2008-08-25 07:30:00
Stations Provide Compressed Natural Gas and Gasoline in Xi'an
NEW YORK, Aug. 25 // -- 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
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