VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 01/11/13 -- Hanwei Energy Services Corp. (TSX: HE) ("Hanwei" or the "Company"), today announced that it has been awarded a new $3.9 million order, placed by an existing Kazakhstan client, for the supply of the Company's high pressure, glass reinforced epoxy pipes and fittings.
The Company has previously announced revenues of $13.2 million for the six month period ending September 30, 2012. As of the date of this press release the Company has confirmed sales orders of approximately $13 million; inclusive of the abovementioned new Kazakhstan order and in addition to the revenues recognized as at September 30, 2012. These orders are expected to be produced and shipped within the Company's current fiscal year ending March 31, 2013.
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.
This ongoing order to Kazakhstan in the Company's Middle Asia market represents a well established region of the Company's sales activities serving to grow the geographic distribution of its pipe sales globally.
In other international markets the Company has recently produced and shipped an initial order placed by Hindustan Dorr-Oliver to the Company's Middle East and Subcontinent market. As part of the process by this new client Hanwei's internal quality assurance, inspection and testing procedures were independently reviewed and approved by Toyo Engineering.
About Hanwei Energy Services Corp.
Hanwei Energy Services Corp. is a leading manufacturer of high and low pressure, fiberglass reinforced plastic pipe products and associated technologies and services for the international oil and gas, and infrastructure industries. Hanwei serves major energy customers in the Chinese and global energy markets.
The forward-looking information in this press release presents the Company's expectations as of the date of this press release and accordingly is subject to change after such date. Readers are cautioned that reference to "orders" hereto are not recognized under IFRS and should not be construed to be indicators of performance or purported to be an alternative to sales or any other financial measures under IFRS. 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.
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.
Hanwei Energy Services Corp.
Executive Vice-President, Strategic Development
and Corporate Affairs
Hanwei Energy Services Corp.
Yucai (Rick) Huang
Chief Financial Officer
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