CF Energy Corp. (TSX-V: CFY) (“CF Energy” together with its subsidiaries, the “Group”), a leading clean energy service provider in the People’s Republic of China (the ”PRC” or “China”) wishes to provide an update on the following:
MEISHAN PROJECT RECEIVES NATURAL GAS QUOTA
In the fourth quarter of 2024, CF Energy received formal letter of approval from the PetroChina Company Limited’s Southwest Oil & Gasfield Subsidiary (“PetroChina”) to receive a gas consumption quota of 20 million cubic meters per year for its Meishan project in the Meishan City, Sichuan Province, the PRC. The approval includes permission to connect the Company’s Meishan project natural gas pipeline with the pipeline of PetroChina.
Going forward, the pipeline connection will signify a significant reduction in cost to the Group for generating steam to serve the hub for manufacturers of drugs, supplements, medical equipment and other medical-related supplies in the Meishan New Economic Development Zone.
DAZE NATURAL GAS PIPELINE PROJECT UPDATE
The Company’s Daze Project is in the process of receiving necessary regulatory approval from local authorities regarding distribution station and routing planning site with many other key regulatory approvals having already been obtained.
APPOINTMENT OF NEW SECRETARY OF THE BOARD
Chair Lin of the Company has appointed Zhaoyu Wang (“Charles”) as the new Secretary of the Board in her stead. Charles has been with CF Energy for nine years involved in both the secretarial work of the board and the public company in Toronto as well as the various Company projects in China. Charles received his Bachelor’s in Business Administration from the Ivey Business School of Western University in Canada and his Master’s in Business Administration from Tsinghua University in Beijing, China.
