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TOPIC: PNGX - PNG Ventures, Inc

PNGX - PNG Ventures, Inc 11 years 1 week ago #1375

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[PNGX Signs Binding Letter of Intent ...]
PNG Ventures Signs Binding Letter of Intent to Acquire LNG
Plant and Operations from Earth Biofuels Subsidiary

Agreement to Close by June 30, 2008

DALLAS--(BUSINESS WIRE)--June 10, 2008 PNG Ventures, Inc. (OTCBB:PNGX) announced the execution of a binding letter of intent with Earth Biofuels, Inc. (OTCBB:EBOF) whereby PNG Ventures has agreed to purchase a 100% ownership interest in Earth Biofuels' wholly-owned subsidiary, Earth LNG, Inc. ("Earth LNG").

Pursuant to the terms of a binding letter of intent, PNG Ventures is to acquire 100% ownership of Earth LNG and all of its subsidiaries, including Applied LNG Technologies, LLC ("ALT") and its production facility located in Topock, Arizona. PNG Ventures and Earth Biofuels have agreed to use best efforts to close the transaction on or before June 30, 2008, and have agreed to a break up fee to be paid to PNG Ventures in the event the transaction does not close. The final closing shall be subject to the approval of: (i) Earth Biofuels' shareholders, senior secured lenders and its Series A Preferred Stock shareholders; and (ii) PNG Venture's shareholders. The complete terms of the binding letter of intent have been filed as an Exhibit to the current report on Form 8-K filed with the United States Securities and Exchange Commission on June 5, 2008.

Kevin Markey, interim CEO of PNG Ventures stated, "The execution of the binding letter of intent with Earth Biofuels is PNG Venture's first step towards building a platform to deliver affordable clean energy solutions to the western part of the United States and beyond. Although we have just begun the process of closing this transaction, we are confident that we have the right partners in place who are committed to building shareholder value and managing this dynamic and growing business. Earth LNG and ALT's customers will continue to receive the superlative service to which they are accustomed and upon which they rely."

Mr. Markey added, "LNG is a clean technology fuel that is derived from natural gas, a feedstock that is abundant in our country. Unlike ethanol, LNG is a high-BTU per gallon fuel that is not dependent on a food-based feedstock. Today, high gas prices are being met by equally high food prices due in part to our energy policy which provides incentives for corn-based ethanol production. Increasing LNG use is a common sense approach for Americans to keep their energy dollars in the US, use a fuel that does substantially less damage to our environment, and buy an alternative fuel that does not compete with and in turn affect the price of food products consumed by Americans."

Presently, PNG Ventures, Inc. has approximately 418,309 common shares issued and outstanding and no preferred shares issued.

About Earth LNG

-- ALT's Topock, Arizona plant is one of only five vehicle-quality LNG production facilities in the US.

-- The feedstock for LNG is natural gas, a natural resource that is abundant in North America.

-- As a fuel, LNG produces less greenhouse gases, particulates, oxides of nitrogen and toxins than ethanol, gasoline and diesel.

-- LNG is about 61% less expensive than gasoline and diesel fuels on a BTU basis.

-- ALT sells its product to some of the largest industrial fleets and municipalities on the west coast.

CONTACT: PNG Ventures, Inc. Kevin Markey, 214-634-6246 This email address is being protected from spambots. You need JavaScript enabled to view it.
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PNGX - PNG Ventures, Inc 11 years 1 week ago #1374

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[PNGX closed at $2 up 60%, now 2.05 x 2.45]
Traded 5,600 shares.
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PNGX - PNG Ventures, Inc 11 years 1 week ago #1373

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[PNGX - PNG Ventures, Inc]
PNGX .55 x 1.01

PNGX previously announced a reverse merger with another company. Today they filed an 8K announcing a new Letter of Intent. Not sure what happened to the previous deal or if the 40mil shares issued are still out.

Earth LNG, Inc. Binding Letter of Intent
On May 22, 2008, PNG Ventures, Inc., a Nevada corporation (the “Company”) finalized the terms of a binding Letter of Intent (the “LOI”). The terms of the LOI provide for the Company to purchase 100% of the ownership interest in Earth LNG, Inc., a Texas corporation (“Earth LNG”), a wholly owned subsidiary of Earth Biofuels, Inc., a Delaware corporation (“EBOF”).

Here is the website for the LNG division of EBOF that is mentioned in the LOI:

EBOF financials mention this division has done over $50mil in revenues the last two years.

I own this stock and purchased more today. NOT A RECOMMENDATION TO BUY/SELL/HOLD PNGX.
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