Hanwei Delays Filing Financial Statements
Vancouver, BC, April 1, 2008. Hanwei Energy Services Corp. ("Hanwei" or the "Company") today announced that its audited financial statements for the fiscal year ended December 31, 2007 will not be filed on the prescribed date required under Canadian securities regulations. The filing delay is necessary to provide the Company's auditors, Deloitte & Touche, additional time to review materials submitted by the Company in connection with tax allowances and in relation to certain internal control procedures. Currently, Hanwei expects that such review will be completed by Wednesday, April 2. The Company's conference call, scheduled for 2:00 p.m. on April 1, 2008, has been cancelled and will be rescheduled once the Company has received notification from its auditors in relation to the timing for the delivery of the audit report.
If Hanwei determines that the filing delay could extend beyond April 2, Hanwei will make an application to the Canadian Securities Regulators as provided under the Canadian Securities Act Staff Notice 57-301 and the Ontario Securities Commission (OSC) Policy 57-603. If issued, a management cease-trade order would be invoked barring certain of the Company's insiders from trading Hanwei shares until the financial statements are filed. The cease trade order, if issued, would apply to the Company's insiders only. Should Hanwei fail to file the audited yearend financial statements by May 31, 2008, the Canadian Securities Regulators may impose a cease trade order on all trading of the Company's shares until the financial statements are filed.
About Hanwei Energy Services Corp.
Hanwei Energy Services Corp. provides high value products and services for the energy sector in China and the Asia region. Hanwei serves its major energy customers through manufacturing facilities in China, producing products for the oil, coal power and wind power industries. Hanwei is focusing on providing products and services that address the growing need for improved energy efficiency and environmental protection in China and the Asia region. www.hanweienergy.com.
For more information please contact:
Kim Oishi, Senior Vice President of Finance and Business Development
416-804-9228
koishi@hanweienergy.com
Or
Kevin O'Connor, Investor Relations
416-962-3300
koconnor@genoa.ca
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 information with respect to Hanwei's graduation from the TSX Venture Exchange to the Toronto Stock Exchange, Hanwei's increased exposure to investors and analysts in both the national and global capital, and Hanwei's efforts to expand its international customer base and attract global business partners. The forward-looking information in this news release describes Hanwei's expectations as of the date of this news release. 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 in such forward-looking information include Hanwei's inability to fulfill the TSX requirements for listing. When relying on Hanwei's forward-looking information to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. Hanwei cautions that the foregoing list of material factors is not exhaustive and is subject to change. For additional information with respect to certain of these and other factors, refer to the risk factors section of Hanwei's Annual Information Form dated July 10, 2007 filed with Canadian securities regulators, which is available on SEDAR at www.sedar.com.
THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS NEWS RELEASE REPRESENTS THE EXPECTATIONS OF HANWEI AS OF THE DATE OF THIS NEWS RELEASE AND, ACCORDINGLY, IS SUBJECT TO CHANGE AFTER SUCH DATE. HOWEVER, HANWEI 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.
