BEIJNG, March 27 /Xinhua-PRNewswire-FirstCall/ -- 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, announced the opening of three new retail CNG filling stations that have started selling CNG.
All three new retail CNG filling stations have all of the government permits they need to operate, and are selling CNG for use in CNG powered vehicles. The retail CNG filling stations are located in Wuhan City, Hubei Province. Two of the three retail CNG filling stations are located on Jiangdi Zhonglu Street, and the third is located on Yejin Dadao Street. The Company has now opened a total of six retail CNG filling stations in Central and East China.
Sinoenergy’s standard retail CNG filling station has four filling outlets, and is open 24 hours a day, seven days a week. Targeted sales for a standard CNG filling station, set by the Company and used in its business planning, are 10,000 cubic meters per day (equal to 353,147 cu.ft.). The designed maximum physical capacity of a standard CNG filling station is about 18,000 cubic meters per day (equal to 635,665 cu.ft.).
Wuhan City is the capital of Hubei Province and the biggest city in Central China, with a population of over 9.0 million people. The city has 6,300 buses and 20,000 taxis, and about 7,000 CNG-burning vehicles. There are fewer than 14 retail CNG filling stations in Wuhan, and at least 20 to 30 retail CNG filling stations are needed to meet current demand for CNG. Sinoenergy plans to develop and open for business a number of retail CNG filling stations in Wuhan throughout 2008.
“We are very pleased to have these stations open and operating in Wuhan,” said Mr. Bo Huang, CEO of Sinoenergy Corporation. “Increased use of CNG in cars and buses is an important part of China’s energy future. We will continue to develop and operate a network of retail CNG filling stations throughout Central and Southeast China.”
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. The Company’s website is http://www.sinoenergycorporation.com .
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
Ms. Laby Wu, CFO
Phone: +86-10-8492-8149
Email: labywu@sinoenergycorporation.com
CCG Elite Investor Relations Inc.
Mr. Crocker Coulson, President
Phone: +1-646-213-1915 (New York)
Email: crocker.coulson@ccgir.com
