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Penn Octane Corporation Begins CNG Program

REDWOOD CITY, Calif., Nov. 22 /PRNewswire/ -- Penn Octane Corporation entered into a letter of commitment to acquire a majority of the assets of Wilson Technologies Inc., one of the leaders in the design, installation, service and maintenance of compressed natural gas refueling stations and related products, with installations world-wide. Wilson Technologies Inc. was founded in 1985 and its clients include federal, state and local governments, utility companies and private companies. The acquisition represents the first of a series of transactions planned by Penn Octane Corporation aimed at implementing a compressed natural gas fueling business in the United States, Mexico and other countries and the expansion of the Company into other related gas businesses which Penn Octane currently operates.

Compressed natural gas is an efficient, less expensive alternative fuel used throughout the world in connection with reducing dangerous air pollution levels found in major cities. The planned expansion of this program into Mexico will represent the first mass public use of alternative fuels in Mexico City.

The Company's expansion comes immediately after newly elected President J.B. Richter, Vice President and Chief Financial Officer, Ian Bothwell and Executive Vice President, Jorge Bracamontes were elected by the company at a board of directors meeting held on October 29, 1996.

Mr. Bothwell, the founder of Bothwell & Asociados, S.A. de C.V., a management consulting and financial advisory company based in Mexico City, brings significant experience associated with the development of the compressed natural gas for vehicle business in Mexico. Mr. Bothwell has worked previously with Wilson Technologies Inc. as an advisor.

Penn Octane Corporation operates a liquefied petroleum gas pipeline in South Texas and a LPG terminal in the Port of Brownsville, Texas.

SOURCE Penn Octane Corporation
 -0- 11/22/96


/CONTACT: Ian T. Bothwell, Chief Financial Officer of Penn Octane Corporation, 713-952-5703/

CO: Penn Octane Corporation; Wilson Technologies Inc.; Bothwell & Asociados,

S.A. de C.V. ST: California, Texas IN: OIL UTI SU: TNM

PD -- NYF009 -- 5700 11/22/96 09:00 EST http://www.prnewswire.com
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Publication:PR Newswire
Date:Nov 22, 1996
Words:336
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