BEIJING, China, Nov. 17 /Xinhua-PRNewswire/ -- Sino Gas International
Holdings, Inc. (OTC Bulletin Board: SGAS) (“Sino Gas”, the “Company”),
today announced its name change from Dolce Ventures Inc., its new trading
symbol SGAS, and a 1-for-304.44 reverse stock-split effective at the market
open on November 17, 2006. Sino Gas International Holdings is engaged in the
development of natural gas distribution systems in small- and
medium-sized cities in China, as well as the distribution of natural gas to
residential, commercial and industrial customers in China through its
indirectly owned subsidiaries in China.
The Company believes the name change to Sino Gas International Holdings
Inc. will better reflect its core natural gas distribution business, and will
be effective on November 17, 2006. Current management will remain the same,
led by Mr. Yu-Chuan Liu, Chairman, CEO and President.
“Our name change to Sino Gas International Holdings better reflects our
core natural gas distribution business and completes our transition to a
publicly-traded company in the U.S.,” commented Mr. Liu, Chairman, CEO and
President of Sino Gas. “Our management team can now turn our full attention
to running our business and expanding our operations.”
The reverse stock-split will result in the automatic conversion of 304.44
shares of common stock into one share of common stock. Our board of
directors, in its sole discretion, may provide special treatment to certain
stockholders to preserve round lot holders, or holders owning at least 100
shares. If our board decides to provide special treatment to preserve round
lot owners, each shareholder holding at least 15,222 but less than 30,444
shares of our common stock prior to the reverse stock split will receive 100
shares of our common stock after the reverse stock-split. The reverse split
will affect all shares of common stock outstanding immediately prior to the
effective time of the reverse stock-split, but will not affect shares of our
Series A and Series B convertible preferred stock issued in connection with
our reverse merger and private financing transactions on September 7, 2006
and October 20, 2006, nor the underlying stock options and warrants
outstanding, immediately prior to the effective time of the reverse stock-
split. The par value of the common stock and the number of shares of the
common stock authorized for issuance will remain unchanged following the
reverse stock-split. The Company’s common stock will begin trading on a
split-adjusted basis with the opening of the NASDAQ Stock Market on November
17, 2006, with the stock symbol "SGAS."
About Sino Gas International Holdings, Inc.
The Company, through its indirectly wholly-owned subsidiary, Beijing
Zhong Ran Wei Ye Gas Co., Ltd. (“Beijing Gas”), and the subsidiaries of
Beijing Gas, is a leading developer of natural gas distribution systems in
small- and medium-sized cities in China, as well as a distributor of natural
gas to residential, commercial and industrial customers in China. The company
owns and operates 20 natural gas distribution systems serving approximately
23,000 residential and four commercial and industrial customers. Facilities
include approximately 200 kilometers (“km”) of pipeline and delivery
networks with a designed daily capacity of approximately 40,000 cubic meters
of natural gas (“m3”). The company is currently constructing four
additional natural gas distribution systems and is planning two more natural
gas distribution systems. Beijing Gas Company owns and operates natural gas
distribution systems primarily in Hebei, Jiangsu, and Shandong Provinces. For
further information, visit the Company’s website at http://www.bjgas.cn .
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, the Company’s ability to raise additional capital to finance the
Company’s activities; the effectiveness, profitability, and the
marketability of its products; legal and regulatory risks associated with the
Share Exchange; 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;
general economic and business conditions; the volatility of the Company’s
operating results and financial condition; 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. 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 results.
All information in this release is as of November 17, 2006. The Company
undertakes no duty to update any forward-looking statements to conform the
release to actual results or changes in its circumstances or expectations
after the date of this release.