China Natural Gas Announces Acquisition of Two New CNG Filling Stations and One Compressor Station
24 Januar 2008 - 10:01PM
PR Newswire (US)
NEW YORK, Jan. 24 /PRNewswire-FirstCall/ -- China Natural Gas, Inc.
(OTC:CHNG) (BULLETIN BOARD: CHNG) , one of the leading providers of
compressed natural gas (CNG) for vehicular fuel in Xi'an, China,
announced today that it has acquired two new CNG filling stations
in Jiaozuo City, Henan Province and one compressor station in
Xianyang City, Shaanxi Province, which has the daily processing
capacity of 100,000 to 150,000 cubic meters of CNG. The
acquisitions will bring the number of the company's total CNG
filling stations to 26 and the number of its compressor stations to
two. "We are very excited to update our investors on these
acquisitions and our continuing efforts to advance our geographic
expansion in the Henan Province and to strengthen our position in
the Shaanxi Province," stated Mr. Qinan Ji, CEO and Chairman of the
Board of China Natural Gas, Inc. "Jiaozuo has around 3,500 public
vehicles and 100,000 motor vehicles, only five percent of which are
currently using CNG. We are very confident that the acquisitions
will greatly contribute to our growing business in China." About
China Natural Gas, Inc. China Natural Gas, Inc., ("CHNG"), is the
first China-based company selling compressed natural gas that is
publicly traded in the US. It currently owns and operates a 120
kilometer long compressed natural gas pipeline in Xi'an, China, a
fast growing Chinese city supported by a population of
approximately eight million and is the "gateway" to the broad
Western regions of China. CHNG has three profitable business
segments: end user delivery of natural gas services to residential,
commercial and industrial customers; wholesale natural gas to
retail natural gas filling stations; and retail natural gas at
company-owned natural gas filling stations. The city of Xi'an has
approximately 20,000 Taxis, 3,000 buses and 2,000 special purpose
vehicles that are powered by compressed natural gas. This press
release may contain forward-looking statements. These statements
are based on the current expectations or beliefs of China Natural
Gas, Inc. management and are subject to a number of factors and
uncertainties that could cause actual results to differ materially
from those described in the forward-looking statements, including
the fluctuation of natural gas prices, the availability of natural
gas supplies, changes in governmental regulations and/or economic
policies. DATASOURCE: China Natural Gas, Inc. CONTACT: Investor
Relations, Ashley Ammon MacFarlane & Dan Joseph, both of
Integrated Corporate Relations, Inc., +1-203-682-8200, for China
Natural Gas Web site: http://www.naturalgaschina.com/
Copyright