News!!!!!!!!!!!!!!!!!!
China /Energy: US Company, Largo Vista Group, to Exercise LPG option
NEWPORT BEACH, Calif., Dec 10, 2001 /PRNewswire via COMTEX/ -- Largo Vista
Group Ltd. (OTC Bulletin Board: LGOV) announced today the decision to exercise
their option with Zunyi Commercial Transportation Petroleum & LPG Co. Ltd., a
subsidiary of Petro China, located in the Guizhou Province. (Pop. 30 million)
Largo Vista has been operating the Zunyi depot since January 2001 under a 5 year
lease option to purchase the operation which includes storage tanks, filling
workshop, railway platform including pipelines, office facilities and
dormitories.
Mr. Li Chuming, Largo Vista's General Manager of Chinese operations stated:
"After 11 months of hands on LPG market research and development the decision
was made to exercise our option to purchase the Zunyi depot. We have identified
8 stages of growth through the next four quarters which leads to full LPG market
control in the region. Our decision to first operate the Zunyi LPG depot under a
lease agreement before purchasing it is a direct result of our experiences we
gained with our first depot in Kunming, Yunnan Province where profitability with
our state-owned competitors was not their primary goal. Under an option
agreement we are allowed hands on development to test real market conditions in
the region before the purchase. Another asset of the option is the purchase of
the inspection station. The only authorized inspection station in the region for
bottle and valve testing which is required by law for licensed LPG operations,
it's a pure cash business."
Largo Vista Group Ltd. is an established energy company that distributes liquid
petroleum gas (LPG) in Southern China as the Chinese government moves forward to
replace coal and wood uses with friendlier environmental alternatives. The
company has a 10 year history in China. They are the only Foreign company to
operate LPG retail sales, storage operations, import/export and the wholesale of
petrochemicals in more than one province. During the quarter ended June 30, 2001
they disposed one of their first (LPG) depots at a net gain of $3 million. Their
Chinese headquarters are in Wuhan, Hubei Province China. Vietnam headquarters
are in Ho Chi Minh, City where they conduct petrochemicals business. USA
headquarters are in Newport Beach, California. ( www.largovista.com )
This news release includes "forward looking statements" that include risk and
uncertainties. The forward looking statements in this release are made pursuant
to the safe harbor provisions of the Private Securities Litigation Reform Act of
1995. Actual results may differ materially due to a variety of factors,
including without limitation the Company's ability to produce and market
products and or services and other risks detailed from time to time in their
Company's reports with the Securities Exchange Commission. For more information
call 949 252 2180 |
