PNG Ventures, Inc. Appoints Cem Hacioglu as President and Chief Executive Officer

DALLAS--The Board of Directors of PNG Ventures, Inc. (OTCBB:PNGX) announced today that it has appointed Cem Hacioglu as President and Chief Executive Officer, effective February 16, 2009.

PNG Ventures, Inc. produces liquefied natural gas ("LNG") from its production facility in Topock, AZ through its wholly-owned subsidiary Applied LNG Technologies USA, LLC (ALT). ALT currently produces and distributes over two million gallons monthly of vehicle-grade LNG to municipal and commercial transportation markets in the western United States.

“ALT has the potential to be the preeminent competitor in the growing LNG and alternative fuels market,” said Hacioglu. “I am grateful to our interim CEO, Kevin Markey, for his leadership during this critical transition period and intend to build upon his accomplishments. I look forward to working closely with him in his capacity as the Vice President of Sales and Operations of PNG Ventures.”

Hacioglu, 38, will continue to serve as a director of PNG, a position he has held since August 20, 2008. A co-portfolio manager of the Direct Investment Group of Sandell Asset Management Corp. since May 2005, a shareholder PNG, and former portfolio manager of Millennium Partners where he helped manage Millennium's direct investment portfolio, Hacioglu has held various positions at Fletcher Asset Management, Merrill Lynch and the World Bank. He earned his B.S. Degree in Economics from the United States Military Academy, West Point, and his M.B.A. in Financial Management from the MIT Sloan School of Management.

PNG Chairman of the Board, W. Phillip Marcum, said, “We are happy that Cem has agreed to become President and Chief Executive Officer of PNGX and look forward to the future growth and success of the Company under Cem’s leadership."

About ALT

Applied LNG Technology (ALT) produces and markets liquefied natural gas (LNG). ALT owns a production facility located in Topock, Arizona, currently producing over 2-Million gallons monthly of vehicle-grade LNG. Along with that facility and other LNG production facilities, ALT has the capability of supplying the western and southwestern United States with commercial quantities of vehicle-grade LNG fuel. ALT provides LNG and CNG product and delivery systems and executes turnkey fuel solutions that include equipment leasing, station installations, safety and training, natural gas production, low BTU gas processing, temporary fueling stations, and LNG and CNG consulting services. ALT’s customer base includes large municipal fleets, various refuse companies, major ports and other commercial trucking fleets. Possible feedstock sources for LNG production include landfill gases or methane sources from agricultural biomass facilities. The Company is focused on meeting the growing demand for alternative fuels in the domestic market. The Company's web site is www.altlng.com. ALT is wholly owned by PNG Ventures, Inc. (OTCBB: PNGX).

Forward-Looking Statements Disclosure

This press release may contain “forward-looking statements” within the meaning of the federal securities laws. In this context, forward-looking statements may address the Company’s expected future business and financial performance, and often contain words such as “anticipates,” “believes,” “estimates,” “expects,” “intends,” “plans,” “seeks,” “will,” and other terms with similar meaning. These forward-looking statements by their nature address matters that are, to different degrees, uncertain. Although the Company believes that the assumptions upon which its forward-looking statements are based are reasonable, it can provide no assurances that these assumptions will prove to be correct. In connection with the “safe harbor” provisions of the federal securities laws, including the Private Securities Litigation Reform Act of 1995, important factors that, among others, could cause or result in actual results and experience to differ materially from the Company’s anticipated results, projections, or other expectations are disclosed in the Company’s filings with the Securities and Exchange Commission. All forward-looking statements in this press release are expressly qualified by such cautionary statements, risks, and uncertainties, and by reference to the underlying assumptions.