TORONTO - 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, announces that the Company has filed its unaudited condensed interim consolidated financial results for the three-month and six-months period ended June 30, 2021.

Revenue in Q2 2021 was RMB86.2 million (approx. CAD16.6 million), an increase of RMB9.8 million (approx. CAD1.8 million), or 13%, from RMB76.4 million (approx. CAD14.8 million) for the three-month period ended June 30, 2020 ('Q2 2020'). The overall increase in revenue mainly reflected the general increase in sales volume with solid economic recovery since COVID-19 was under control.

Gross profit in Q2 2021 was RMB34.5 million (approx. CAD6.6 million), an increase of RMB7.1 million (CAD1.3 million) or 26% from RMB27.4 million (approx. CAD5.3 million) in Q2 2020. Overall Gross margin in Q2 2021 was 40.0%, an increase of 4.2 percentage point from 35.8% in Q2 2020

Statement from the Chair

We are very encouraged and please to report to our shareholders the respectable net profit from continuing operations for the first half of 2021 which will place us in a good position to achieve our targets for the 2021 year. With further implementation of the policy of the SYDRC to adjust the natural gas prices chargeable to our customers to take effect from September 1, 2021 and the abolishment of certain pipeline connection related service charges to our customers in Sanya, we expect to face more challenges for the 2021 year. We will continue to do our best to take advantage of the lowering of the natural gas price to explore opportunities to expand our natural gas distribution network and expand our footprint in the natural gas grid, continue with our cost control measures and placing more emphasis on the furtherance of our planned development of the integrated smart energy projects and the EV battery swap station business for sustained future growth and enhancement of return to our shareholders.

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.

TELE-CONFERENCE

A tele-conference will be held following the release of this press release and the results of the Group, details of which will be provided by way of a separate press release in due course.

Contact:

Charles Wang

Email: zhaoyu.wang@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 (including, without limitation, no significant adjustments to the gas selling price and charges for related services imposed by the relevant PRC government, the tourism industry continues to recover from COVID-19 impact and no delay in the development of the electric vehicle battery swap stations or the Haitang Bay Integrated Smart Energy Project). 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, tourism, and gas distribution and electric vehicle markets or delays in the development of key projects. Readers are cautioned that all Forward-Looking Statements involve risks and uncertainties, including those risks and uncertainties detailed in the Company'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. This news release contains future oriented financial information and financial outlook information (collectively, 'FOFI') (including, without limitation, statements regarding expected average production), and are subject to the same assumptions, risk factors, limitations and qualifications as set forth in the above paragraph. The FOFI has been prepared by management to provide an outlook of the Company's activities and results, and such information may not be appropriate for other purposes. The Company and management believe that the FOFI has been prepared on a reasonable basis, reflecting management's reasonable estimates and judgments, however, actual results of operations of the Company and the resulting financial results may vary from the amounts set forth herein. Any FOFI speaks only as of the date on which it is made, and the Company disclaims any intent or obligation to update any FOFI, whether as a result of new information, future events or results or otherwise, unless required by applicable laws.

(C) 2021 Electronic News Publishing, source ENP Newswire