omniture

Sino Gas International Holdings, Inc. Announces Name Change, New Trading Symbol and 304.44-to-1 Reverse Stock Split

Sino Gas International Holdings, Inc.
2006-11-17 17:22 1735

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.

Source: Sino Gas International Holdings, Inc.
Keywords: Oil/Energy
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