Hanwei Energy Confirms Pipe Supply Contracts for New China Salt Mining Applications
20 Ottobre 2011 - 2:00PM
Marketwired Canada
Hanwei Energy Services Corp. (TSX:HE) ("Hanwei" or the "Company"), today
announced that it has recently confirmed pipe supply contracts for new salt
mining applications in China for an amount of approximately Renminbi ("RMB")
21.3 million (C$3.4 million).
Inclusive of the abovementioned new contracts, the Company has confirmed total
sales orders to date for the China market of approximately RMB 105.9 million
(C$17 million). These sales orders are expected to be fully produced and shipped
in the Company's current fiscal year ending March 31, 2012. In fiscal 2011 the
Company supplied approximately RMB 123.8 million (C$18.76 million) of FRP pipe
to the China market.
The Company has for the last ten years served a wide range of oil and gas
projects with resilient, non-steel, composite pipes that have provided long term
performance in high pressure, high temperature, and highly corrosive operating
environments. The Company has maintained its go forward strategy of focusing on
its core FRP pipe business. Consistent with this strategy these new salt mining
sales contracts represent a new, additional segment of application for Hanwei's
FRP pipe products with a number of sales and marketing initiatives currently
underway in China and internationally focused on oil & gas, infrastructure, and
salt mining pipe supply projects.
About Hanwei Energy Services Corp.
Hanwei Energy Services Corp. is the leading Chinese manufacturer of high
pressure, fiberglass reinforced plastic ("FRP") pipe products and associated
technologies and services for international oil and gas, infrastructure and
industrial applications. Hanwei serves major energy customers in the Chinese and
global energy markets.
www.hanweienergy.com
FORWARD-LOOKING INFORMATION
Certain information in this press release that is not current or historical
factual information may constitute forward-looking information within the
meaning of certain securities laws, and is subject to important risks,
uncertainties and assumptions. The words "may", "could", "should", "would",
"suspect", "outlook", "believe", "anticipate", "estimate", "expect", "intend",
"plan", "target" and similar words and expressions are used to identify
forward-looking information. Material factors or risks which could cause actual
results or events to differ materially from a conclusion in such forward-looking
information include the risks that the Company may not be able to fulfill its
sales orders, the sales of FRP pipe products may not materialize, the Company is
unable to meet the delivery requirements for FRP pipe products, the Company is
not able to meet its working capital and financing needs, the creditworthiness
of the Company's customers deteriorates and the Company is unable to collect on
outstanding accounts receivable, as well as the risks set out in the risk
factors section of the Company's Annual Information Form dated June 20, 2011
filed with Canadian securities regulators and available on SEDAR at
www.sedar.com.
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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