From the Wires
Hanwei Energy Confirms New Pipe Order of $4.6 Million
By: Marketwired .
Feb. 4, 2013 05:38 PM
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 02/04/13 -- Hanwei Energy Services Corp. (TSX:HE) ("Hanwei" or the "Company"), today announced that it has been awarded a new order of approximately $4.6 million for the supply of the Company's high pressure, glass reinforced epoxy pipes and fittings to a client in Kazakhstan. At least one quarter of this order is expected to be produced and shipped within the Company's current 2013 Fiscal Year (ending March 31, 2012).
As of the date of this press release the Company has confirmed sales orders of approximately $18 million. This is inclusive of the abovementioned new Kazakhstan order and in addition to the $13.2 million of revenue recognized as at September 30, 2012.
For reference the Company's revenue in its previous 2012 Fiscal Year was $27.7 million. Hanwei will hold a conference call at 1:00PM EST on Thursday, February 7, 2013 to discuss its financial results for the third quarter ended December 31, 2012.
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.
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.
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