GREENSHIFT: Hugo International Telecom Makes Announcement

Hugo International Telecom Makes Announcement
Business Wire (press release) - San Francisco,CA,USA
Hugo International Telecom is 67% owned by GreenShift Corporation (OTC Bulletin Board: GSHF), whose mission is to develop and support companies and ...

 NEW YORK--(BUSINESS WIRE)--May 16, 2006--Hugo International Telecom, Inc. (OTC Bulletin Board: HGOI) today announced its plans to release its financial results for the first quarter of 2006 later this month. The Company also plans to provide its shareholders with an update next week on the current status of the Company's acquisition and restructuring plans.

Hugo International Telecom is 67% owned by GreenShift Corporation (OTC Bulletin Board: GSHF), whose mission is to develop and support companies and technologies that facilitate the efficient use of natural resources and catalyze transformational environmental gains.

Safe Harbor Statement

This press release contains statements, which may constitute "forward-looking statements" within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. Those statements include statements regarding the intent, belief or current expectations of Hugo International Telecom, Inc., and members of their management as well as the assumptions on which such statements are based. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those contemplated by such forward-looking statements. Important factors currently known to management that could cause actual results to differ materially from those in forward-statements include fluctuation of operating results, the ability to compete successfully and the ability to complete before-mentioned transactions. The company undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results.