Hanwei Energy Receives Additional RMB10 Million (C$1.6M) Payment from Wind Farm Customers; Provides Update on Bank Loan Facilities

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 29, 2012) - Hanwei Energy Services Corp. (TSX:HE) ("Hanwei" or the "Company"), today announced that it has received a further payment of RMB10 million (C$1.6 million) from its wind farm customers. Hanwei will continue its efforts to collect the remainder of the outstanding receivable from the wind farm customers of RMB63.5 million (C$10.2 million). The full amount of these receivables was previously allowed for.

From the proceeds of the above mentioned wind farm customers' payment, together with cash on hand, the Company has paid down approximately RMB20 million (C$3.2 million) of the RMB50 million loan (C$8.0 million) with the Daqing Longjiang Bank that matured at the end of March 2012. A new loan has also been put in place for a principal amount of RMB30 million (C$4.8 million) with interest rate of 9.3% maturing on January 23, 2013.

About Hanwei Energy Services Corp.

Hanwei Energy Services Corp. is a leading manufacturer of high pressure, fiberglass reinforced plastic ("FRP") 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.

www.hanweienergy.com

FORWARD-LOOKING INFORMATION

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 20, 2011 and Management Discussion and Analysis for the period ending March 31, 2011 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.