XI'AN, China, June 2 /PRNewswire-Asia/ -- China Natural Gas, Inc. ("China Natural Gas" or the "Company") (Nasdaq: 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 that as of today, installation of major domestic and imported equipment including the refrigerator, refrigerant compressor, BOG compressor, air recirculation compressor, nitrogen generator, dehydration equipment, ammonia generator, and cryogen pump is 80% completed. The Company eagerly awaits the completion of Phase I of the LNG project and is literally counting down the days until the plant is finished. The Company remains confident that the LNG plant will be completed and a test run conducted by June 30, 2010.
Mr. Qinan Ji, Chairman and CEO of China Natural Gas, commented: "The construction of the Company's Jingbian liquefied natural gas plant is approaching completion and marks a new chapter in the Company's development. I have recently inspected the construction site and I was truly impressed by the effort and spirit driving toward facility completion. With the development of LNG application technologies, LNG is bound to be used more and more widely as a key energy source in the transportation sector, especially in the marine and public transportation markets."
Mr. Ji continued, "It is a common belief in the world that the application of liquefied natural gas is a revolution for the modern natural gas industry. The eventual completion of the Company's LNG plant will stand as a new driving factor of revenue but also conforms to the compelling need for energy structure optimization and the beginning of a low-carbon energy economy. We sincerely appreciate the longstanding support by all shareholders and will also expedite the application of Phase II and Phase III of the LNG project, which will benefit the shareholders as we achieve stronger growth in our future business as the result of the LNG facility coming online."
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.
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. 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:
RedChip Companies, Inc.
Alex Nachman
Tel: +1-800-733-2447 x118
Email: alex@redchip.com
Web: http://www.RedChip.com
