Coventure International Inc. Closes Definitive Share Purchase Agreement With Xian Xilan Natural Gas Co., Ltd.
Posted on: Wednesday, 7 December 2005, 09:00 CST
COVENTURE INTERNATIONAL INC. (OTCBB SYMBOL: CVNI) today announced that it had entered into and closed a Share Purchase Agreement with Xian Xilan Natural Gas Co., Ltd. a corporation formed under the laws of the People's Republic of China, and the Xian Xilan Natural Gas shareholders. Pursuant to the agreement, Coventure has agreed to issue to the Xian Xilan shareholders 4,000,000 restricted shares of common stock in exchange for all of the issued and outstanding shares of Xian Xilan.
Xilan owns and operates a natural gas pipeline in Xian, China and distributes natural gas to residential and industrial customers in the Xian area. The company is currently supplying natural gas to households and wholesales compressed natural gas to filling stations. Taxis and buses in Xian operate on compressed natural gas (CNG) technology supplied by the company. Xilan's business is focused upon building and acquiring company-operated filling stations in the Xian metropolitan area.
At closing, John Hromyk resigned as the sole officer of Coventure and the following executive officers of Xilan were appointed as executive officers of Coventure:
Minqing Lu Chief Executive Officer Xiaogang Zhu Chief Financial Officer Yuman Chen Vice President - Marketing Liangzhong Li Vice President - Construction
In addition, upon closing, Qinan Ji was appointed as a director of Coventure. Further, after the required SEC notice periods, Mr. Hromyk will resign as a director and Minqing Lu, and Bo Chen will be appointed to the board of directors. In addition Mr. Hromyk has agreed to return 5,971,178 shares of common stock to treasury for cancellation, without consideration.
The agreement contemplates that Coventure will, upon receipt of the appropriate regulatory approval, change its name to China Natural Gas, Inc. to reflect its business in China, change its ticker symbol and issue a stock dividend of 3 shares for each share currently outstanding.
This press release may contain certain forward-looking information and statement concerning the company's operations, performance and financial condition, including, in particular, the likelihood of the company's success in closing the agreements and plan of merger with Xian Xilan Natural Gas Co., Ltd. These statements are based upon a number of uncertainties and contingencies, many of which are beyond the control of the company. Actual results may differ materially from those expressed or implied by such forward-looking statements. This document is not intended to be and is not an advertisement for any securities of the company.
Source: Business Wire
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