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IN THE UNITED STATES/
VANCOUVER, March 7 /CNW/ - Hanwei Energy Services Corp. ("Hanwei" or the
"Company") announces that it will hold its annual general meeting of
shareholders on Thursday, May 31, 2007 in Vancouver, British Columbia.
The following current directors will be nominated at the annual meeting
as directors for the ensuing year: Fulai Lang, Joanne Yan, Qingyu Zhang and
Xinduo Yu. In addition William L. Cooke and William G. Paine will be nominated
to join the Board of Directors as independent directors.
Mr. Cooke recently retired as Chief Executive Officer of MD Private
Trust, an investment and wealth management firm with $3 billion in assets
under management. He has more than 10 years' of wide-ranging board experience,
including acting as lead director and audit committee chair for Galleon Energy
Inc. (GO.A: TSX), a leading junior oil and gas company.
Mr. Paine is currently Managing Director at Terasen International Inc.,
an international subsidiary of Terasen Inc. He is a director of Impax Energy
Services Income Trust (MPX.UN: TSX) and has been a director of several
international energy companies and joint ventures and has in-depth industry
The Company also announces that it has formalized its arrangements with
Fulai Lang, the Company's Chief Executive Officer, in a formal employment
agreement. In addition, it has engaged: Kim Oishi as Vice-President, Finance
and Business Development, reporting to Mr. Lang, to be effective April 30,
2007; Yucai Huang as Chief Financial Officer, reporting to Mr. Lang in China
and to Mr. Oishi in Canada, to be effective April 30, 2007; and, Qingyu Zhang,
as Director of Trading, effective January 1, 2007. Previously, Mr. Huang held
the position of Senior Finance Manager for The Pepsi Bottling Group (Canada)
and Manager of Financial Planning, for Schering-Plough Canada. Mr. Huang holds
a CGA designation and has obtained an MBA degree from the Richard Ivey School
of Business. Until April 30, 2007, Mr. Oishi will continue to serve as CFO of
Finally, Stephen Wortley, legal counsel to the Company, will fill the
administrative role of Corporate Secretary of the Company.
The annual general meeting will also confirm the appointment of Ernst &
Young LLP as the Company's auditors in place of MacKay LLP, a change that
occurred as a result of the acquisition of Daqing Harvest Longwall High
Pressure FRP Pipe Co. Ltd. by the Company.
Further to the Company's press release on February 27, 2007, the Company
estimates that it will require approximately $9 million in working capital in
connection with its expansion of production and for start up and inventory, as
well as approximately $1 million for research and development.
THE TSX VENTURE EXCHANGE NEITHER APPROVED NOR DISAPPROVED THE CONTENTS OF
THIS PRESS RELEASE.
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,
among other things, information with respect to management's estimates of
capital requirements, 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 in this news release describes the Company's
expectations as of March 7, 2007.
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, forecast or projection in such forward-looking information
include, among others: general economic factors, adverse industry events, its
ability to make and integrate acquisitions, industry and government
regulation, risks associated with integrating new production lines, risks
associated with entering new product lines and markets, risks associated with
establishing new production facilities and the potential for costs over-runs
or delays associated with construction, risks that the Company may be unable
to procure needed capital for its growth plans and risks that the Company may
not be able to obtain licenses for technology needed for its expansion plans
on terms that are acceptable to the Company.
The Company cautions that the foregoing list of material factors is not
exhaustive. When relying on the Company's forward-looking information to make
decisions, investors and others should carefully consider the foregoing
factors and other uncertainties and potential events. The Company has assumed
a certain progression, which may not be realized. It has also assumed that the
material factors referred to in the previous paragraph will not cause such
forward-looking information to differ materially from actual results or
events. However, the list of these factors is not exhaustive and is subject to
change and there can be no assurance that such assumptions will reflect the
actual outcome of such items or factors. For additional information with
respect to certain of these and other factors, refer to the risks and
uncertainties section of the Company's Filing Statement dated November 23,
2006 and filed with Canadian securities regulators.
THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS NEWS RELEASE REPRESENTS
THE EXPECTATIONS OF HANWEI ENERGY SERVICES CORP. AS OF MARCH 7, 2007 AND,
ACCORDINGLY, IS SUBJECT TO CHANGE AFTER SUCH DATE. HOWEVER, THE COMPANY
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, Chief Financial Officer, (416)