NEW YORK, Jan. 15 /PRNewswire-Asia/ -- China Natural Gas, Inc.
(Nasdaq: CHNG), a leading provider of compressed natural gas for vehicular fuel and pipeline natural gas for industrial, commercial and residential use in Xi'an, China, announced today that it has appointed David She as the Company's Acting Chief Financial Officer, effective February 1, 2010.
Mr. She joined China Natural Gas in February 2008 as Vice President of Finance and was placed in charge of the Company's New York office. He returned to the Company's headquarters in Xi'an, China, in December 2008 and was soon promoted to Assistant Chief Financial Officer. He is succeeding Veronica Jing Chen, who is resigning as Chief Financial Officer due to family reasons.
Mr. Qinan Ji, Chairman and Chief Executive Officer of China Natural Gas, Inc., stated: "We are delighted that David She has agreed to serve as Acting Chief Financial Officer of the Company and look forward to utilizing his considerable talents and experience as a valuable member of our senior management team. I have the highest confidence in David's ability to manage the continued financial growth of China Natural Gas. His international experience combined with his financial and operations experience make him uniquely qualified for this position. I also want to express my appreciation to Veronica Jing Chen for her fine work in service to the Company, and I wish her every success in her future endeavors."
Mr. She was in charge of several functions within the Company, including the oversight of quarterly and annual filings with the U.S. Securities and Exchange Commission, evaluations of the Company's major acquisition opportunities, and the management of investor relations. He helped to coordinate the Company's $40 million debt financing in March 2008 and supervised legal, audit and regulatory reporting issues in the Company's $57 million underwritten public offering in September 2009. Prior to joining China Natural Gas, Mr. She served as a securities analyst for West China Securities in Beijing. He received bachelor's degrees in mathematics and business administration from Beijing Institute of Technology as well as a master's degree in finance from State University of New York in Buffalo.
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 24 CNG fuelling stations in Shaanxi Province and 12 CNG fuelling stations in Henan Province. China Natural Gas' four primary business lines include: (1) the distribution and sale of CNG through Company-owned CNG fuelling 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 fuelling 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.
Safe Harbor: 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. 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 third 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:
At the Company:
China Natural Gas, Inc.
Jacky Shi
Investor Relations Director
Tel: +86-29-8832-3325 x922
Cell: +86-139-9287-9998
Email: yjshi@naturalgaschina.com
Investor Relations:
RedChip Companies, Inc.
Jon Cunningham
Tel: +1-800-733-2447 x107
Email: info@redchip.com
Web: http://www.RedChip.com
