China In-Focus: China New Energy Buys Fuzhou Flying Dragon Zhongran Gas

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January 13, 2010 (FinancialWire) — China New Energy Group Company (OTCBB: CNER) said that Willsky Development, Ltd., the company's wholly-owned subsidiary, has agreed to buy all of the outstanding equity interest of Fuzhou Flying Dragon Zhongran Gas Inc. from Flying Dragon Resource Development Ltd. and Flying Dragon Investment Management Ltd., for RMB 26 million (approximately $3.8 million).

The purchase price is payable in three installments based on the satisfaction of various mutually agreed upon closing conditions.

On November 11, 2007, Fuzhou Zhongran obtained an exclusive operating license from the Dongxiang County government in Jiangxi Province for the construction and development of a natural gas pipeline network for 30 years.

China New Energy Group is a vertically integrated natural gas company engaged in the development of natural gas distribution networks, and the distribution of natural gas to residential, industrial, and commercial users in small and medium sized cities in China.

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