BEIJING, June 6 /Xinhua-PRNewswire/ -- Sinoenergy Corporation (OTC Bulletin Board: SNEN) ("Sinoenergy" or the "Company"), a manufacturer of compressed natural gas (CNG) vehicle and gas station equipment and a designer, developer and operator of retail CNG filling stations in the People's Republic of China, today announced that it engaged Ernst & Young (China) Advisory Limited, Beijing Branch Office ("EY Beijing") to help the Company implement Sarbanes-Oxley Act Section 404 requirements ("SOX 404").
SOX 404 requires the Company and external auditor to report on the adequacy of the Company's internal financial reporting and controls systems after documenting and testing financial reporting and control procedures.
EY Beijing's engagement with the Company is to help the Company comply with SOX 404 requirements. The engagement will last through the end of October 2009.
"We are pleased to reach another significant management milestone. Ernst & Young will help us ensure that Sinoenergy is in full compliance with the requirements of the Sarbanes-Oxley Act," said Mr. Bo Huang, CEO of Sinoenergy. "The Company will improve its internal financial reporting and controls as well as corporate governance to meet SOX 404 requirements. We believe that this necessary undertaking will also enhance shareholder confidence in the Company."
About Sinoenergy
Sinoenergy is a manufacturer of compressed natural gas (CNG) vehicle and gas station equipment as well as an operator of retail 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, future changes in the wholesale and retail price for CNG for vehicles in China; changes in policy by the national, provincial and municipal government of the PRC regarding CNG prices, the CNG vehicle industry, the construction and operation of retail CNG filling stations and related issues; the Company's ability to raise additional capital to finance the Company's activities; the effectiveness, profitability, and the marketability of its products; 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:
Sinoenergy Corporation
Mr. Anlin Xiong, Vice President
Tel: +86-10-8493-2965 ext 860
Email: anlinxiong@sinoenergycorporation.com
URL: http://www.sinoenergycorporation.com
CCG Elite Investor Relations Inc.
Mr. Crocker Coulson, President
Tel: +1-646-213-1915 (New York)
Email: crocker.coulson@ccgir.com
URL: http://www.ccgelite.com
