Quantcast

See headlines for CFY
View Print Version
More from GlobeNewswire

CF Energy Announces Hainan Island Policy Updates Signal Opportunities for Growth

By GlobeNewswire,  May 16, 2019, 09:00:00 AM EDT


TORONTO, May 16, 2019 (GLOBE NEWSWIRE) -- CF Energy Corp., (TSX-V:CFY) ("CF Energy" or the "Company", together with its subsidiaries, the "Group"), an energy provider in the People's Republic of China (the "PRC"), is pleased to announce the following policy updates for the Hainan island that signals for more growth opportunities for the Company in the Hainan island:

Clean Energy Island of Hainan

The General Office of the Central Committee of the Communist Party of China and the General Office of the State Council issued the Implementation Plan for the National Clean Energy Pilot Zone of Hainan.  It outlines the plan to build Hainan into a clean energy island and accelerate the construction of a safe, green, and efficient clean energy supply system.  The plan calls for vigorously promote "cutting coal and reducing oil" and gradually accelerating the replacement of clean energy for coal-fired units.  By 2020, enterprise-owned coal-fired units will be phased out, and all small coal-fired boilers with 35 steam tons/hour or less will be eliminated within the cities and counties.  The large-scale application of renewable energy can be realized by combining new energy storage technologies such as smart grid, modern rural power grid construction, micro-grids, energy storage and cooling technology.

Clean Energy Vehicles

According to the Hainan New Energy Vehicles Development Plan, Hainan will speed up the promotion of clean energy vehicles and has set specific targets and outlined a road map, becoming the first province to unveil such a timeline.  By 2020, all vehicles added or replaced in the public service sector, including government vehicles and buses, will use clean energy.  New and replaced rental cars and vehicles used for postal service and logistics will be required to use new energy.  Automobiles used for sanitation, tourist transport and urban-rural passenger transit will be replaced by clean energy vehicles by 2025, according to the plan.  It said a greater proportion of newly licensed private passenger cars will be new energy vehicles, with a 10 percent increase every year, eventually reaching 80 percent by 2025.  Sales of gasoline-fueled automobiles will be banned throughout the province by 2030.

Sanya Business Environment Ranks 49 Globally

"Sanya Business Environment Assessment Report - Based on the World Bank Business Environment Report 2019 Indicator System" is a third-party assessment report compiled by Deloitte China, which adopts the internationally recognized World Bank standardized case scenario and business environment convenience score system, combs and evaluates Sanya City's effectiveness and development of business environment construction, and its position in the international arena and the direction of future reform, in a quantitative and qualitative way. Based on the survey interviews and questionnaire feedback, Sanya's business environment score is 73.43, which ranks about 49 in the global simulated comprehensive ranking. Among the ten dimensions of business environment, evaluation of the overall performance of Sanya is excellent.

Sources:

Chinese National Energy Administration: https://mp.weixin.qq.com/s/eGYyBESKIIFFG1qsoUfMEg

China Daily: http://www.chinadaily.com.cn/a/201903/07/WS5c80555ca3106c65c34ed316.html

Sanya Daily News: https://mp.weixin.qq.com/s/jO425eopnmsq5grFKelhPw

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. In 2009, CF Energy was recognized as being one of China's the Top Ten Most Influential Brands in the Natural Gas Industry and in 2019, ranked amongst the 2019 TSX Venture 50 top performers on the TSXV for the 2018 year.

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

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.

Source: CF Energy Corp.

This article appears in: News Headlines

Referenced Stocks: CFY










Today's Market Activity

NASDAQ 7723.33
-92.95  ▼  1.19%
DJIA 25701.97
-62.03  ▼  0.24%
S&P 500 2847.83
-11.70  ▼  0.41%
Data as of May 20, 2019 | 10:48AM