Hanwei Energy Services Sells Alberta Oil and Gas Limited Partnership

Hanwei Energy Services Sells Alberta Oil and Gas Limited Partnership

VANCOUVER, British Columbia, Aug. 20, 2021 (GLOBE NEWSWIRE) — Hanwei Energy Services Corp. (TSX: HE) (“Hanwei” or the “Company”), today announced that it has completed the sale of its wholly-owned Alberta limited partnership, HESC Energy Limited Partnership, and its general partner, HESC Energy Corporation (collectively, “HESC”), including all of their corporate assets in Alberta, to BOCO Energy Inc. (the “Purchaser”) for an undisclosed price, inclusive of the assumption of all liabilities, accruing liabilities and obligations of HESC. As part of the transaction, the Company obtained a full release and indemnity from the Purchaser and HESC for all liabilities, including any abandonment and reclamation liabilities, or other environmental liabilities.

About Hanwei Energy Services Corp.

Hanwei’s principal business operations will now be in just one segment of the oil and gas industry as 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).

For more information, please contact:

Mary Ma
Chief Financial Officer
604-685-2239
mma@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 24, 2021 and Management Discussion and Analysis for the year ended March 31, 2021 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.


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