CF Energy Further Updates on the Effect of the COVID-19 Virus on Business
TORONTO, April 08, 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” or “China”) updates that, following the press release of January 27, 2020 regarding the outbreak and impact of the COVID-19 virus on the Group, the Group has experienced a significant drop in its business across all business segments in the first quarter of 2020 due to quarantine and travel restrictions in China. Such impact is expected to continue into the 2020 year. At this stage, it is premature for the Company to estimate the extent of the impact the virus may possibly have on business moving forward as it is dependent on the continuing containment status in China, speed of economic recovery and visitors returning to Sanya for holidays. The Company will keep stakeholders updated on the development.
“We are very fortunate that during the outbreak none of our employees were infected. The Company continues to make every effort in preventative measures. As a natural gas utility provider servicing the community, we have continued to provide natural gas to our customers during the outbreak,” said Ann Lin, Chair and CEO of CF Energy Corp. “Although it is difficult to project the full financial impact going forward, the management team will continue with the cost control initiatives and put various contingency measures in place to minimize the possible effect the COVID-19 virus may have on the bottom line.”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 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.CONTACT INFORMATIONCorporate Investment Relations
[email protected]Charles Wang
Executive Assistant to CEO & Chair of the Board
[email protected]Frederick Wong
Director of the Board
[email protected]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.