Hanwei Energy Services Corp.
TSX : HE

Hanwei Energy Services Corp.

February 22, 2011 08:00 ET

Hanwei Energy Receives Additional Rmb70 Million (C$10.6M) Payment From Wind Farm Customers

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 22, 2011) - Hanwei Energy Services Corp. (TSX:HE) ("Hanwei" or the "Company"), today announced that it has received a payment of Rmb70 million (C$10.6 million) from its wind farm customers. The Company had previously received a payment of Rmb79 million (C$12.0 million) in December 2010.

The Company had an outstanding accounts receivable of Rmb180 million (C$27.5M) due from its wind farm customers and the amount was fully written down as of March 31, 2010. Hanwei will continue its efforts to collect the remainder of the outstanding receivable from the wind farm customers.

From the proceeds of the abovementioned wind farm customers' payment the Company also completed the repayment of a RMB50 million loan (C$7.6 million) with the Agricultural Development Bank of China.

About Hanwei Energy Services Corp.

Hanwei Energy Services Corp. is the leading Chinese manufacturer of high pressure, fiberglass reinforced plastic ("FRP") pipe products and associated technologies and services for the international oil and gas sector. Hanwei serves major energy customers in the Chinese and global energy markets.

FORWARD-LOOKING INFORMATION

Certain information in this press release that is not current or historical factual information may constitute forward-looking information within the meaning of certain securities laws, and is subject to important risks, uncertainties and assumptions. 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. Material factors or risks which could cause actual results or events to differ materially from a conclusion in such forward-looking information include the risks that the Company is unable to address the warranty repairs for defective products, the sales of FRP pipe products will not stabilize, the Company is unable to make deliveries of FRP pipe products in Kazakhstan and the Middle East, the Company will not be able to repay its short-term loans or to have such loans renewed, the industries in which the Company operates will not recover, the Company's business segments will not experience expected growth in the near future, the Company may not be able to fulfill its sales orders, the Company is unable to reposition or downsize its wind power business, the Company is not able to meet its capital and financing needs, the creditworthiness of the Company's customers deteriorates and the Company is unable to collect on outstanding accounts receivable, as well as the risks set out in the risk factors section of the Company's Annual Information Form dated June 29, 2010 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.

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