Changfeng Energy Inc.
TSX VENTURE : CFY

Changfeng Energy Inc.

January 25, 2010 12:57 ET

Changfeng Announces RMB 100 Million ($15.4 Million) Long Term Loan

TORONTO, ONTARIO--(Marketwire - Jan. 25, 2010) - Changfeng Energy Inc. ("Changfeng")(TSX VENTURE:CFY), a China based natural gas distributor, is pleased to announce that it has successfully negotiated a long term bank loan with The Bank of China in the amount of RMB 100 million ($15.4 million).

The term of the loan is 10 years with the amount to be drawn down anytime up until December 15, 2010. The interest rate on the loan is set at the Peoples Bank of China rate for loans over 5 years (currently at 5.94%) and is secured against certain assets of Changfeng. 

The proceeds of the loan will be used to advance Changfeng's Haitang Bay Project, retire its loan from the Sanya State Asset Management Corporation (RMB 42 million) and replace the current Bank of China loan (RMB 10 million)

About Changfeng Energy Inc.

Changfeng is engaged in the design and construction of natural gas distribution networks and distribution of natural gas to commercial and residential customers in China. The Company is headquartered in Toronto, Ontario and its shares trade on the TSX Venture Exchange.

This press release contains forward-looking statements based on current expectations. These forward-looking statements entail various risks and uncertainties that could cause actual results to differ materially from those reflected in these forward-looking statements. Risks and uncertainties about Changfeng's business are more fully discussed in the Company's disclosure materials, including its information circular and MD&A, filed with the securities regulatory authorities in Canada. All amounts are stated in Canadian dollars except for noted otherwise.

THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE.

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