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Sinoenergy Corporation Expects to Exceed Prior Q3 FY 2008 Guidance

2008-07-21 04:00:00

Sinoenergy Corporation Expects to Exceed Prior Q3 FY 2008 Guidance

    BEIJING, July 21 /Xinhua-EMWNews/ -- Sinoenergy

Corporation (OTC Bulletin Board: SINE) ("Sinoenergy" or the "Company"), a

manufacturer of compressed natural gas (CNG) vehicle and gas station

equipment and a designer, developer and operator of retail CNG filling

stations in the People's Republic of China, today announced that it expects

to exceed the revenue and net income guidance it gave on May 21, 2008 for

the third quarter of fiscal year 2008.

    Sinoenergy's guidance called for third quarter of fiscal year 2008,

ended June 30, net revenues to be from $8 to $9 million and net income to

be from $2.8 to $3.2 million. The Company confirmed that its net revenue

and net income for the third quarter of fiscal year 2008 will at least be

$10 million and $3.3 million respectively. Reaffirmation of its guidance

means year-on- year net revenue grew at least 61.8 % and net income grew at

least 69.2% compared to the corresponding quarter in 2007.

    "Our manufacturing business had robust growth and new retail CNG

filling stations began operating during the third quarter of fiscal year

2008. We are confident that Sinoenergy will perform better than the

guidance we released in May," said Mr. Bo Huang, CEO of Sinoenergy. "We

will discuss in detail how each of our businesses performed this past

quarter when we officially release our earning results in the middle of


    About Sinoenergy

    Sinoenergy is a manufacturer of compressed natural gas (CNG) vehicle

and gas station equipment as well as a developer and operator of retail CNG

stations in China. In addition to its CNG related products, the Company

manufactures a wide variety of pressure containers for use in different

industries, including the design and manufacture of various types of

pressure containers in the petroleum and chemical industries, the

metallurgy and electricity generation industries and the food and brewery


    Safe Harbor Statement

    This announcement contains forward-looking statements within the

meaning of the safe harbor provisions of the Private Securities Litigation

Reform Act of 1995. All statements other than statements of historical fact

in this announcement are forward-looking statements, including but not

limited to, future changes in the wholesale and retail price for CNG for

vehicles in China; changes in policy by the national, provincial and

municipal government of the PRC regarding CNG prices, the CNG vehicle

industry, the construction and operation of retail CNG filling stations and

related issues; the Company's ability to raise additional capital to

finance the Company's activities; the effectiveness, profitability, and the

marketability of its products; the future trading of the common stock of

the Company; the ability of the Company to operate as a public company; the

period of time for which its current liquidity will enable the Company to

fund its operations; the Company's ability to protect its proprietary

information; general economic and business conditions; the volatility of

the Company's operating results and financial condition; the Company's

ability to attract or retain qualified senior management personnel and

research and development staff; and other risks detailed in the Company's

filings with the Securities and Exchange Commission. These forward-looking

statements involve known and unknown risks and uncertainties and are based

on current expectations, assumptions, estimates and projections about the

companies and the industry. The Company undertakes no obligation to update

forward-looking statements to reflect subsequent occurring events or

circumstances, or to changes in its expectations, except as may be required

by law. Although the Company believes that the expectations expressed in

these forward looking statements are reasonable, they cannot assure you

that their expectations will turn out to be correct, and investors are

cautioned that actual results may differ materially from the anticipated


For more information, please contact: Sinoenergy Corporation Mr. Anlin Xiong, Vice President Tel: +86-10-8493-2965 x860 Email: [email protected] Web: CCG Investor Relations Inc. Mr. Crocker Coulson, President Tel: +1-646-213-1915 (New York) Email: [email protected] Web:

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