China Natural Gas Announces Management Change
27 März 2009 - 2:00PM
PR Newswire (US)
NEW YORK, March 27 /PRNewswire-FirstCall/ -- China Natural Gas,
Inc. ("China Natural Gas" or the "Company") (OTC:CHNG) (BULLETIN
BOARD: CHNG) , one of the leading providers of pipeline natural gas
for industrial, commercial and residential use and compressed
natural gas (CNG) for vehicular fuel in Xi'an, China, today
announced that Richard Wu, the Company's Chief Financial Officer,
is resigning from the Company, effective April 30, 2009, for
personal health and family reasons. The Company has assembled a
recruiting team and has initiated a comprehensive search for a new
chief financial officer. Mr. Qinan Ji, Chairman and CEO of China
Natural Gas, commented, "We are saddened by Mr. Wu's departure, and
on behalf of the Company, we would like to thank Mr. Wu for his
many contributions. We wish him every success in the future." Mr.
Ji continued, "Meanwhile, we are actively searching for candidates
with strong industry and financial expertise, CPA designation and
U.S. capital market experience. We anticipate that the search for a
qualified successor will be completed in the near future." 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 8.5 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 progress
of construction and development activities, fluctuation of natural
gas prices, the availability of natural gas supplies, changes in
governmental regulations and/or economic policies. CONTACT ICR,
Inc. Ashley Ammon (US) +1 203-682-8200 Wei-Jung Yang (China) +86 10
6599-7968 DATASOURCE: China Natural Gas, Inc. CONTACT: Ashley
Ammon, (US), +1-203-682-8200, , or Wei-Jung Yang, (China),
+86-10-6599-7968, , both of ICR, Inc., for China Natural Gas, Inc.
Web Site: http://www.naturalgaschina.com/
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