China Natural Gas Announces Acquisition of Three Filling Stations
25 August 2008 - 2:30PM
PR Newswire (US)
Stations Provide Compressed Natural Gas and Gasoline in Xi'an NEW
YORK, Aug. 25 /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 acquired three
CNG/gasoline filling stations located in Xi'an City, Shaanxi
Province, China. The filling stations have the necessary government
permits to operate and are now selling natural gas and gasoline for
CNG/gasoline powered vehicles. Today's announcement brings the
Company's total revenue generating filling stations to 35. "We are
very pleased to share this announcement with our investors. Like
our existing stations in Xi'an city, these three new filling
stations are in advantageous locations and can provide superior,
quality service to our customers. We believe this achievement
speaks to our continuing efforts to solidify our leading position
in Xi'an, Shaanxi province. We are very confident in our ability to
continue to capitalize on the growing demand for natural gas from
vehicle owners," stated Mr. Qinan Ji, CEO and Chairman of the Board
of China Natural Gas, Inc. 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 8.5 million and is the "gateway" to the broad Western
regions of China. CHNG has three business segments: retail natural
gas at company-owned filling stations, end user delivery of natural
gas services to residential, commercial and industrial customers,
and conversion of 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 or Wei-Jung Yang ICR, Inc.
203-682-8200 DATASOURCE: China Natural Gas, Inc. CONTACT: Ashley
Ammon, or Wei-Jung Yang, both of ICR, Inc. for China Natural Gas,
Inc., +1-203-682-8200 Web site: http://www.naturalgaschina.com/
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