Largo Vista Group Announces Completion of Pipeline Project
PR Newswire - March 25, 1998 06:04
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NEWPORT BEACH, Calif., March 25 /PR Newswire/ -- Largo Vista Group LTD. (OTC Bulletin Board: LGOV) (www.largovista.com) has announced that its subsidiary, Kunming Xinmao Petrochemical Co. Ltd., has completed its third pipeline project in Yiliang County (pop. 380,000) Yunnan province.
The closing ceremony was attended by several government dignitaries, including the Director of Planning and Economic Development, the Deputy Governor, the Mayor and a Director of the Peoples Congress. Also in attendance were President Deng Shan of Xinmao and President Daniel Mendez of Largo Vista Group.
The pipeline project is the county's first step in raising the standard of living through modernization with metered LPG. This raised standard can also be adapted to existing residential communities. Piped LPG saves the customer money and is more efficient than bottled gas systems, which require deposit fees and constant change. As an added bonus, the upgraded LPG utility increases property values and allows Yiliang County to take its first step toward cityhood.
Largo Vista Group President Daniel Mendez stated, "The economic and social significance of this project should not be underestimated. It establishes a new living standard in the region and makes Xinmao the exclusive LPG supplier for Yiliang County. Customers contract with Xinmao for the life of the pipeline, estimated at 40 years. The average construction cost per household is only $240 USD, which includes labor, pipeline, and meter installation. The typical household is then billed for 5 cubic meters of LPG per month at $6 dollars USD over the ensuing 40 years, subject to price increases as indicated. Xinmao's Management is doing a tremendous job establishing the company's retail LPG distribution throughout the province and is taking steps to reduce even further its already low construction costs. We are also pleased to note that Xinmao's leadership in environmental preservation is strongly supported by both local and central governments."
For more information call investor relations 714-252-2180.
SOURCE Largo Vista Group LTD.
/CONTACT: Investor Relations of Largo Vista, 714-252-2180/ /Web site: largovista.com (LGOV) |
