Augrid of Nevada, Inc. Unveils New Distribution Subsidiary.Business Editors CLEVELAND--(BUSINESS WIRE)--March 20, 2002 Augrid of Nevada, Inc. (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). :BB - AGNV) announced today that it has created a subsidiary that will function as a distributor servicing North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. for the company line of consumer electronic component parts. Summit Media Systems, LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control , will operate as the distribution unit of Augrid. Summit distributes its product lines through the 65 exclusive independent sales representatives they have contracted to cover all 50 States, the District of Columbia District of Columbia, federal district (2000 pop. 572,059, a 5.7% decrease in population since the 1990 census), 69 sq mi (179 sq km), on the east bank of the Potomac River, coextensive with the city of Washington, D.C. (the capital of the United States). , US Territories and Canada. Summit Media Systems currently has orders in excess of $1.4 million dollars, for Augrid's new Liquid Crystal Display liquid crystal display (LCD) Optoelectronic device used in displays for watches, calculators, notebook computers, and other electronic devices. Current passed through specific portions of the liquid crystal solution causes the crystals to align, blocking the passage of light. Monitor Television and Plasma Monitor Television products. The new Liquid Crystal Display and Plasma products will serve to fill significant niche positions in the consumer electronic marketplace due to their superior quality and sharp pricing. Summit will receive and ship product through its facility in Cleveland, Ohio "Cleveland" redirects here. For the Cleveland metropolitan area, see . For other uses, see Cleveland (disambiguation). Cleveland is a city in the U.S. state of Ohio and the county seat of Cuyahoga County, the most populous county in the state. . As sales volumes expand, it is expected that both Summit and Augrid will jointly share the costs to construct or lease a proprietary warehouse facility for Summit's operations in 2002. Summit's corporate offices will be maintained in Cleveland, Ohio and its sales offices in nearby Washington, DC. "This is a fabulous opportunity for the company, especially our shareholders", explained M.J. Shaheed Noun 1. shaheed - Arabic term for holy martyrs; applied by Palestinians to suicide bombers Arabic, Arabic language - the Semitic language of the Arabs; spoken in a variety of dialects martyr, sufferer - one who suffers for the sake of principle , President of AuGrid of Nevada, Inc., "we have created a revenue opportunity for the company while laying the ground work for future distribution of the FED technology, an opportunity existed for us that just made good sound business sense, we are very pleased." Except for any historical information contained herein, certain matters set forth in this press release are forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. which can be identified by the use of forward-looking terms such as "believes," "estimates," "plans," "excepts," "anticipates," "intends" or by discussions of strategy, future operating results or events. These forward-looking statements are subject to risks and uncertainties that may cause the Company's actual results, performance or achievements to differ materially from those discussed in the forward-looking statements. These risks and uncertainties are detailed from time to time in the Company's periodic reports filed with the Securities and Exchange Commission. These risks and uncertainties are beyond the ability of the company to control, and, in many cases, the Company cannot predict all of the risks and uncertainties that could cause its actual results, performance or achievements to differ materially from those indicated by the forward-looking statements. These forward-looking statements speak only as of the date hereof here·of adv. Of this. hereof Adverb Formal or law of or concerning this Adv. 1. hereof - of or concerning this; "the twigs hereof are physic" and the Company and its management cannot assure that future results covered by any forward-looking statements will be achieved. The Company disclaims any intent or obligation to update these forward-looking statements. |
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