CF Energy Business Update

CF Energy Business Update

TORONTO, Feb. 24, 2020 (GLOBE NEWSWIRE) — CF Energy Corp., (TSX-V: CFY) (“CF Energy” or the “Company”, together with its subsidiaries, the “Group”), an energy service provider in the People’s Republic of China (the ”PRC”) is pleased to announce the following:
The Haitang Bay Smart Energy ProjectThe project has received the land rezoning approval for construction from the Sanya City government for its “B” energy station, the first cooling station.  The proper public notice for the transfer of the use right of the above-mentioned land for the “B” energy station has been made via government recognized media in the City and the project will be granted the land use right certification thirty (30) days following the date of the public notice.“It is exciting news during the doom time of the COVID-19 outbreak. The management is making every effort to catch up with the construction schedule which has been delayed by one month due to the COVID-19”, Ann Lin, Chair and CEO of the Company said. “We would like to offer our thanks to the continuing support of our partner, the EDF Group. We remain confident in building this project into a world class project and delivering in the best interests of our shareholders.”Operational UpdateExcept for the Sanya natural gas distribution operation, all subsidiaries of the Company including the Haitang Bay Smart Energy Project have resumed normal operations. The Company’s management expects that the Sanya natural gas distribution subsidiary daily operating activities will be back to normal in early March as the published number of COVID-19 cases in Sanya City has stabilized in the last ten days.  The Haitang Bay Smart Energy ProjectThe Haitang Bay Smart Energy Project, which combines the use of multiple clean energy sources, including solar, hydro, electricity, and natural gas (CCHP/Co-Gen), is to supply cooling, heating, as well as hot water to the hotels, shopping centers, and households in the Haitang Bay area of Sanya City, the Hainan Province, the PRC. This project is conducted through EDF CF, established between CF Energy and the French EDF Group with a 30-year concession right agreement which gives EDF CF the exclusive right to build, own and operate four energy processing stations in Haitang Bay. The project is considered as a leading integrated smart energy program in the PRC’s energy market. Various advanced technologies have been applied throughout its entire pre-evaluation, construction designs and operational plans. About CF Energy Corp. (Previously known as: Changfeng Energy Inc.)CF Energy Corp. is a Canadian public company currently traded on the Toronto Venture Exchange (“TSX-V”) under the stock symbol “CFY”. It is an integrated energy provider and natural gas distribution company (or natural gas utility) in the PRC. CF Energy strives to combine leading clean energy technology with natural gas usage to provide sustainable energy to its customer base in the PRC. In 2009, CF Energy was recognized as being one of China’s the Top Ten Most Influential Brands in the Natural Gas Industry and in 2019, ranked amongst the 2019 TSX Venture 50 top performers on the TSXV for the 2018 year.About EDF GroupA key player in energy transition, the EDF Group is an integrated electricity company, active in all areas of the business: generation, transmission, distribution, energy supply and trading, energy services. A global leader in low-carbon energies, the Group has developed a diversified generation mix based on nuclear power, hydropower, new renewable energies and thermal energy. The Group is involved in supplying energy and services to approximately 37.1 million customers, of which 26.2 million in France. The Group generated consolidated sales of EUR71 billion in 2016. EDF is listed on the Paris Stock Exchange.CONTACT INFORMATIONCorporate Investment Relations
investor.relations@changfengenergy.cn
Charles Wang
Executive Assistant to CEO & Chair of the Board
Zhaoyu.wang@changfengenergy.cn
Frederick Wong
Director of the Board
fred.wong@changfengenergy.cn
Forward-Looking StatementsCertain statements contained in this news release constitute forward-looking statements and forward-looking information (collectively, “Forward-Looking Statements”). All statements, other than statements of historical fact, included or incorporated by reference in this document are Forward-Looking Statements, including statements regarding activities, events or developments that the Company expects or anticipates may occur in the future. These Forward-Looking statements can be identified by the use of forward-looking words such as “will”, “expect”, “intend”, “plan”, “estimate”, “anticipate”, “believe” or “continue” or similar words or the negative thereof. No assurance can be given that the plans, intentions or expectations or assumptions upon which these Forward-Looking Statements are based will prove to be correct and such Forward-Looking Statements included in this news release should not be unduly relied upon.Although management believes that the expectations represented in such Forward-Looking Statements are reasonable, there can be no assurance that such expectations will prove to be correct. Such Forward-Looking Statements are not a guarantee of performance and involve known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, performance or achievements to differ materially from the anticipated results, performance or achievements or developments expressed or implied by such Forward-Looking Statements. These factors include, without limitation, no significant and continuing adverse changes in general economic conditions or conditions in the financial markets. Readers are cautioned that all Forward-Looking Statements involve risks and uncertainties, including those risks and uncertainties detailed in the Corporation’s filings with applicable Canadian securities regulatory authorities, copies of which are available at www.sedar.com. The Company urges readers to carefully consider those factors.The Forward-Looking Statements included in this news release are made as of the date of this document and the Company disclaims any intention or obligation to update or revise any Forward-Looking Statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities legislation. This news release does not constitute an offer to sell or solicitation of an offer to buy any of the securities described herein and accordingly undue reliance should not be put on such.Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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