SOURCE: AUGRID Global Holding Corporation

Augrid Global Holding Corporation

June 27, 2011 09:00 ET

Augrid Global Holdings Acquires Carbon Composite Technologies

HOUSTON, TX--(Marketwire - Jun 27, 2011) - Augrid (PINKSHEETS: AGHD) announces it signed a Binding Letter of Intent to purchase controlling interest of Carbon Composite Technologies (CCT). Richard Blackmore, CCT President and Founder, sees the acquisition by Augrid as being consistent with his own strategy to grow through acquisition and licensing. Augrid, as the public vehicle, provides the funding mechanisms necessary to accomplish this strategy.

Ninety days post acquisition, CCT estimates $500,000.00 in revenue with a cost of goods sold of $175,000 and EBITDA of $250,000. CCT anticipates sales of $20,000,000 during a twenty-four month operational period with revenue from licensing, material and equipment supply agreements. Augrid's plan is, acquire companies in FRP and Concrete industry and issue key licenses in the near future through CCT. Augrid anticipates conclusion of the acquisition by Friday, July 8, 2011.

CCT produced prototypes for the cement truck industry and has been approved to manufacture parts for a leading cement truck manufacturer. The market potential is based on 10,000 trucks yearly and CCT's customer estimates market share of 15-20 % within two years. The composite parts cause weight reduction which allows for 25% increase in load capacity in new or retrofitted composite trucks. Their 340,000 older trucks operating with an annual 10% market capture represent a large "aftermarket" potential. Replacement composite drums sell for $15,000-$18,000.

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," "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.

Contact Information

  • Contact:
    Augrid Global Holding Corporation
    (713)-821-1755