NEWPORT BEACH, Calif., Aug. 11, 2004 (PRIMEZONE) -- Largo Vista Group, Ltd. (OTCBB:LGOV) (WWW.Largovista.com), an international liquefied petroleum gas (LPG) service and trading company, announced that the Zunyi City Administration Bureau has accepted the organization of the Zunyi Gas Association. Zunyi is located in the Guizhou Province of China and has a population of 40 million.
Ms. Denise Deng, General Manager of LPG operations for Largo Vista Group, Ltd. in China, states, "We have made a hands-on effort to assist in establishing the Zunyi Gas Association -- the first of its kind. With the help of the Price Supervision Bureau, we will standardize and produce guidelines with our members creating price and operation standards in the region. These guidelines will stabilize pricing and protect the LPG market from illegal and short-filling operators by enforcing fines and penalties."
Largo Vista Group develops LPG pipeline networks for residential users in new construction projects in China and is at the forefront of this growing trend. LPG consumption has increased throughout the world. China, with a population that stands over 1.3 billion, has the world's largest LPG development opportunity.
Ms. Deng states, "Our plan is to create improvements in civilian and local industrial energy distribution by setting a new standard for other communities to follow. We currently have two residential LPG pipeline projects completed under 40 year exclusive supply contracts. One of these projects has reached a 50% occupancy; the other is steadily growing towards the same and both are 100% sold out. We have two other LPG projects going to contract very soon and we are very busy keeping up with preliminary talks on other potential LPG projects with local governments and developers. We can see the potential for over ten projects within the next 36 months in this region."
The company is headquartered in Newport Beach, California with offices in Vietnam and China.
Forward-Looking Statements
Certain statements included herein may contain forward-looking information within the meaning of Rule 175 under the Securities Act of 1933 and Rule 3b-6 under the Securities Exchange Act of 1934, and are subject to the safe harbor created by those rules. All statements, other than statements of fact, including, without limitation, statements regarding potential future plans and objectives of the company, are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. The Company's actual results could differ materially from those anticipated in such forward-looking statements as a result of a number of factors. These risks and uncertainties, and certain other related factors, are discussed in the Company's Form 10-KSB, Form 10-QSB and other filings with the Securities and Exchange Commission. These forward-looking statements are made as of this date and the Company assumes no obligation to update such forward-looking statements. These risks and uncertainties, and certain other related factors, are discussed in the Company's Form 10-K, Form 10-Q and other filings with the Securities and Exchange Commission. These forward-looking statements are made as of the date of this release and the Company assumes no obligation to update such forward-looking statements.
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