VANCOUVER, Dec. 20 /CNW/ - Hanwei Energy Services Corp. ("Hanwei") is
pleased to announce that has commenced commercial production of FRP
(fibreglass reinforced plastic) wind power blades pursuant to its agreement
with Daqing Deta Electric Co. Ltd. ("Deta") to provide RMB 1.7 billion
($232 million) of wind power equipment over three years.
Hanwei announced on June 1, 2007, that it had signed an agreement with
Deta that includes an initial order to supply approximately RMB 200 million
($27.2 million) worth of wind power products and an expression of intent to
place additional orders with Hanwei for wind power products in the amount of
RMB 600 million ($81.7 million) in 2008 and RMB 900 million ($122.6 million)
in 2009, subject to satisfactory completion by Hanwei of the 2007 order. The
initial order is for Hanwei to manufacture and deliver to Deta various wind
power products, including 20 turbines, 20 blade sets and 30 towers. Under an
amended delivery schedule, Hanwei has agreed to deliver 4 turbines and 10
blade sets and all 30 of the towers by December 31, 2007, with the balance of
the initial order due by March 31, 2007. Hanwei will provide an update on
actual deliveries in January 2007.
The 37.5-meter pitch rotor blades have a 1.5 megawatt capacity and
leverage Hanwei's core expertise in FRP manufacturing. Hanwei has completed
tests on the blades under international standards, including tests for
strength and hardness, blade surface quality control, quality distribution,
natural frequency and damping.
"With the commencement of commercial production of FRP wind blades, we
now provide products for the oil, clean coal and wind power sectors. These
sectors have tremendous growth opportunities driven by China's growing demand
for energy and government policies mandating and supporting the implementation
of more efficient and environmentally friendly technologies," said Fulai Lang,
president and CEO of Hanwei, "The China market for wind power equipment is
estimated at over C$30 billion to meet China's target of 30,000 megawatts by
2020. Our success to date in the wind power sector puts Hanwei in position to
leverage our existing relationships to win additional contracts in this
rapidly growing sector. To further enhance our wind power capabilities, we
intend to capitalize on our partnership with Deta, as well acquire and license
additional wind power technology and expertise, with the goal of adding at
least one major customer in 2008,"
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.
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, firstname.lastname@example.org;
Kevin O'Connor, Investor Relations Telephone: (416) 962-3300