to favorable economic, consultative and developmental opportunities present for the growth and advancement of the company and its subsidiaries,” the company stated in its news release.
Without anything more than the news release to go by, I turned to the Internet message boards to find out what was going on. One writer, under the pseudonym of “Endless Float,” wrote on the Raging Bull message board: “Wow, the Cleveland boiler room operation is ending … Think the shredder has been working overtime.”
Ms. Horoszko did leave me a phone message on Dec. 23 apologizing for not being able to meet the day before. She suggested we try again the following week.
I called the morning of Monday, Dec. 29, and left a message saying I’d still like to meet. Ms. Horoszko did not return the call.
AuGrid, though, still has some unfinished business in Cleveland. There is the matter of a lawsuit filed by former employee Francis J. Iaconis of Alexandria, Va., who is seeking $655,000 in back pay and $5 million in compensatory and punitive damages.
According to the lawsuit, filed last November in U.S. District Court in Cleveland, Mr. Iaconis was hired as AuGrid’s vice president of domestic and international sales in 1998. Because AuGrid was not able to raise necessary financing, he did not actually start working for the company until September 1999 at an annual salary of $125,000 with a $30,000 signing bonus, according to the lawsuit. When Mr. Iaconis started, he was the vice president of sales and marketing.
From January 2003 forward, Mr. Iaconis was “prevented from acting as an employee or officer of AuGrid,” according to the lawsuit. The lawsuit alleges that Mr. Shaheed sent e-mails to at least 18 people, including colleagues and potential employers of Mr. Iaconis, accusing Mr. Iaconis of theft.
Mr. Iaconis’ phone number in Alexandria, Va. was out of service. His attorney, Daniel J. McGown of Wadsworth, declined to comment. So it goes.
posted
This is flying. I got in at .0005, and getting out at .0008. I'm a newbie and always seem to wait too long.
Posts: 301 | From: New Jersey | Registered: Apr 2006
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Estimated Market Cap: Not Available Authorized Shares: 1,900,000,000 as of 2005-07-27 Float: 310,000,000 as of 2005-07-27 Number of Shareholders of Record: 760 as of
Current Capital Change: shs decreased by 1 for 1000 split Ex-Date: Record Date: Pay Date: 2005-10-27
Posts: 199 | From: beach, sc | Registered: Mar 2006
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