Sino Gas International Holdings, Inc. Announces Name Change, New Trading Symbol and 304.44-to-1 Reverse Stock Split
November 17 2006 - 7:55AM
PR Newswire (US)
BEIJING, Nov. 17 /Xinhua-PRNewswire/ -- Sino Gas International
Holdings, Inc. (OTC:SGAS) (BULLETIN BOARD: SGAS) ('Sino Gas', the
'Company'), today announced its name change from Dolce Ventures
Inc., its new trading symbol SGAS, and a 1-for-304.44 reverse
stock-split effective at the market open on November 17, 2006. Sino
Gas International Holdings is engaged in the development of natural
gas distribution systems in small- and medium-sized cities in
China, as well as the distribution of natural gas to residential,
commercial and industrial customers in China through its indirectly
owned subsidiaries in China. The Company believes the name change
to Sino Gas International Holdings Inc. will better reflect its
core natural gas distribution business, and will be effective on
November 17, 2006. Current management will remain the same, led by
Mr. Yu-Chuan Liu, Chairman, CEO and President. 'Our name change to
Sino Gas International Holdings better reflects our core natural
gas distribution business and completes our transition to a
publicly-traded company in the U.S.," commented Mr. Liu, Chairman,
CEO and President of Sino Gas. 'Our management team can now turn
our full attention to running our business and expanding our
operations.' The reverse stock-split will result in the automatic
conversion of 304.44 shares of common stock into one share of
common stock. Our board of directors, in its sole discretion, may
provide special treatment to certain stockholders to preserve round
lot holders, or holders owning at least 100 shares. If our board
decides to provide special treatment to preserve round lot owners,
each shareholder holding at least 15,222 but less than 30,444
shares of our common stock prior to the reverse stock split will
receive 100 shares of our common stock after the reverse
stock-split. The reverse split will affect all shares of common
stock outstanding immediately prior to the effective time of the
reverse stock-split, but will not affect shares of our Series A and
Series B convertible preferred stock issued in connection with our
reverse merger and private financing transactions on September 7,
2006 and October 20, 2006, nor the underlying stock options and
warrants outstanding, immediately prior to the effective time of
the reverse stock-split. The par value of the common stock and the
number of shares of the common stock authorized for issuance will
remain unchanged following the reverse stock-split. The Company's
common stock will begin trading on a split-adjusted basis with the
opening of the NASDAQ Stock Market on November 17, 2006, with the
stock symbol "SGAS." About Sino Gas International Holdings, Inc.
The Company, through its indirectly wholly-owned subsidiary,
Beijing Zhong Ran Wei Ye Gas Co., Ltd. ('Beijing Gas'), and the
subsidiaries of Beijing Gas, is a leading developer of natural gas
distribution systems in small- and medium-sized cities in China, as
well as a distributor of natural gas to residential, commercial and
industrial customers in China. The company owns and operates 20
natural gas distribution systems serving approximately 23,000
residential and four commercial and industrial customers.
Facilities include approximately 200 kilometers ('km') of pipeline
and delivery networks with a designed daily capacity of
approximately 40,000 cubic meters of natural gas ('m3'). The
company is currently constructing four additional natural gas
distribution systems and is planning two more natural gas
distribution systems. Beijing Gas Company owns and operates natural
gas distribution systems primarily in Hebei, Jiangsu, and Shandong
Provinces. For further information, visit the Company's website at
http://www.bjgas.cn/ . 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, the Company's ability to raise additional
capital to finance the Company's activities; the effectiveness,
profitability, and the marketability of its products; legal and
regulatory risks associated with the Share Exchange; 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; general economic and business conditions; the
volatility of the Company's operating results and financial
condition; 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. 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. All information in this release is as of
November 17, 2006. The Company undertakes no duty to update any
forward-looking statements to conform the release to actual results
or changes in its circumstances or expectations after the date of
this release. For more information, please contact: Ms. Fang Chen,
Chief Financial Officer, Sino Gas International Holdings, Inc. Tel:
+86-10-8260-0042 Email: Crocker Coulson, President, CCG Elite
Investor Relations Tel: +1-646-213-1915 Email: DATASOURCE: Sino Gas
International Holdings, Inc. CONTACT: Ms. Fang Chen, Chief
Financial Officer of Sino Gas International Holdings, Inc.,
+86-10-8260-0042, or ; Crocker Coulson, President of CCG Elite
Investor Relations, +1-646-213-1915, or , for SGAS Web Site:
http://www.bjgas.cn/
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