Message #11 From:
NewsBot Date: September 25, 2006 06:33:00 AM
CHNG News China Natural Gas Adds Two Additional Natural Gas Filling Stations
NEW YORK--(BUSINESS WIRE)--China Natural Gas, Inc., (OTCBB: CHNG; website: www.naturalgaschina.com)
the first China-based natural gas public company traded in the U.S.
capital market, today announced that it has completed acquisition of two
additional retail compressed natural gas filling stations located in the
city of Xi’An, Shaanxi province. The two
acquisitions bring the total number of operating company-owned retail
filling stations to 11.
Chairman and CEO Qinan Ji said: “We are
pleased with the continued progress we are achieving toward completing
our targeted goal of 21 company owned natural gas filling stations by
the end of 2006. Sales at our existing stations are on target and we
continue to experience strong customer demand for cleaner alternative
fuel such as compressed natural gas. China Natural Gas is well
positioned to deliver strong revenue and earnings growth for 2006 and
moving into 2007.”
China Natural Gas, Inc., ("CHNG"), a Delaware company, is the first
China based US public natural gas services provider that owns and
operates a 120 kilometer long compressed natural gas pipeline in China's
Xi'An area, a fast growing Chinese city supported by a population of
approximately 8 million and is the "gateway" to the broad Western
regions of China. CHNG has three profitable business segments: end user
delivery of natural gas services to residential, commercial and
industrial customers; wholesale natural gas to retail natural gas
filling stations; and retail natural gas at company-owned natural gas
filling stations. The city of Xi'An has approximately 20,000 Taxis,
3,000 buses and 2,000 special purpose vehicles that are powered by
compressed natural gas.
Safe Harbor Statement
This press release may contain forward-looking statements within the
meaning of the "safe harbor" provisions of the Private Securities
Litigation Reform Act of 1995. 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.