Largo Vista Group Delivers First Petrochemical Cargo to Vietnam
NEWPORT BEACH, Calif., Jun 19, 2000 /PRNewswire via COMTEX/
Largo Vista Group Ltd. (LGOV) today announced the first delivery of 30,000 metric tons
(approximately 224,000 barrels) of diesel oil, valued at (U.S.) $6.7 million to
Vinapco, the Vietnam Air Petrol Company, a state-owned company headquartered in
Hanoi.
The delivery completes a contract renegotiated with Vinapco in April 2000.
Vinapco, with six subsidiaries, and service stations in 25 provinces, supplies
fuels to factories, companies and industrial parks. Vinapco is the only supplier
to all domestic and international airlines in Vietnam.
"This is our first delivery to Vietnam and we believe we have established a
relationship that will allow us to continue to do significant business in this
country," said Daniel Mendez, Largo Vista President and CEO. "We are pleased
that this delivery gives us a niche in the multi-billion dollar worldwide
petrochemical business."
Mendez said that in recent months Largo Vista has established an office in
Dubai, United Arab Emirates, and is steadily strengthening its sourcing of
petrochemical products from the Arabian Gulf Region. "We have established a new
joint venture relationship with the Hadher Group, which is owned by Brigadier
Hadher Khalaf Al-Muhair, the General Manager of the Ministry of Interior, U.A.E.
We believe this alliance is far superior to our previous agreement with the
Silver Falcon Company," Mendez said.
Mendez said Largo Vista is now focusing on finding additional customers in East
Africa, Europe and Asia. Also, Largo Vista continues to provide liquid petroleum
gas (LPG) to China as its government moves to replace coal for heating and other
daily uses because of environmental concerns. "Our new relationship in the Gulf
provides us a significant competitive edge, allowing Largo Vista to move forward
with its goal of becoming the largest LPG distributor and supplier in China."
Mendez said Largo Vista is completing the documentation required by the U.S.
Securities and Exchange Commission to be a fully reporting company and that it
is optimistic that its stock will trade again on the OTC Bulletin Board in the
near future. In the interim, information about the stock can be obtained at a
number of popular Web sites, including PC Quote (www.pcquote.com), The Street
(www.thestreet.com) and Financials.com (www.financials.com). Information about
trading stock on the National Quotation Bureau Electronic Pink Sheets can be
found at its Web site at www.nqb.com.
Largo Vista Group Ltd. (LGOV) is headquartered in Newport Beach, Calif., and
provides energy supplies, including liquid petroleum gas and diesel fuel to
China, Vietnam and other nations in Asia.
SOURCE Largo Vista Group Ltd.
CONTACT: Investor Relations of Largo Vista Group, 949-252-2180
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You can bet that having to issue the above PR while
the accountwits still have LGOV stuck on the pinks
was like passing a golf ball-sized kidney stone for
"...ol' Yawny Manana..."!!
Hope Albert the Abysmal was smart enough not to
bend over in the office today; or, he probably got a
TopSider tattoed on the back of his "..baggies.."!!
John :-) |
