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Microcap & Penny Stocks : Largo Vista -Crown Jewel of China 1998 and Beyond! LGOV
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To: jmhollen who wrote (89)3/25/1999 8:41:00 AM
From: jmhollen  Read Replies (1) of 295
 
CHINA LPG. LARGO VISTA GROUP ANNOUNCES EXPANSION AGREEMENT

NEWPORT BEACH, Calif., March 22 /PRNewswire/ -- Largo Vista Group, Ltd. (OTC Bulletin Board: LGOV) (www.Largovista.com) has announced that an agreement has been reached to expand Kunming Xinmao Petrochemical Company Ltd., a subsidiary of Largo Vista, in PR China. The agreement with Wuhan Minyi Fuel Gas Petrochemical Co Ltd. (headquartered in Wuhan the capital city of Hubei Province) will expand Xinmao into the Hubei province (pop 50 million) and the Hunan province (pop 57 million). This expansion is designed to develop two hundred thousand (200,000) new pipeline users within the near future.
Largo Vista Group has recently made significant progress toward expediting financial information from China to the US. A new financial information system will soon establish a direct link with China to allow operations there to be closely monitored. Past difficulties in translating Chinese accounting procedures into GAP have been resolved. With financials for the year 1998 showing Xinmao making a profit, Largo Vista's management feels comfortable in executing its expansion program. President Daniel Mendez stated: "Wuhan Minyi Gas Petrochemical is the first of several companies targeted for acquisition. Our goal is to make Xinmao the largest LPG retail company along and to the South of the Yangtzi River by the new Millenium. Our new agreement gives Xinmao exposure to a population of over 300 million."

In other developments, Mendez added: "It is important to know that although Largo Vista currently only retails LPG in China, our licenses allow us to process and retail any by-products of crude oil throughout the country. We plan to market such products as our expansion continues. Also, we are very pleased with recent government plans to directly increase wages for both urban and rural workers in China, a move that is well supported by $600 billion in funds on deposit. We expect these wage increases to enhance the buying power of qualified LPG users now waiting for service."

For further information, contact Largo Vista Group at (949) 252-2180
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