PNGX news (BSNS WIRE) PNG Ventures Wins LNG Supply Contract for the City of Phoenix, Arizona
PNG Ventures Wins LNG Supply Contract for the City of Phoenix, Arizona
DALLAS--(BUSINESS WIRE)----
PNG Ventures, Inc. (OTCBB: PNGX) today announced its wholly owned
subsidiary, Applied LNG Technologies USA, LLC ("ALT") has executed a
liquefied natural gas ("LNG") supply contract with the City of
Phoenix, Arizona. Under the terms of the agreement, PNG Ventures will
supply over 10 million gallons to the City over the course of the next
twelve months. The City of Phoenix will use the LNG as a
transportation fuel for its municipal transit buses.
The City of Phoenix is the largest single purchaser of
transportation LNG in the United States.
Director of the City of Phoenix Public Transit Department, Debbie
Cotton, stated, "The City of Phoenix is proud to be a leader in the
advancement of the use of LNG as a clean, affordable alternative
solution to this nation's energy concerns. We are pleased to be
working with ALT in offering clean, domestically produced LNG to our
municipal fleet."
Kevin Markey, interim CEO of PNG Ventures, said, "Our agreement
with the City of Phoenix is a great addition to the growing strength
of ALT. We are excited to begin this relationship with such a
forward-looking partner."
PNG Ventures, Inc., through its wholly owned subsidiary, ALT,
produces liquefied natural gas ("LNG") from its production facility in
Topock, AZ and distributes its product to municipal and commercial
transportation markets in the western United States. The Company's new
web site is currently under construction. ALT's website is
www.altlngusa.com.
Forward-Looking Statements Disclosure
This press release may contain "forward-looking statements" within
the meaning of the federal securities laws. In this context,
forward-looking statements may address the Company's expected future
business and financial performance, and often contain words such as
"anticipates," "believes," "estimates," "expects," "intends," "plans,"
"seeks," "will," and other terms with similar meaning. These
forward-looking statements by their nature address matters that are,
to different degrees, uncertain. Although the Company believes that
the assumptions upon which its forward-looking statements are based
are reasonable, it can provide no assurances that these assumptions
will prove to be correct. In connection with the "safe harbor"
provisions of the federal securities laws, including the Private
Securities Litigation Reform Act of 1995, important factors that,
among others, could cause or result in actual results and experience
to differ materially from the Company's anticipated results,
projections, or other expectations are disclosed in the Company's
filings with the Securities and Exchange Commission. All
forward-looking statements in this press release are expressly
qualified by such cautionary statements, risks, and uncertainties, and
by reference to the underlying assumptions.
PNG Ventures, Inc.
Kevin Markey, 214-634-6246
Interim CEO
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