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Published on April 26, 2024 • 5 minutes reading
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TORONTO, April 26, 2024 (GLOBE NEWSWIRE) — CF Energy Corp. (TSX-V: CFY) (“CF Energy” or the “Company”, together with its subsidiaries, the “Group” or “China”), a leading clean energy service provider in the People’s Republic of China (the “PRC”) ) would like to report on the current status of the following:
Integrate electrochemical storage technology into Energy Solutions Services
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In the first quarter of 2024, CF Energy successfully integrated electrochemical storage technology into its battery swap station, which will help reduce battery swap station service costs and further reduce the carbon footprint of operations.
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CF Energy has signed a memorandum of understanding to jointly invest in regional electrochemical energy storage and peak sharing stations
CF Energy has signed a memorandum of understanding with the Zi Gong District Government, Gongjin, Sichuan Province, to jointly plan to invest in regional electrochemical energy storage and peak sharing stations (virtual power plants), as well as industrial and commercial energy storage projects, and the construction of regional energy storage stations and industrial and commercial energy storage systems. Based on actual conditions such as urban planning, land use, power grid structure and market demand, a site plan for regional energy storage stations as well as industrial and commercial energy storage facilities is created.
Purchase of biogas
In the first quarter of 2024, CF Energy signed a letter of intent to purchase biogas to further decarbonize its overall natural gas distribution business.
RMB 36 million loan repayment agreement dispute
The Company would like to update on the status of its efforts to enforce its rights under the terms of the Loan Repayment Agreement dated May 25, 2017 between the Company, Sanya Changfeng Offshore Natural Gas Supply Co., Ltd. (“CF China”) and Sanya Changfeng Offshore Natural Gas Supply Co., Ltd. (“CF China”) inform Mr. Huajun Lin (“Mr. Lin”) requests that Mr. Lin’s estate (the “Estate”) be priced in an aggregate amount of RMB 36,000,000 in common shares of the Company (the “Investment”) of C invests $0.68 (this is the 30-day volume weighted average trading price of the Company’s common stock prior to June 28, 2019).
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On June 21, 2021, the Company, together with CF China, filed a contract dispute lawsuit (the “Claim”) against the Estate in the Sanya Intermediate People’s Court, Sanya City, Hainan Province, China (the “Sanya Court”) to enforce the Lawsuit Execution of the loan redemption agreement and the investment. The Sanya court declined to assume jurisdiction over the dispute. The company appealed this decision to the Hainan Provincial Higher People’s Court, which dismissed the company’s appeal on September 5, 2022. The company applied for a retrial based on new evidence, and this application was rejected on February 24, 2023. On October 30, 2023, the company filed the lawsuit in the Sanya Suburban People’s Court. The lawsuit was dismissed by the Sanya Suburban People’s Court on December 7, 2023.
A beneficiary of the estate (Mingfei He) applied to the court in China for the distribution of certain funds from the estate. The court approved the distribution of the funds to Mingfei He and other beneficiaries. The Company may evaluate its options to compel the return of all funds distributed to the estate’s beneficiaries so that the estate can comply with the loan discharge agreement. If reasonable options are not available to the Company, the Company will not pursue enforcement of the Loan Waiver Agreement.
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About CF Energy Corp. (formerly known as: Changfeng Energy Inc.)
CF Energy Corp. is a Canadian public company trading on the Toronto Venture Exchange (“TSX-V”) under the symbol “CFY”. It is an integrated energy supplier and natural gas supplier/distributor in the People’s Republic of China. CF Energy is committed to combining leading clean energy technology with the use of natural gas to provide sustainable energy to its customer base in the PRC.
CONTACT INFORMATION
Business investment relationships
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Charles Wang
Assistant to the CEO and Chairman of the Board
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Frederick Wong
Director of the Board
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Mike Liu
Vice President Capital Markets
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Forward-Looking Statements
Certain statements contained in this press release constitute forward-looking statements and forward-looking information (collectively, “forward-looking statements”). All statements other than statements of historical fact contained or incorporated by reference in this document are forward-looking statements – including statements regarding activities, events or developments that the Company anticipates or expects to 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,” “continue.” other similar words and/or their negations. There can be no assurance that the plans, intentions, expectations or assumptions on which these forward-looking statements are based will prove to be correct, and undue reliance should not be placed on the forward-looking statements contained in this press release. Although management believes that the expectations reflected in such forward-looking statements are reasonable, there can be no assurance that such expectations will materialize. Such statements are not guarantees of performance and are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause actual results, performance or achievements to differ materially from any anticipated results, performance or achievements or developments expressed or implied expressed by such forward-looking statements. These factors include, but are not limited to, significant and persistent adverse changes in general economic or financial market conditions. Readers are cautioned that all forward-looking statements involve risks and uncertainties, including the risks and uncertainties set forth in the Company’s filings with applicable Canadian securities regulatory authorities. Copies thereof are available at www.sedarplus.ca. The Company urges readers to consider these factors carefully. The forward-looking statements contained in this press release are made as of the date hereof 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. unless expressly required by applicable securities laws. This press release does not constitute an offer to sell or a solicitation of offers to buy the securities described herein. Accordingly, undue reliance should not be placed on its contents.
Neither the 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.
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