Hanwei Announces Resignation of Director and Appointment of CEO

Hanwei Energy Services Corp. (TSX: HE)

 (“Hanwei” or the “Company”), today announced that Mr. Fulai Lang has resigned as a Director, Chairman of the Board, President and Chief Executive Officer of the Company effective February 15, 2022. The Company wishes to sincerely thank Mr. Lang for his contributions to the Company over the last fifteen years.

The Company also announced effective today the Company has appointed Ms. Joanne Yan, the Company’s independent director, as the Chairman of the Board and Ms. Mary Ma (CPA, CGA), the Company’s Chief Financial Officer and Corporate Secretary, as its Chief Executive Officer.

About Hanwei Energy Services Corp.

Hanwei’s principal business is the identification and evaluation of assets or businesses for future merger and acquisition after the sale of its oil & gas business and FRP pipe business.

For more information, please contact:

Mary MaChief Financial [e-mail]

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 24, 2021 and Management Discussion and Analysis for the year ended March 31, 2021 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.