VANCOUVER, BRITISH COLUMBIA — (Marketwire) — 06/21/12 — Hanwei Energy Services Corp. (TSX: HE) (“Hanwei” or the “Company”), today reported its financial results for the year ended March 31, 2012 (the “2012 Fiscal Year”). All amounts are in Canadian Dollars unless otherwise noted.
For the year ended March 31, 2012:
Other Highlights:
For the three months ended March 31, 2012:
Hanwei will host a conference call to discuss its operational and financial results for the year ended March 31, 2012. Graham Kwan, Executive Vice President and Rick Huang, Chief Financial Officer of Hanwei will host the call. Management invites analysts and investors to participate on the conference call:
Date: Friday, June 22, 2012
Time: 11:00 a.m., Eastern Time
Dial in number: 1-888-213-3922 or 1-913-981-5583
Taped Replay: 1-877-870-5176 or 1-858-384-5517 (available for 14 days)
Taped Replay Pass Code: 5864999
Live Webcast Link:
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 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 20, 2012 and Management Discussion and Analysis for the year ended March 31, 2012 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.
STATEMENT OF COMPLIANCE
For fiscal years commencing on or after January 1, 2011, Canadian Generally Accepted Accounting Principles (“Canadian GAAP”) were converged with International Financial Reporting Standards (“IFRS”). The Company–s financial statements for the year ended March 31, 2012 are the Company–s first consolidated financial statements prepared in accordance with IFRS, and IFRS 1 First-time Adoption of International Financial Reporting Standards has been applied. An explanation of how the transition to IFRS has affected the reported financial position, financial performance and cash flows of the Company is provided in Note 33 of the financial statements for the year ended March 31, 2012 and available on SEDAR at . This note 33 includes reconciliations of financial position and total comprehensive income for comparative periods and of equity at the date of transition reported under previous Canadian GAAP (“previous GAAP”) to those reported for those periods and at the date of transition under IFRS. In preparing its opening IFRS statement of financial position, the Company has adjusted amounts reported previously in financial statements prepared in accordance with Canadian GAAP.
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 VP, Strategic Development and Corporate Affairs
604-685-2239
Hanwei Energy Services Corp.
Yucai (Rick) Huang
Chief Financial Officer
604-685-2239