Largo Vista Group Announces Contract Update - 6/15/2005 4:08:02 PM
NEWPORT BEACH, Calif., Jun 15, 2005 (BUSINESS WIRE) -- Largo Vista Group, Ltd. (LGOV) has released a statement from Mr. Deng Shan, Interim CEO for Largo Vista Group, Ltd.: "Based on communication, Mr. Tang Xue Jian, Chairman, Shanghai Offshore Oil Group (HK) Co. Ltd., is very eager to have the opportunity to develop a prosperous relationship with Largo Vista Group. However, due to the death of the Chairman of the Board of Asiacorp Investment Holding, Ltd., Mr. Tang has had a difficult time getting the oil shipped in accordance with the time table set forth in our contract. We have been pressing Mr. Tang to provide a firm and definite delivery schedule and are diligently working on resolving these issues. Largo Vista will hold a formal board meeting within the next 10 days to explore all available options in the event that Mr. Tang is unable to resolve the delayed shipment within a reasonable time period."
Mr. Tang states: "I am using this event to our advantage by renegotiating the amounts and margins and have negotiated additional contracts that should more than fulfill the original Asiacorp contract. To date, I have signed a new contract with a first delivery of 50,000 metric tons of fuel oil."
Per Mr. Deng Shan: "Mr. Tang is using his best efforts to resolve the delivery schedules and looks forward to receiving LGOV stock upon his success. He understands the great rewards will only come with the actual execution of these shipments."
In addition, 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 been increasing throughout the world. China, with a population of more than 1.3 billion, has the world's largest LPG development opportunity.
SOURCE: Largo Vista Group, Ltd.
Largo Vista Group
Investor Relations, 949-252-2180
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