Hanwei Energy Services Announces Sale of Its Hanwei Wind Subsidiary

VANCOUVER, British Columbia, Nov. 24, 2020 (GLOBE NEWSWIRE) -- Hanwei Energy Services Corp. (TSX: HE)(“Hanwei” or the “Company”) today announced that it has completed the sale of its 100% equity interest in its wholly owned Chinese subsidiary, Hanwei Wind Power Equipment (Daqing) Co., Ltd. (“Hanwei Wind”).

As previously disclosed, the Company’s wind power business was classified as discontinued operations since 2011 and Hanwei Wind has been inactive since then. All assets of Hanwei Wind were written down previously and all liabilities were carried with additional provisions. The sale of Hanwei Wind, undertaken for a nominal value of one renminbi, completes the full dissolution of Hanwei’s wind power business.

AboutHanwei Energy Services Corp.

Hanwei Energy Services Corp.’s principal business operations are in two complementary key segments of the oil and gas industry as both an equipment supplier to the industry (as a manufacturer of high pressure, fiberglass reinforced plastic (“FRP”) pipe products serving energy customers in the global energy market) and as an oil and gas producer with properties in Alberta and joint venture interests in Manitoba.

www.hanweienergy.com

Neither the TSX nor its Regulation Services Provider (as that term is defined in the policies of the TSX) accepts responsibility for the adequacy or accuracy of this release.

FORWARD-LOOKING INFORMATION AND NON-GAAP MEASURES

Certain information in this press release is forward-looking within the meaning of certain securities laws, and is subject to important risks, uncertainties and assumptions a description of which is set out in the risk factors section of the Company’s Annual Information Form dated June 25, 2020 and Management Discussion and Analysis for the year ended March 31, 2020 both of which are filed with Canadian securities regulators and available on SEDAR at www.sedar.com. The forward-looking information in this press release describes the Company’s expectations as of the date of this press release.

THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS PRESS RELEASE PRESENTS THE EXPECTATIONS OF THE COMPANY AS OF THE DATE OF THIS PRESS RELEASE AND, ACCORDINGLY, IS SUBJECT TO CHANGE AFTER SUCH DATE. READERS SHOULD NOT PLACE UNDUE IMPORTANCE ON FORWARD-LOOKING INFORMATION AND SHOULD NOT RELY UPON THIS INFORMATION AS OF ANY OTHER DATE. WHILE THE COMPANY MAY ELECT TO, THE COMPANY DOES NOT UNDERTAKE TO UPDATE THIS INFORMATION AT ANY PARTICULAR TIME, EXCEPT AS REQUIRED BY APPLICABLE SECURITIES LEGISLATION.

CONTACT: For more information, please contact:

Graham Kwan
Executive Vice President, Strategic Development and Corporate Affairs
604-685-2239
gkwan@hanweienergy.com

Irene Mai
Chief Financial Officer
604-685-2239
imai@hanweienergy.com

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