HE Hanwei Energy Services Corp

Hanwei Energy Services Corp. (TSX: HE) (“Hanwei” or the “Company”) today announced that it completed the sale of its wholly-owned Chinese subsidiary, Harvest Longwall High Pressure FRP Pipe Co., Ltd. (“Harvest”) to DaQing TUJIAO Trading Co., Ltd. (the “Purchaser”) after this sale transaction had been approved by the shareholders of the Company by special resolution on January 12, 2022. The considerations which the Company obtained for the sale of Harvest from the Purchaser was disclosed in the Company’s New Release issued on November 25, 2021.

Following the completion of the sale of Harvest which constituted the majority of the Company's assets, Hanwei acknowledges that it will no longer meet continued listing requirements and will be put under a delisting review by the TSX Exchange.

The board of directors of Hanwei expect to maintain shareholder liquidity through listing on an appropriate stock exchange, pending realization of a new business opportunity.

About Hanwei Energy Services Corp.

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

For more information, please contact:

Mary MaChief Financial Officer604-685-2239mma@hanweienergy.com

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.