Hanwei Energy Services Corp.
TSX : HE

Hanwei Energy Services Corp.

October 29, 2014 17:05 ET

Hanwei Energy Confirms New Canadian Pipe Order of $4.1 Million

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Oct. 29, 2014) - Hanwei Energy Services Corp. (TSX:HE) ("Hanwei" or the "Company") today announced that it has been awarded a new $4.1 million order, placed by an existing Canadian client, for the supply of the Company's high pressure, glass reinforced epoxy pipes and fittings.

This is the fourth order that the Company has confirmed in its Canada market, which now total approximately $5.3 million of pipe delivered or ordered over the last twelve months. The Canadian market now represents a new growth market for the Company's sales activities that widens the geographic distribution of its pipe sales. These Canadian market orders are for the Company's high-pressure 3", 4" and 6" diameter flow line products. Of these Canadian orders approximately 20 kilometers of Hanwei's high-pressure pipe is installed and operational. This includes installations with one of Canada's major oil and gas companies.

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. Ongoing orders placed with existing clients, together with the endorsement of the Company with initial orders from new clients, continue to evidence the superior operating strengths of the Company's pipe products.

About Hanwei Energy Services Corp.

Hanwei Energy Services Corp.'s principal business operations are in two complementary key segments of the oil and gas industry as both an equipment supplier to the industry (as a leading manufacturer of high pressure, fiberglass reinforced plastic ("FRP") pipe products and associated technologies serving major energy customers in the global energy market) and as an operator of its producing oil and gas mineral rights at its Leduc Lands in Alberta.

Neither the TSX nor its Regulation Services Provider (as that term is defined in the policies of the TSX) accepts responsibility for the adequacy or accuracy of this release.

FORWARD-LOOKING INFORMATION AND NON-GAAP MEASURES

Certain information in this press release is forward-looking within the meaning of certain securities laws, and is subject to important risks, uncertainties and assumptions a description of which is set out in the risk factors section of the Company's Annual Information Form dated June 20, 2014 and Management Discussion and Analysis for the year ended March 31, 2014 both of which are filed with Canadian securities regulators and available on SEDAR at www.sedar.com. The forward-looking information in this press release describes the Company's expectations as of the date of this press release.

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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