NEW YORK, March 27, 2009 /PRNewswire-FirstCall via COMTEX/ ----China Natural Gas, Inc. ("China Natural Gas" or the "Company") (OTC Bulletin Board: CHNG), one of the leading providers of pipeline natural gas for industrial, commercial and residential use and compressed natural gas (CNG: undefined, undefined, undefined%) for vehicular fuel in Xi'an, China, today announced that Richard Wu, the Company's Chief Financial Officer, is resigning from the Company, effective April 30, 2009, for personal health and family reasons. The Company has assembled a recruiting team and has initiated a comprehensive search for a new chief financial officer.
Mr. Qinan Ji, Chairman and CEO of China Natural Gas, commented, "We are saddened by Mr. Wu's departure, and on behalf of the Company, we would like to thank Mr. Wu for his many contributions. We wish him every success in the future."
Mr. Ji continued, "Meanwhile, we are actively searching for candidates with strong industry and financial expertise, CPA designation and U.S. capital market experience. We anticipate that the search for a qualified successor will be completed in the near future."
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 8.5 million and is the "gateway" to the broad Western regions of China. CHNG currently retails natural gas at company-owned filling stations, delivers natural gas services to residential, commercial and industrial customers, and converts 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 progress of construction and development activities, fluctuation of natural gas prices, the availability of natural gas supplies, changes in governmental regulations and/or economic policies.
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