VANCOUVER, April 28 /CNW/ - Hanwei Energy Services Corp. ("Hanwei" or the "Company") announced today that it has received conditional approval from the Toronto Stock Exchange ("TSX") for its previously announced non-brokered private placement offering of up to 10,000,000 common shares in the capital of the Company at a price of $0.35 per share for gross proceeds of $3.5 million (the "Offering") (see the Company's news release dated April 19, 2010). The Company expects the Offering to be completed on or after May 3, 2010 as it is expected that the subscribers will be able to fund immediately and no shareholder approval will be required. The Company will benefit from having the proceeds available as early as possible to fund the Company's upcoming obligations under its joint venture with Ershigs Inc. (Hanwei Ershigs), and for operating costs and general working capital. The completion of the Offering is subject to final TSX approval.
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
Certain information in this press release is forward-looking within the meaning of certain securities regulations, and is subject to important risks, uncertainties and assumptions. This forward-looking information includes, among other things, information with respect to the private placement offering of Shares, the terms and use of proceeds of the Offering, the subscription by Mr. Fulai Lang and any other insiders under the Offering, as well as information with respect to the Company's beliefs, plans, expectations, anticipations, estimates and intentions. 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. The forward-looking information is based on certain assumptions, which could change materially in the future, including the assumption that the Offering will be completed on the terms and conditions as disclosed, that regulatory approval will be obtained and no shareholder approval will be required, and that the proceeds will be used for the purposes disclosed. The forward-looking information in this press release describes the Company's expectations as of the date of this press release. Material factors or risks which could cause actual results or events to differ materially from a conclusion in such forward-looking information include the risk that the Company may not be able to complete the Offering or the Offering may be completed on substantially revised terms and conditions; the Offering may be subject to shareholder approval and such approval may not be obtained; the Company may not be able to obtain the necessary regulatory approvals or such approvals may be subject to conditions that are unacceptable to the Company; the proceeds of the Offering may be used for other purposes than as disclosed; Mr. Lang and other insiders may not subscribe or complete his subscription, as well as the risks set out in the risk factors section of Hanwei's Annual Information Form dated March 31, 2009, and the Company's press releases filed subsequent thereto, all 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.
SOURCE HANWEI ENERGY SERVICES CORP.
For further information: For further information: Yucai (Rick) Huang, Chief Financial Officer, Telephone: (604) 685-2239, firstname.lastname@example.org; Kevin O'Connor, Investor Relations, Telephone: (416) 962-3300, email@example.com