BEIJING, Sept. 29 /PRNewswire-Asia-FirstCall/ --
Sinoenergy Corporation (Nasdaq: SNEN), developer and operator of
retail compressed natural gas (CNG) filling stations in
the People's Republic of China and
a manufacturer of CNG transport truck trailer, CNG filling station
equipment and CNG fuel conversion kits for automobiles, today
announced that, on September 27,
2010, the transactions contemplated by the Amended and
Restated Agreement and Plan of Merger, dated as of March 29, 2010, as amended, providing for the
merger of SNEN Acquisition Corp. into the Company were
consummated. As a result, the Company is now a wholly
owned subsidiary of Skywide Capital Management
Limited. Messrs. Tianzhou Deng and Bo Huang, who are, respectively, the Company's
Chairman of the Board and the Company's Chief Executive Officer and
a member of the Company's board, are the sole owners of
Skywide. As a result of filings with the Securities and
Exchange Commission, the Company's reporting obligations under the
Securities Exchange Act of 1934 have terminated. The Company has
been informed by NASDAQ that trading in its securities was
suspended by NASDAQ effective at the close of business on
September 28, 2010, with official
delisting of the Company's securities to be effective on
October 7, 2010.
As a result of the merger, the Company's shareholders will
receive the merger consideration of $1.90 for each share of common stock. The
Company's transfer agent is sending to the shareholders the
material necessary for the shareholders to exchange their shares
for the merger consideration. It will be necessary for
shareholders to deliver their shares to the Company's transfer
agent in order to receive the merger consideration.
About Sinoenergy
Sinoenergy is a developer and operator of retail CNG stations as
well as a manufacturer of CNG transport truck trailers, CNG station
equipment, and natural gas fuel conversion kits for automobiles, in
China. In addition to its CNG
related products and services, the Company designs and manufactures
a wide variety of customized pressure containers for use in the
petroleum and chemical industries. The Company's website is
www.sinoenergycorporation.com. Information on the Company's website
or any other website does not constitute a portion of this press
release.
Forward-Looking Statements
This release contains certain "forward-looking statements"
relating to the business of the Company and its subsidiaries. These
forward looking statements are often identified by the use of
forward-looking terminology such as "believes," "expects" or
similar expressions. Such forward looking statements involve known
and unknown risks and uncertainties that may cause actual results
to be materially different from those described herein as
anticipated, believed, estimated or expected. Investors should not
place undue reliance on these forward-looking statements, which
speak only as of the date of this press release. The Company's
actual results could differ materially from those anticipated in
these forward-looking statements as a result of a variety of
factors, including those discussed in the Company's periodic
reports that are filed with the Securities and Exchange Commission
and available on its website (www.sec.gov). All forward-looking
statements attributable to the Company or to persons acting on its
behalf are expressly qualified in their entirety by these factors
other than as required under the securities laws. The Company does
not assume a duty to update these forward-looking statements.
SOURCE Sinoenergy Corporation
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