BEIJING, Sept. 24 /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, announced
today that at the Company's special meeting of shareholders, the
shareholders of the Company approved the Company's merger with
Skywide Capital Management Limited ("Skywide") and a wholly-owned
subsidiary of Skywide, pursuant to which Skywide's subsidiary will
be merged into the Company, with the result that the Company will
become a wholly-owned subsidiary of Skywide. Skywide is owned by
Mr. Tianzhou Deng, the Company's chairman of the board, and
Bo Huang, the Company's chief
executive officer and a member of the board of directors.
Shareholders owning a total of 12,763,543 shares of the
15,922,391 shares outstanding voted at the meeting. A total of
12,740,644 shares representing 80% of the total outstanding shares
voted in favor of the merger. 16,449 shares voted against the
merger and shareholders holding 6,450 shares abstained.
The parties expect the closing of the merger to occur after the
close of market on or about September 27,
2010, or as soon thereafter as is reasonably possible. Upon
effectiveness of the merger, the Company will cease to exist as a
separate corporation and its common stock will no longer be
publicly traded on the NASDAQ Capital Market.
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.
For Further Information Contact:
Cherry Chen
IR Manager
Sinoenergy Corporation
Tel: +86-10-8492-7035 x815
Email: tys@sinoenergycorporation.com
SOURCE Sinoenergy Corporation
Copyright . 24 PR Newswire