BEIJING, June 10 /PRNewswire-Asia-FirstCall/ -- Sinoenergy
Corporation (Nasdaq: SNEN) (the "Company") announced today that
that the fourth and final class action lawsuit, which was brought
by Stephen Trecaso and Linda Watts in the Supreme Court of the
State of New York, Nassau County, arising from the Company's
proposed merger with Skywide Capital Management Limited was
dismissed on June 7, 2010. The
Company has previously reported the dismissal of the other three
class action lawsuits, which were brought in the Eighth Judicial
District Count in the State of
Nevada in and for Clark
County. The dismissals of all actions were made pursuant to
a settlement agreement, which was reported in the Company's Form
10-Q for the quarter ended March 31,
2010.
The economic terms of the proposed merger were not changed as a
result of the settlement, the Company denied all of the allegations
made in the complaints and the settlement agreement expressly
provided that the Company was not at fault and the Company does not
admit that there was any basis for the allegations contained in the
complaint.
About Sinoenergy
Sinoenergy is a developer and operator of retail CNG stations as
well as a manufacturer of CNG transport truck trailers, CNG station
equipment, and natural gas fuel conversion kits for automobiles, in
China. In addition to its CNG
related products and services, the Company designs and manufactures
a wide variety of customized pressure containers for use in the
petroleum and chemical industries. The Company's website is
http://www.sinoenergycorporation.com . Information on the Company's
website or any other website does not constitute a portion of this
press release.
Forward-Looking Statements
This release contains certain "forward-looking statements"
relating to the business of the Company and its subsidiaries. These
forward looking statements are often identified by the use of
forward-looking terminology such as "believes," "expects" or
similar expressions. Such forward looking statements involve known
and unknown risks and uncertainties that may cause actual results
to be materially different from those described herein as
anticipated, believed, estimated or expected. Investors should not
place undue reliance on these forward-looking statements, which
speak only as of the date of this press release. The Company's
actual results could differ materially from those anticipated in
these forward-looking statements as a result of a variety of
factors, including those discussed in the Company's periodic
reports that are filed with the Securities and Exchange Commission
and available on its website ( http://www.sec.gov ). All
forward-looking statements attributable to the Company or to
persons acting on its behalf are expressly qualified in their
entirety by these factors other than as required under the
securities laws. The Company does not assume a duty to update these
forward-looking statements.
For Further Information Contact:
Cherry Chen
IR Manager
Sinoenergy Corporation
Tel: +86-10-8492-7035 x815
Email: chenrui@sinoenergycorporation.com
SOURCE Sinoenergy Corporation