Hanwei to Migrate Its Listing from the Toronto Stock Exchange to NEX

VANCOUVER, British Columbia, June 23, 2022 (GLOBE NEWSWIRE) -- Hanwei Energy Services Corp. HE ("Hanwei" or the "Company"), announces that it has received approval to list its common shares on the NEX division of the TSX Venture Exchange ("NEX"), having met the customary listing requirements of NEX, including the filing of all required documentation. The Company's common shares will be voluntarily delisted from the Toronto Stock Exchange ("TSX") effective at the close of trading on June 27, 2022 and will begin trading on NEX on June 28, 2022.

The decision to voluntarily delist the Company's common shares from the TSX and list on NEX was made by the board of directors of Hanwei subsequent to the sale of the undertaking of the Company and cessation of operations, because NEX provides listings for inactive issuers, and offers a cost-effective solution for the Company to maintain a listing of its common shares on an acceptable alternative trading market.

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 Ma
Chief Financial Officer
604-685-2239
mma@hanweienergy.com

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 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.