TORONTO, ONTARIO–(Marketwired – Dec. 8, 2015) – Changfeng Energy Inc., (TSX VENTURE:CFY) (‘Changfeng’ or the ‘Company’), a natural gas utility in China, is pleased to announce that the Company has commenced the construction of a CNG/LNG refueling retail station (the ‘CNG/LNG Station’) in Sanya City, Hainan Province, China, which is scheduled for completion and operation in 2016.
The estimated cost of construction is $4.3 million (RMB 20.5 million), which will be funded from internally generated cash flow. The CNG/LNG Station will have a daily capacity of 30,000 m3.
The need for the CNG/LNG Station was created by the natural gas shortage for buses, taxis and private cars in Sanya City, and is greatly supported by the municipal government in order to lower the cost for vehicle users and to reduce vehicle emission. According to a Letter of Intent entered between the Company and Sanya Public Transit Group (the “Group”), the station will be the designated gas filling station for total 300 public buses and 200 taxis owned by the Group.
About Changfeng Energy Inc.
Changfeng Energy Inc. is a natural gas service provider with operations located throughout the People’s Republic of China. The Company services industrial, commercial and residential customers, providing them with natural gas for heating purposes and fuel for transportation. The Company has developed a significant natural gas pipeline network as well as urban gas delivery networks, stations, substations and gas pressure regulating stations in Sanya City & Haitang Bay. Through its network of pipelines, the Company provides safe and reliable delivery of natural gas to both homes and businesses. The Company is headquartered in Toronto, Ontario and its shares trade on the Toronto Venture Exchange under the trading symbol ‘CFY’. For more information, please visit the Company website at www.changfengenergy.com
Information set forth in this news release may involve forward-looking statements under applicable securities laws. The forward-looking statements contained herein are expressly qualified in their entirety by this cautionary statement. The forward-looking statements included in this document are made as of the date of this document and the Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities legislation. Although Management believes that the expectations represented in such forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct. This news release does not constitute an offer to sell or solicitation of an offer to buy any of the securities described herein and accordingly undue reliance should not be put on such.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
Changfeng Energy Inc.
Mr. Yan Zhao CPA. CA
Chief Financial Officer
905.762.1441 / 647.528.0115
Changfeng Energy Inc.
Ms. Ann S.Y. Lin
VP, Corporate Development and Corporate Secretary