NEWS !!!! Now the company needs to release some shares for trading purposes. There are no shares available because the company never put any out on the market. All shares are held by insiders.
China Prosperous Clean Energy Corporation Provides Updates on Recent Business Activities
8:00a ET December 28, 2009 (PR NewsWire)
China Prosperous Clean Energy Corporation (OTC Bulletin Board: CHPC, "the Company") today provided an update on several key business developments made through the Company's subsidiaries.
Henan Prosperous Clean Energy Co., Ltd. Established in Nanjing, Jiangsu Province, China
Anyang Prosperous Clean Energy Co., Ltd., a wholly owned subsidiary of the Company, completed the process of incorporating a new wholly owned subsidiary on October 27, 2009: Jiangsu Hengrun Clean Energy Co., Ltd. ("Jiangsu Hengrun") in Nanjing, Jiangsu Province. The total registered capital of Jiangsu Hengrun is RMB20 million (approximately $2,924,920), all invested by Anyang Prosperous Clean Energy Co., Ltd. Mr. Baojie Liu was appointed as the manager and executive director of Jiangsu Hengrun.
Jiangsu Hengrun will mainly be engaged in the research and development of clean energy technology and the promotion and application of clean energy technology. The establishment of Jiangsu Hengrun enables the Company to expand its business operations and market shares in South China.
China Prosperous Clean Energy Corporation ("CHPC") Opens a New Filling Station in Weifang, Shandong Province, China
In November 2009, Weifang Prosperous Energy Technology Development Co. Ltd. ("Weifang Prosperous), a wholly owned subsidiary of the Company, opened a new compressed natural gas ("CNG") filling station on Changsong Road, Weifang city, Shandong Province, China ("Changsong-Road Station"). The Changsong-Road Station is located at a convenient site on the main street, and only two kilometers away from Weifang Train Station with large traffic flow. Its designed capacity is 12,000 cubic meters per day with its gas supply from Zibo City.
Since its trial operation in November 2009, Changsong-Road Station has witnessed a steady growth in sales revenues. It is one of the key investment projects in Weifang City and is anticipated to bring prominent economic and social benefits.
Anyang Prosperous Clean Energy Takes 15% Stake in Ancai Energy
Anyang Prosperous Clean Energy Co., Ltd, a wholly owned subsidiary of the Company, spent RMB36.5 million on purchasing 15% of the shares of Ancai Energy Co., Ltd. through Henan Zhenye Auction Co., Ltd. on December 9, 2009.
Established on April 18, 2008, Ancai Energy Co., Ltd ("Ancai"), as the subsidiary of Ancai Group Inc., is located in the center of Anyang Hi-tech Industries District, with registered capital of RMB80 million (approximately US$11.7 million). Ancai is mainly engaged in the investment and management of the construction of long-distance pipelines and delivery networks for natural gas, pipeline LPG and CNG filling stations. The Jiaozuo-Anyang branch of the West-East natural gas transmission project was built and put into operation in 2003, which supplies natural gas to users in the cities of Jiaozuo, Xinxiang, Hebi, and Anyang, as well as industrial users. The project is not only an industrial project, but a national key infrastructural project for clean energy. Almost 15 million people in Northern Henan can benefit from the project, which plays an important role in the local industry and ecological environment.
The investment made on Ancai will provide steady and qualified natural gas for the network of CNG filling stations that belong to the company and Henan Transport Authority, developing a stable market of filling stations which takes Ancai mother station as its center.
Safe Harbor Statement
This announcement contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.
All statements other than statements of historical fact in this announcement are forward-looking statements, including but not limited to, the Company's ability to raise additional capital to finance the Company's activities; the effectiveness, profitability, and the marketability of its products; the period of time for which its current liquidity will enable the Company to fund its operations; the Company's ability to protect its proprietary information; general economic and business conditions; the volatility of the Company's operating results and financial condition; the Company's ability to attract or retain qualified senior management personnel and research and development staff; and other risks detailed in the Company's filings with the Securities and Exchange Commission.
These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations, assumptions, estimates and projections about the companies and the industry. The Company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or to changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, they cannot assure you that their expectations will turn out to be correct, and investors are cautioned that actual results may differ materially from the anticipated results.
SOURCE China Prosperous Clean Energy Corporation
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