NEW YORK, Aug. 25 /PRNewswire-FirstCall/ -- China Natural Gas, Inc. (OTC
Bulletin Board: CHNG), one of the leading providers of compressed natural gas
(CNG) for vehicular fuel and pipeline natural gas for industrial, commercial
and residential use in Xi'an, China, announced today that it has acquired
three CNG/gasoline filling stations located in Xi'an City, Shaanxi Province,
China. The filling stations have the necessary government permits to operate
and are now selling natural gas and gasoline for CNG/gasoline powered vehicles.
Today's announcement brings the Company's total revenue generating filling
stations to 35.
"We are very pleased to share this announcement with our investors. Like
our existing stations in Xi'an city, these three new filling stations are in
advantageous locations and can provide superior, quality service to our
customers. We believe this achievement speaks to our continuing efforts to
solidify our leading position in Xi'an, Shaanxi province. We are very
confident in our ability to continue to capitalize on the growing demand for
natural gas from vehicle owners," stated Mr. Qinan Ji, CEO and Chairman of the
Board of China Natural Gas, Inc.
About China Natural Gas, Inc.
China Natural Gas, Inc., ("CHNG"), is the first China-based natural gas
retailing company publicly traded in the U.S. It currently owns and operates
a network of CNG retail filling stations as well as a 120 kilometer long
compressed natural gas pipeline in Xi'an, China. Xi'an is a fast growing
Chinese city supported by a population of approximately 8.5 million and is the
"gateway" to the broad Western regions of China. CHNG has three business
segments: retail natural gas at company-owned filling stations, end user
delivery of natural gas services to residential, commercial and industrial
customers, and conversion of gasoline-fueled vehicles to hybrid (natural
gas/gasoline) powered vehicles. Currently it is estimated that there are 5,000
buses and 20,000 taxis using CNG in Xi'an.
This press release may contain forward-looking statements. These
statements are based on the current expectations or beliefs of China Natural
Gas, Inc. management and are subject to a number of factors and uncertainties
that could cause actual results to differ materially from those described in
the forward-looking statements, including the fluctuation of natural gas
prices, the availability of natural gas supplies, changes in governmental
regulations and/or economic policies and our ability to penetrate the new
markets.
CONTACT
In the U.S.:
Ashley Ammon or Wei-Jung Yang
ICR, Inc.
203-682-8200
SOURCE China Natural Gas, Inc.