China Natural Gas Enhances Board of Directors
07 August 2008 - 4:00PM
PR Newswire (US)
- Appoints Three New Directors - NEW YORK, Aug. 7
/PRNewswire-FirstCall/ -- China Natural Gas, Inc. (OTC Bulletin
Board: CHNG), one of the leading providers of compressed natural
gas (CNG) for vehicular fuel and pipeline natural gas for
industrial, commercial and residential use in Xi'an, China,
announced today that it has enhanced its Board of Directors with
three new directors. Mr. Donald Yang Xiang Dong will serve as a
member of the committees, while Mr. Carl Yeung and Mr. Lawrence W.
Leighton will serve as Chairman of the audit and compensation
committees, respectively. These appointments bring the Company's
Board of Directors to five members, including Mr. Qinan Ji, CEO and
Chairman of the Board and Mr. Zhiqiang Wang, Vice Chairman of the
Board. Mr. Carl Yueng and Mr. Lawrence W. Leighton will be
independent board members. "Today's announcement exemplifies our
commitment to strengthen our corporate governance system. On behalf
of the Company, I welcome our new directors. We believe that their
extensive experience in business and finance will provide guidance
to the senior management team as we continue to grow our business
and we look forward to working with them," stated Mr. Qinan Ji, CEO
and Chairman of the Board of China Natural Gas, Inc. Mr. Donald
Yang is the President and a Founding Partner of Abax Global Capital
(AGC), a leading Hong Kong based investment firm. He was a Managing
Director responsible for Merrill Lynch's Hong Kong and China Debt
Capital Markets division from 2000 to 2007. Mr. Yang also serves as
a director for Sinoenergy Corporation (SNEH), a NASDAQ listed
company. Mr. Yang holds an MBA degree from Wharton School of
Business and a BA degree from Nankai University in China. Mr. Carl
Yeung is the Chief Financial Officer of ATA Inc, a China based,
leading provider of computer-based testing and education services
in China listed on the NASDAQ Global Market. Prior to that, Mr.
Yeung worked as an associate and analyst at Merrill Lynch (Asia
Pacific) Limited from 2002 to 2006. Mr. Yeung holds a bachelor's
degree in economics with concentrations in finance and operations
management from Wharton School, University of Pennsylvania, and a
bachelor's degree in applied science with concentration in systems
engineering from School of Engineering and Applied Sciences,
University of Pennsylvania. Mr. Lawrence W. Leighton is a Managing
Director of Bentley Associates L.P. He has over 40 years of
extensive experience in international investment banking. Prior to
that, he was the President and Chief Executive Officer of UI USA,
the US subsidiary of Union d'Etudes et d'Investissements, the
merchant banking arm of Credit Agricole. Previously, he also worked
as a Limited Partner of Bear Stearns & Co. and a Managing
Director of Chase Investment Bank. Mr. Leighton holds a B.S.E in
Engineering from Princeton University and an MBA degree from
Harvard Business School. About China Natural Gas, Inc. China
Natural Gas, Inc., ("CHNG"), is the first China-based natural gas
retailing company publicly traded in the U.S. It currently owns and
operates a network of CNG retail filling stations as well as a 120
kilometer long compressed natural gas pipeline in Xi'an, China.
Xi'an is 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 currently retails natural gas at
company-owned filling stations, delivers natural gas services to
residential, commercial and industrial customers, and converts
gasoline-fueled vehicles to hybrid (natural gas/gasoline) powered
vehicles. Currently it is estimated that there are 5,000 buses and
20,000 taxis using CNG in Xi'an. 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 and our ability to penetrate the new markets. CONTACT In
the U.S.: Ashley Ammon MacFarlane or Wei-Jung Yang ICR, Inc.
203-682-8200 DATASOURCE: China Natural Gas, Inc. CONTACT: In the
U.S.: Ashley Ammon MacFarlane, or Wei-Jung Yang, both of ICR, Inc.,
+1-203-682-8200
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