Digital Gas Subsidiary Awarded Contract in China :Pacific Gateway Signs Contract, Adds Directors to Its Board And Signs Letter of Intent to Be Acquired by Altagem Resources ("CDNX")
NEW YORK, Feb 15, 2002 /PRNewswire-FirstCall via COMTEX/ -- Digital Gas, Inc. (Pink Sheets: DIGG) today announced that Pacific Gateway Holdings, Inc., a wholly-owned subsidiary based and incorporated in Alberta, Canada, was awarded a contract by Zibo Huashan Landscaping Engineering Co. Ltd. to be the consulting engineer and general contractor for the Zibo City Hi-tech Zone Water Plant. The contract was awarded on January 18th and the formal document was signed on February 8th. Zibo City is in Shandong Province, People's Republic of China.
Pacific Gateway also received an option from Zibo Huashan on January 18th to become a 52% partner in the full commercialization of these projects. A formal document dealing with profit participation was also signed on February 8th. Further financial details will be made available after the completion of a feasibility report to be completed by Pacific Gateway. Zibo Huashan was granted the contract by the appropriate city and provincial governmental authorities and will fulfill the contract in a joint venture with Pacific Gateway. The plant and system includes a collection tank, a water supply pipe network, offices, workshops, and housing.
Digital Gas is in the process of restructuring to make itself a business incubator. As such, the company is placing its current businesses and opportunities into separate companies which will have their own Board of Directors and management and will be run separate from the parent.
Further to this Pacific Gateway has been formed to hold Digital's Chinese and Canadian business interests, which are presently in the energy and export-import fields. Pacific Gateway signed a letter of intent on December 31, 2001 to be acquired by Altagem Resources (ALK - CDNX) for 64 million common shares of ALK. The deal is expected to close in late March. Digital Gas will announce its plan to distribute 100% of the shares of Pacific Gateway to its shareholders within two weeks.
During the past year, Digital Gas and Pacific Gateway strengthened its presence in China by establishing strategic alliances with several Hong Kong corporations. Pacific Gateway will seek to establish a wide presence in the PRC and long-term governmental and business relationships in leading cities by facilitating business deals for its strategic partners and by offering Chinese cities Western technologies for a variety of public works projects. The ultimate goal of the company is to establish a significant and profitable export-import business between China and North America. To further that goal, Pacific Gateway has added a number of experts in the export-import fields to its Board of Directors and consultant base.
Gordon W. Thompson, formerly Director of Marketing for Campbell Soups, is now a Director of Pacific Gateway. Mr. Thompson will be in charge of the company's export-import business. Mr. Thompson, who was born in Hong Kong, has also held marketing and senior management positions with Goodyear, Ward Foods, Standard Brands, Nabisco, W.R. Grace and Sunnyside Vegetable Packaging. A leading agent for Loblaws of Canada, he has successfully conducted business with them for twelve years. Mr. Thompson currently sells eight products through Loblaws that are marketed under the "President's Choice" label. Pacific Gateway anticipates that he and his team of sales and marketing experts will arrange to sell many products sourced in China to Loblaws and other North American consumer stores and commercial buyers.
Ladka Sweeney, previously employed with The Great Atlantic and Pacific Company of Canada Ltd. as its Director of Corporate Brands, where she led the development and expansion of the Master Choice line from 136 to 980 SKUs, is now a Director of Pacific Gateway. Prior to this, she was employed as the Unique Product Developer with Loblaw International Merchants, where she created over 500 top selling SKUs under the "President's Choice" and "No Name" brands in many food categories. Ms. Sweeney will support Mr. Thompson in his work.
Spenser Arthur Chow, who owns Lee Valley Foods, Inc., which imports and exports from China, Japan, North America & Mexico, is now a Director of Pacific Gateway. Mr. Chow, a highly respected consultant, is responsible for new product development, sales and marketing to major chains and food distributors, lists Loblaws, A&P, Sobeys, Metro, Safeway, Albertson's, Costco, Gordon Food Service, & Acosta among his customers. Mr. Chow has been invited by the British Consulate General, British Trade and Investment division to attend and speak at the "International Food Exhibition" in London, England. Mr. Chow will support Mr. Thompson in his work.
Digital Gas has retained counsel to review several letters of intent and agreements from prior years for the purpose of protecting and enhancing shareholder value and to advise it on all future business dealings.
Digital Gas is pleased to announce that it has retained Skopos to do its corporate websites. Matthew Bishop, the owner of Skopos, has taken the position of VP of Communications for Digital Gas. For further information, contact Skopos at (917) 533-0506 or write digitalgas@nyc.rr.com