CF Energy Business Update

TORONTO, Dec. 21, 2020 (GLOBE NEWSWIRE) -- CF Energy Corp. (TSX-V: CFY) (“CF Energy” or the “Company”, together with its subsidiaries, the “Group”), a leading new energy service provider in the People’s Republic of China (the ”PRC” or “China”) announces the following update on its principal projects under development:

Haitang Bay Integrated Smart Energy Project
The Group has been informed by its supplier that the delivery of some of the key equipment sourced from Europe to the Group for its integrated smart energy project in Haitang Bay (the “Integrated Smart Energy Project”) may be delayed, due to the impact of Covid-19 pandemic. As a result of the unforeseen delay in equipment delivery and despite the construction work of the project which is on schedule to date, the Company is forced to adjust the operation starting time towards early Q3 of 2021 instead of the previously announced time of Q1 of 2021. As Covid-19 pandemic continues to strike the world before vaccination takes its full effect, any such unexpected impact may cause further delay to the revised timeline. In spite of such a setback, management will continue to work closely with the project partners to move the project forward as fast as possible, and provide timely update(s) on progress to shareholders of the Company as and when required.

Meishan Smart Energy Project
With the preparation work for the construction of the smart energy project in Meishan (the “Meishan Smart Energy Project”) being on schedule as planned, operation of the project is scheduled to commence in January 2021.

EV Battery Swap Business Station
The second electrical vehicle battery swap station (the “EV Battery Swap Station”) in Sanya City has been assembled with testing and adjustment work being carried out at present, and scheduled for operation to begin within the first week in January 2021. This will complement the first station which became operational in July 2020 in Sanya City. For the first EV Battery Swap Station in Zhuhai City, the co-operating agreement for the procurement of the land has been signed and the station is planned to start operation by the third week of January 2021. The timing of the development of the first EV Battery Swap Station in Haikou will be determined in due course.

About CF Energy Corp. (Previously known as: Changfeng Energy Inc.)
CF Energy Corp. is a Canadian public company currently traded on the Toronto Venture Exchange (“TSX-V”) under the stock symbol “CFY”. It is an integrated energy provider and natural gas distribution company (or natural gas utility) in the PRC. CF Energy strives to combine leading clean energy technology with natural gas usage to provide sustainable energy to its customer base in the PRC.

CONTACT INFORMATION

Corporate Investment Relations
Investor.relations@changfengenergy.cn

Charles Wang
Executive Assistant to CEO & Chair of the Board
zhaoyu.wang@changfengenergy.cn

Frederick Wong
Director of the Board
fred.wong@changfengenergy.cn

Mike Liu
VP Capital Market
mike.liu@changfengenergy.cn

Forward-Looking Statements

Certain statements contained in this news release constitute forward-looking statements and forward-looking information (collectively, “Forward-Looking Statements”). All statements, other than statements of historical fact, included or incorporated by reference in this document are Forward-Looking Statements, including statements regarding activities, events or developments that the Company expects or anticipates may occur in the future. These Forward-Looking Statements can be identified by the use of forward-looking words such as “will”, “expect”, “intend”, “plan”, “estimate”, “anticipate”, “believe” or “continue” or similar words or the negative thereof. No assurance can be given that the plans, intentions or expectations or assumptions upon which these Forward-Looking Statements are based will prove to be correct and such Forward-Looking Statements included in this news release should not be unduly relied upon. Although management believes that the expectations represented in such Forward-Looking Statements are reasonable, there can be no assurance that such expectations will prove to be correct. Such Forward-Looking Statements are not a guarantee of performance and involve known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, performance or achievements to differ materially from the anticipated results, performance or achievements or developments expressed or implied by such Forward-Looking Statements. These factors include, without limitation, no significant and continuing adverse changes in general economic conditions or conditions in the financial markets. Readers are cautioned that all Forward-Looking Statements involve risks and uncertainties, including those risks and uncertainties detailed in the Corporation’s filings with applicable Canadian securities regulatory authorities, copies of which are available at www.sedar.com. The Company urges readers to carefully consider those factors. The Forward-Looking Statements included in this news release are made as of the date of this document and the Company disclaims any intention or obligation to update or revise any Forward-Looking Statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities legislation. This news release does not constitute an offer to sell or solicitation of an offer to buy any of the securities described herein and accordingly undue reliance should not be put on such.

Neither 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.