BEIJING, Oct. 10 /Xinhua-PRNewswire-FirstCall/ -- Sinoenergy Corporation (Nasdaq: 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 the opening of two new retail CNG filling stations that started selling CNG as of October 1, 2008.
The two new CNG filling stations are located in Xuanhu Lu, the City of Xuancheng, Anhui Province. Each of these standard CNG filling stations has four filling outlets, and is open 24 hours a day, seven days a week. Targeted sales for each 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.). Both new retail CNG filling stations are fully licensed by local governments to operate and sell CNG for use in CNG powered vehicles.
The Company has now opened and is operating a total of sixteen retail CNG filling stations in Central and Eastern China.
Separately, the Company affirmed its previously announced guidance for fiscal years 2008 and 2009. For it fiscal year 2008 ending September 30, 2008, Sinoenergy expects its diluted earning per share to be from $0.60 to $0.65. For its fiscal year 2009 ending September 30, 2009, Sinoenergy expects its diluted earning per share to be from $0.90 to $1.00. Using the high end of these estimates, the compound annual growth rate (CAGR) of its diluted earnings per share for fiscal years 2007 to 2009 is about 79.6%.
"We are pleased to have opened and begun operating two new stations in Xuancheng," said Mr. Bo Huang, CEO of Sinoenergy Corporation. "By opening two new retail CNG stations in Xuancheng, we achieved our goal of having three retail CNG filling stations in Xuancheng by the end of calendar year 2008. For the rest of calendar year 2008, we will focus on opening new retail CNG filling stations in Wuhan, the largest city in Central China."
About Sinoenergy
Sinoenergy is a manufacturer of compressed natural gas (CNG) vehicle and gas station equipment as well as a developer and operator of retail CNG stations in the People's Republic of China. In addition to its CNG related products, the Company manufactures a wide variety of pressure containers for use in different industries, including the design and manufacture of various types of pressure containers used 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, Secretary & Vice President
Tel: +86-10-8493-2965 x860
Email: anlinxiong@sinoenergycorporation.com
Web: http://www.sinoenergycorporation.com
CCG Investor Relations, Inc.
Mr. Crocker Coulson, President
Tel: +1-646-213-1915 (New York)
Email: crocker.coulson@ccgir.com
Web: http://www.ccgir.com
