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Hanwei Energy Receives Rmb 30 Million (C$4.8 Million) Payment for Sale of Wind Power Inventory

Jan 15 2013 12:00AM

Marketwire

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VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 01/15/13 -- Hanwei Energy Services Corp. (TSX: HE) ("Hanwei" or the "Company") today announced that it has received a payment of Renminbi ("Rmb") 30 million (C$4.8 million) in regards to the sale of its inventory from its discontinued wind power business. This payment is in addition to the approximately Rmb 45.3 million (C$7.2 million) that was previously received under an existing agreement ("Agreement") for the sale of the Company's wind power business inventory for total value of Rmb 93.6 million (C$14.9 million) as previously disclosed. The remaining balance to be paid pursuant to the Agreement is approximately Rmb 18.3 million (C$2.9 million).

The Company continues to effectively manage its debt facilities. From the aforementioned funds received the Company has fully repaid a bank loan with principal amount of Rmb 30 million (C$4.8 million) that was due to mature on January 23, 2013. Following this loan repayment the principal amount of the Company's total bank loans is approximately $16.8 million (as compared to $24.5 million as at December 31, 2011).

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.

www.hanweienergy.com

FORWARD-LOOKING INFORMATION

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.



Contacts:
Hanwei Energy Services Corp.
Graham Kwan
Executive Vice President, Strategic Development and
Corporate Affairs
604-685-2239 x108
gkwan@hanweienergy.com

Hanwei Energy Services Corp.
Yucai (Rick) Huang
Chief Financial Officer
604-685-2239 x106
yhuang@hanweienergy.com
www.hanweienergy.com





Source: Marketwire