BEIJING, May 5 /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 today that it opened a new retail CNG filling station and completed the construction of another new retail CNG filling station.
The newly opened retail CNG filling station, Jianxilu Station, is located in the city of Ping Ding Shan, Henan Province. It began to sell CNG for use in CNG powered vehicles on April 28, 2008. Jianxilu Station is the first CNG filling station in Ping Ding Shan. Another new retail CNG filling Station, Dawulu Station, also in Ping Ding Shan, has completed construction and is undergoing final equipment testing. Dawulu Station is expected to begin selling CNG for use in CNG powered vehicles in the middle of May 2008.
Ping Ding Shan is an important industrial city located in the south of Henan Province, with a population of over one million people. The city currently has over 136,000 automobile vehicles, wherein about 600 vehicles are buses and 2,200 vehicles are taxis. More than 100 of the taxis have been converted to use CNG. The Company anticipates that more than 100 buses will run on CNG by the end of June 2008, and more than 1,000 taxis will run on CNG by the end of 2008. The Company anticipates that substantially all of the busses and taxis in Ping Ding Shan and some private automobiles will run on CNG by the end of 2009. To provide fuel for this market, Sinoenergy plans to develop and open five to six retail CNG filling stations in Ping Ding Shan by the end of 2008.
"We are pleased that the Jianxilu station has started operating and construction of the Dawulu station is finished," said Mr. Bo Huang, CEO of Sinoenergy Corporation. "The April opening of our Jianxilu station and completion of construction of our Dawulu station mean that we are meeting our 2008 schedule for the construction and operation of retail CNG filling stations. We will continue throughout 2008 to develop and operate a network of retail CNG filling stations in Central and Southeast China."
About Sinoenergy
Sinoenergy is an operator of retail CNG stations as well as a manufacturer of compressed natural gas (CNG) vehicle and gas station equipment 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
Mr. Anlin Xiong, Investment Dept Director
Tel: +86-10-8493-2965 x860
Email: anlinxiong@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
