XI'AN, China, July 8 /PRNewswire-Asia/ -- China Natural Gas, Inc. ("China Natural Gas" or the "Company") (Nasdaq GM: CHNG), a leading provider 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 the Company completed the acquisition of a CNG compressor station in Hanchuan City, Hubei Province, China.
The compressor station is centrally located in Makou Industrial Park, Hanchuan City, Hubei Province, which is 38 km from the center of Wuhan in the east, in a neighborhood with Hanyi Railway in the south, facing Yihuang Highway. Hanjiang Bridge crosses from south to north, and 25 arterial streets are located in the city.
Mr. Qinan Ji, Chairman and CEO of China Natural Gas, commented: "This acquisition marks another breakthrough of the Company's expansion into Hubei Province and serves as a critical and solid step in the Company's strategic development in the region. The acquisition of the compressor station will lay the foundation for sufficient natural gas supply that will service the approved CNG stations being established in Wuhan, Yichang, Xiangfan and Huangshi."
Mr. Ji continued, "The Makou compressor station is fully operational and has a daily processing capacity of 80,000 - 100,000 cubic meters. The acquisition represents another high-quality asset in the China Natural Gas portfolio. We expect our natural gas sales to continue to grow with this acquisition and to create significant value for our shareholders. China Natural Gas' management truly appreciates the support and trust of all of our investors. We look forward to sharing all further developments in what we anticipate will be a bright future for our Company!"
About China Natural Gas, Inc.
China Natural Gas transports and sells natural gas to vehicular fueling terminals, as well as commercial, industrial and residential customers through its distribution networks in China's Shaanxi and Henan Provinces. The Company owns approximately 120 km of high-pressure pipelines and operates 25 CNG fueling stations in Shaanxi Province and 12 CNG fueling stations in Henan Province. China Natural Gas' four primary business lines include: (1) the distribution and sale of CNG through Company-owned CNG fueling stations for hybrid (natural gas/gasoline) powered vehicles; (2) the installation, distribution and sale of piped natural gas to residential, commercial and industrial customers through Company-owned pipelines; (3) the distribution and sale of gasoline through Company-owned CNG fueling stations for hybrid (natural gas/gasoline) powered vehicles; and (4) the conversion of gasoline-fueled vehicles to hybrid (natural gas/gasoline) powered vehicles through its auto conversion division.
Forward-Looking Statements
This press release includes statements that may constitute forward-looking statements made pursuant to the safe harbor provision of the Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements. For example, statements about the future plans and goals of the JV with CNPC and its prospects are forward looking and subject to risks. China Natural Gas, Inc. may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission on forms 10-K, 10-Q and 8-K, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to fourth parties. Statements that are not historical facts, including statements about the Company's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. A number of important factors could cause actual results to differ materially from those contained in any forward-looking statement. Potential risks and uncertainties include, but are not limited to, risks outlined in the Company's filings with the U.S. Securities and Exchange Commission, including its registration statements on Forms S-1 and S-3, in each case as amended. The Company does not undertake any obligation to update any forward-looking statement, except as required under applicable law.
This release is not an offer of securities for sale in the United States. Securities may not be offered or sold in the United States absent registration or an exemption from registration. Any public offering of securities to be made in the United States will be made by means of a prospectus that may be obtained from the issuer or selling security holder and that will contain detailed information about the company and management, as well as financial statements.
For more information, please contact:
China Natural Gas Inc.
Jacky Shi
IR Director
Tel: +86-29-8832-3325 x922
Cell: +86-139-9287-9998
Email: yjshi@naturalgaschina.com
Investor Relations:
Alexander Nachman
RedChip Companies, Inc.
Tel: +1-800-733-2447 x118
Email: alex@redchip.com
Web: http://www.RedChip.com
