EX-99.2
3
v119228_ex99-2.htm
Exhibit
99.2
Press
Release
Source:
Sinoenergy Corporation
Sinoenergy
Corporation Sells Giant Power International for $10.68
Million
Monday
June 30, 8:00 am ET
BEIJING,
June 30 /Xinhua-PRNewswire-FirstCall/ - Sinoenergy Corporation (OTC
Bulletin Board: SNEN
-
News;
"Sinoenergy" or the "Company"), a manufacturer of compressed natural gas
(CNG) vehicle and gas station equipment, developer of CNG processing
capabilities, and builder and operator of retail CNG filling stations in the
People's Republic of China, today announced that it signed an agreement
("Agreement") to sell its ownership of Giant Power International, Limited
("GPI") to Greka SNU, Ltd. ("Greka") for $10.68 million in cash. The
transaction will be closed by the end of June 2008.
Sinoenergy
acquired 100% of the stock in GPI for $8.75 million in January 2008. GPI is
a
Hong Kong based holding company that invests in CNG processing and wholesaling
businesses located in China. Joint with PetroChina Hengran Petro-Gas Company
Limited, GPI invested in four CNG processing and wholesaling businesses in
the
cities of Zhengzhou in Henan province, Wuhu in Anhui province, Nanjing, and
Nanjing Xixia in Jiangsu province, each of which owns a large-scale CNG
wholesale processing plant. GPI directly or indirectly owns stakes ranging
from
9% to 35% in these four processing and wholesaling businesses.
Greka,
a
China based mining company, is a wholly owned subsidiary of Green Dragon Gas
Ltd. (AIM: GDG), a Chinese oil and gas company. Greka's principal activities
are
oil and gas exploration, development and production. Its operations focus on
coal bed methane and liquefied natural gas.
According
to the Agreement, upon the completion of the transaction, Greka committed to
grant priority to Sinoenergy to purchase natural gas from GPI invested mother
stations in Zhengzhou and Anhui at the fair market price; and Sinoenergy agreed
to have the priority to sell its CNG container and related equipment to Greka
at
the fair market price. Both commitments have a term of three years unless
extended by the parties.
"We
will
invest all the money we receive from this sale into developing our own CNG
processing plants and our retail CNG filling station network in Central and
Eastern China", said Mr. Bo Huang, CEO of Sinoenergy Corporation. "Selling
GPI
will not affect our ability to operate a network of retail CNG filling stations
because in 2007 we obtained annual natural gas supply quotas of 400 million
cubic meters from Sino-Pec and 120 million cubic meters from Petro-China. Also,
the mutual agreement between Greka and Sinoenergy to share each other's
advantages in material and product procurement process will benefit our CNG
container and relevant equipment manufacturing business".
About
Sinoenergy Corporation
Sinoenergy
is a manufacturer of compressed natural gas (CNG) vehicle and gas station
equipment. The Company designs and manufactures a wide variety of pressure
containers for use in different industries including the petroleum and chemical
industries, the metallurgy and electricity generation industries, and the food
and brewery industries. Along with developing CNG processing capabilities for
itself, the Company builds and operates retail CNG filling stations in Central
and Eastern China.
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, Vice President
Phone:
+86-10-8493-2965 Ext 860
Email:
anlinxiong@sinoenergycorporation.com
Web:
http://www.sinoenergycorporation.com
CCG
Elite
Investor Relations Inc.
Mr.
Crocker Coulson, President
Phone:
+1-646-213-1915 (New York)
Email:
crocker.coulson@ccgir.com
Web:
http://www.ccgelite.com

EX - 99 . 2 3 v119228 _ ex99 - 2 . htm Exhibit 99 . 2 Press Release Source : Sinoenergy Corporation Sinoenergy Corporation Sells Giant Power International for $ 10.68 Million Monday June 30 , 8 : 00 am ET BEIJING , June 30 / Xinhua - PRNewswire - FirstCall / - Sinoenergy Corporation ( OTC Bulletin Board : SNEN - News ; " Sinoenergy " or the " Company " ) , a manufacturer of compressed natural gas ( CNG ) vehicle and gas station equipment , developer of CNG processing capabilities , and builder and operator of retail CNG filling stations in the People ' s Republic of China , today announced that it signed an agreement ( " Agreement " ) to sell its ownership of Giant Power International , Limited ( " GPI " ) to Greka SNU , Ltd . ( " Greka " ) for $ 10.68 million in cash . The transaction will be closed by the end of June 2008 . Sinoenergy acquired 100 % of the stock in GPI for $ 8.75 million in January 2008 . GPI is a Hong Kong based holding company that invests in CNG processing and wholesaling businesses located in China . Joint with PetroChina Hengran Petro - Gas Company Limited , GPI invested in four CNG processing and wholesaling businesses in the cities of Zhengzhou in Henan province , Wuhu in Anhui province , Nanjing , and Nanjing Xixia in Jiangsu province , each of which owns a large - scale CNG wholesale processing plant . GPI directly or indirectly owns stakes ranging from 9 % to 35 % in these four processing and wholesaling businesses . Greka , a China based mining company , is a wholly owned subsidiary of Green Dragon Gas Ltd . ( AIM : GDG ) , a Chinese oil and gas company . Greka 's principal activities are oil and gas exploration , development and production . Its operations focus on coal bed methane and liquefied natural gas . According to the Agreement , upon the completion of the transaction , Greka committed to grant priority to Sinoenergy to purchase natural gas from GPI invested mother stations in Zhengzhou and Anhui at the fair market price ; and Sinoenergy agreed to have the priority to sell its CNG container and related equipment to Greka at the fair market price . Both commitments have a term of three years unless extended by the parties . " We will invest all the money we receive from this sale into developing our own CNG processing plants and our retail CNG filling station network in Central and Eastern China " , said Mr . Bo Huang , CEO of Sinoenergy Corporation . " Selling GPI will not affect our ability to operate a network of retail CNG filling stations because in 2007 we obtained annual natural gas supply quotas of 400 million cubic meters from Sino - Pec and 120 million cubic meters from Petro - China . Also , the mutual agreement between Greka and Sinoenergy to share each other 's advantages in material and product procurement process will benefit our CNG container and relevant equipment manufacturing business " . About Sinoenergy Corporation Sinoenergy is a manufacturer of compressed natural gas ( CNG ) vehicle and gas station equipment . The Company designs and manufactures a wide variety of pressure containers for use in different industries including the petroleum and chemical industries , the metallurgy and electricity generation industries , and the food and brewery industries . Along with developing CNG processing capabilities for itself , the Company builds and operates retail CNG filling stations in Central and Eastern China . 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 can not 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 , Vice President Phone : + 86 - 10 - 8493 - 2965 Ext 860 Email : anlinxiong@sinoenergycorporation.com Web : http://www.sinoenergycorporation.com CCG Elite Investor Relations Inc . Mr . Crocker Coulson , President Phone : + 1 - 646 - 213 - 1915 ( New York ) Email : crocker.coulson@ccgir.com Web : http://www.ccgelite.com
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