Hanwei to Conduct Consolidation

Hanwei Energy Services Corp. (TSXV: HE.H) (the “Company” or “Hanwei”) announces that the Board of Directors of the Company approved a consolidation of the Company’s outstanding share capital on a ratio of ten (10) pre-Consolidation common shares for one (1) post-Consolidation common share (the “Consolidation”), and completion of the Consolidation remains subject to the acceptance of the TSX Venture Exchange. The effective date for the Consolidation is scheduled on Friday, October 21, 2022.

The decision was made by the Directors as it is believed that the Consolidation is in the best interests of the Company to reduce the number of outstanding common shares. The Company has 194,201,234 issued and outstanding pre-Consolidation common shares, following completion of the Consolidation, the Company is expected to have approximately 19,420,123 post-Consolidation common shares outstanding.

About Hanwei Energy Services Corp.

Hanwei’s principal business is the identification and evaluation of assets or businesses for future merger and acquisition.

For more information, please contact:Mary MaChief Financial [e-mail]

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) 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 July 8, 2022, and Management Discussion and Analysis for the year ended March 31, 2022 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.