NEWS!!!!!!!!!!!! Again
Press Release
SOURCE: Largo Vista Group Ltd.
China/Energy: Largo Vista Group Announces Pipeline Contract
NEWPORT BEACH, Calif., March 19 /PRNewswire-FirstCall/ -- Largo Vista Group Ltd. (OTC Bulletin Board: LGOV - news) announced today that it had signed, through a friendly intermediary, an agreement with Zunyi Municipal Government to construct the first Liquid Petroleum gas (LPG) pipeline and station for 1023 government residential complexes in Zunyi, one of the largest cities in the Guizhou Province.
Largo authorized Proton Enterprises to sign the agreement with Zunyi Municipal Government, who in turn assigned the entire contract to Largo. All rights of the contract were assigned to Largo and Proton will not benefit from its intermediary position. Phase 1 of the construction will cost approximately 1700 RMB per residence, and hookup fees will be approximately 2700 RMB per household. The agreement calls for the government to be responsible for collecting the fees and revenue for the company. The company will enjoy exclusive rights to supply the pipelines.
Mr. Li Chuming, Largo Vista's General Manager in Zunyi stated: ``This is the first contract of its kind signed directly with the Chinese local government and it is our understanding that this is also the first time the government will take the lead role in collecting hookup fees. The agreement calls for the Price Supervision Bureau to issue a specific document to regulate and fix our charges with the end user, based upon our cost/budget schedule. This document should be seen as a guarantee for our pipeline to have a budget surplus. I believe that this pipeline project will eventually lead to another phase project soon.''
Largo Vista Group Ltd. is an energy company that distributes liquid petroleum gas (LPG) in Southern China, providing the Chinese government with a replacement to current coal and wood energy sources, thereby providing environmentally friendlier energy alternatives.
Additional information can be obtained on the Company's website at www.largovista.com Note: Certain statements in this news release may contain ``forward-looking'' information within the meaning of rule 175 under the Securities Act of 1933 and Rule 3b-6 under the Securities Act of 1934 and are subject to the safe harbor created by those rules. All statements, other that statements of fact, included in this release, including forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will accurate and actual results and future events could differ materially form those anticipated in such statements.
For more information call investor relations 949 252 2180
SOURCE: Largo Vista Group Ltd. |
