CF Energy Updates on the Effect of the Novel Coronavirus on Business
TORONTO, Jan. 27, 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”) updates that, due to the outbreak of the novel coronavirus in China, including those cities in which the Company operates, the Company is taking measures to prevent the spread of the outbreak within the Company, especially for the front-line employees who cannot work from home and frequently contact the customers. These measures are in line with the government’s guideline. The Company will provide a one-time subsidy to all its front-line employees as they are exposing themselves to maintain the daily operations of the Company.
Sanya City has been one of the hottest tourist destinations in China during the Chinese New Year’s Holidays and is one of the cities in which CF operates. The current new coronavirus situation will likely substantially reduce tourist numbers and subsequently have negative impact on CF Energy’s gas sale volume in Sanya City, one of the main contributors to the Company’s revenue. Furthermore, the epidemic will have an impact on business operations and projected construction in other subsidiaries of CF Energy as well. It is difficult to forecast the extent of the loss to business at this point in time, but the Company will continue to keep the market updated.The Company has made the best effort to cope with the upcoming challenges. We are taking precautionary measures so that our staff and customers on and off our Company premises in various locations are protected against the virus. The Company is also in the process of preparing donations of necessary goods and medical supplies in support of the national effort for the prevention and control of the epidemic.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.CONTACT INFORMATIONCorporate Investment Relations
Executive Assistant to CEO & Chair of the Board
Director of the Board
firstname.lastname@example.orgForward-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