Hanwei delivers six more wind turbines under Deta contract



    TSX: HE

    VANCOUVER, June 16 /CNW/ - Hanwei Energy Services Corp. ("Hanwei" or the
"Company") announced today that six wind turbines built and shipped in May
2008 have been inspected and approved under its original contract with Daqing
Deta Electric Co. Ltd. ("Deta"). The 1.5-megawatt turbines are expected to be
installed and field tested during the summer of 2008. To date, Hanwei has
delivered a total of 10 turbines, three blade sets, and 30 wind towers under
the initial contract. The acceptance by Deta will allow Hanwei to recognize
revenue from the delivery of the wind turbines during the second quarter of
fiscal 2008. The 10 wind turbines and 17 blade sets remaining under the
original contract with Deta are scheduled for delivery in the second half of
2008.
    As announced on May 13, 2008 Hanwei has entered into a revised MOU (the
"Revised MOU"), pursuant to which Hanwei Wind Power Equipment (Daqing) Co.,
Ltd. ("Hanwei Wind"), a wholly owned subsidiary of Hanwei, will acquire 99
percent of Deta, for RMB 591 million ($86.2 million), with an option to
acquire the remaining 1 percent of Deta for RMB 6 million ($0.88 million).
Under the Revised MOU, signed by Hanwei, Deta and Heilongjiang Ruihao Energy
Technology Co., Ltd. ("Ruihao") (the end-user of the wind power equipment),
Deta will enter into a contract with Ruihao to provide 1,200 MW of wind power
turbines, blades and towers valued at approximately RMB 8.4 billion
($1.2 billion). The parties will enter into a 200 MW manufacturing contract in
2008 and will thereafter negotiate an annual manufacturing contract for 250 MW
of wind power equipment during the period of 2009 to 2012. Deta will also have
a right of first refusal to provide all future wind power equipment for wind
farms that Ruihao owns or controls. The contract associated with the
acquisition of Deta replaces expressions of interests contemplated in the
original contract with Deta for 2009 and 2010. Hanwei, Deta, and Ruihao are
working diligently to complete the transaction.

    About Hanwei Energy Services Corp.

    Hanwei Energy Services Corp. provides high value products and services
for the energy sector in China and the Asia region. Hanwei serves its major
energy customers through manufacturing facilities in China, producing products
for the oil, coal power and wind power industries. Hanwei is focusing on
providing products and services that address the growing need for improved
energy efficiency and environmental protection in China and the Asia region.
www.hanweienergy.com

    FORWARD LOOKING INFORMATION

    Certain information in this news release is forward-looking within the
meaning of certain securities laws, and is subject to important risks,
uncertainties and assumptions. This forward-looking information includes
information with respect to Hanwei's graduation from the TSX Venture Exchange
to the Toronto Stock Exchange, Hanwei's increased exposure to investors and
analysts in both the national and global capital, and Hanwei's efforts to
expand its international customer base and attract global business partners.
The forward-looking information in this news release describes Hanwei's
expectations as of the date of this news release. The results or events
anticipated or predicted in such forward-looking information may differ
materially from actual results or events. Material factors which could cause
actual results or events to differ materially from a conclusion in such
forward-looking information include Hanwei's inability to fulfill the TSX
requirements for listing. When relying on Hanwei's forward-looking information
to make decisions, investors and others should carefully consider the
foregoing factors and other uncertainties and potential events. Hanwei
cautions that the foregoing list of material factors is not exhaustive and is
subject to change. For additional information with respect to certain of these
and other factors, refer to the risk factors section of Hanwei's Annual
Information Form dated July 10, 2007 filed with Canadian securities
regulators, which is available on SEDAR at www.sedar.com.

    THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS NEWS RELEASE REPRESENTS
THE EXPECTATIONS OF HANWEI AS OF THE DATE OF THIS NEWS RELEASE AND,
ACCORDINGLY, IS SUBJECT TO CHANGE AFTER SUCH DATE. HOWEVER, HANWEI EXPRESSLY
DISCLAIMS ANY INTENTION OR OBLIGATION TO UPDATE OR REVISE ANY FORWARD-LOOKING
INFORMATION, WHETHER AS A RESULT OF NEW INFORMATION, FUTURE EVENTS OR
OTHERWISE, EXCEPT AS REQUIRED BY APPLICABLE LAW.





For further information:

For further information: Kim Oishi, Senior Vice President, Finance and
Business Development, Telephone: (416) 804-9228, koishi@hanweienergy.com;
Kevin O'Connor, Investor Relations, Telephone: (416) 962-3300,
ko@spinnakercmi.com

Organization Profile

HANWEI ENERGY SERVICES CORP.

More on this organization


Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890