VANCOUVER, BRITISH COLUMBIA — (Marketwire) — 02/08/12 — Hanwei Energy Services Corp. (TSX: HE) (“Hanwei” or the “Company”), today reported its financial results for the quarter ended December 31, 2011 (the “Reporting Period”). All amounts are in Canadian Dollars unless otherwise noted.
Update on FRP Pipe Orders
The Company has maintained its go forward strategy of focusing on its core FRP pipe business with a number of sales initiatives materializing with improved results. For the nine months ended December 31, 2011:
In addition to the activities underway in China and Kazakhstan the Company continues to pursue a significant number of opportunities in new international markets. Such activities include: identifying and appointing new agents and distributors; obtaining vendor qualifications and registration with major end users, contractors and industry consultants; identifying bid and tender opportunities; and procuring strategic business transactions, so as to facilitate increased FRP pipe orders. Through these activities the Company is pursuing numerous projects in the Middle East, India, Australasia, Latin America, Canada and Europe.
Financial Highlights
For the three months ended December 31, 2011:
For the nine months ended December 31, 2011:
Graham Kwan, Executive Vice President and Rick Huang, Chief Financial Officer of Hanwei will host a conference call to discuss its operational and financial results for the quarter ended December 31, 2011. Management invites analysts and investors to participate on the conference call:
About Hanwei Energy Services Corp.
Hanwei Energy Services Corp. is a leading manufacturer of high pressure, fiberglass reinforced plastic (“FRP”) pipe products and associated technologies and services for the international oil and gas infrastructure industries. Hanwei serves major energy customers in the Chinese and global energy markets.
FORWARD-LOOKING INFORMATION
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 20, 2011 and Management Discussion and Analysis for the period ending March 31, 2011 both of which are filed with Canadian securities regulators and available on SEDAR at . 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.
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.
Contacts:
Hanwei Energy Services Corp.
Graham Kwan, Executive Vice President, Strategic Development
and Corporate Affairs
604-685-2239
Hanwei Energy Services Corp.
Yucai (Rick) Huang, Chief Financial Officer
604-685-2239