omniture

Sinoenergy Corporation Announces Completion of Xuancheng Acquisition in Anhui Province

2007-11-09 18:11 1657


BEIJING, Nov. 9 /Xinhua-PRNewswire-FirstCall/ -- Sinoenergy Corporation (OTC Bulletin Board: SNEN), ("Sinoenergy" or "Company"), a manufacturer of compressed natural gas (CNG) vehicle and gas station equipment as well as a designer, developer and operator of CNG stations in China, today announced that, through its subsidiaries Sinoenergy has completed the previously announced acquisition of remaining shares of Xuancheng Sinoenergy Vehicle Gas Ltd. Co., ("Xuancheng Sinoenergy"), in which it had held a 30% interest. Sinoenergy paid $930,000 for the 70% equity and $860,000 for two plots of lands in the downtown of Xuancheng City, on which three CNG filling stations will be built up.

Xuancheng Sinoenergy, which is in a stage of development now, is located in Xuancheng City, Anhui Province and is the only company authorized to construct and operate CNG stations in Xuancheng City. The company plans to build up to 10 CNG filling stations in Xuancheng City and the surrounding areas. Currently, there are three stations are under construction and that are expected to go into operation in the following months.

"We are excited to complete this equity transaction, which increases our holding in Xuancheng Sinoenergy from 30% to 100% providing us with a platform to expand our presence in Anhui Province," stated Mr. Deng Tianzhou, chairman of Sinoenergy Corporation. "We believe that the expanding availability of CNG in Eastern China combined with the economic and pollution benefits of clean burning CNG will create ample demand to support our future growth."

About Sinoenergy:

Sinoenergy is a manufacturer of compressed natural gas (CNG) vehicle and gas station equipment as well as an operator of CNG stations in China. In addition to its CNG related products, the Company also manufactures a wide variety of pressure containers for use in different industries, including the design and manufacture of various types of pressure containers in the petroleum and chemical industries, the metallurgy and electricity generation industries and the food and brewery industries.

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; the Company's ability to protect its proprietary information; general economic and business conditions; the volatility of the Company's operating results and financial condition; the Company's ability to attract or retain qualified senior management personnel and research and development staff; 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. The Company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or to changes in its expectations, except as may be required by law. 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.

For more information, please contact:

Ms. Laby Wu, CFO

Sinoenergy Corporation

Tel: +86-10-8492-8149

Email: labywu@sinoenergycorporation.com

Mr. Crocker Coulson, President

CCG Elite Investor Relations Inc.

Tel: +1-646-213-1915 (New York)

Email: crocker.coulson@ccgir.com

Source: Sinoenergy Corporation
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