CFY CF Energy Corp

CF Energy Corp. (TSX-V: CFY) (the “Company”) is pleased to announce that in connection with the annual and special meeting of the Company’s shareholders (the “Meeting”), that was held virtually on December 23, 2022, the following voting results were obtained.

A total of 20,217,581 common shares representing 30.69% of the Company’s issued and outstanding common shares were voted in connection with the Meeting. Shareholders voted in favour of the election of the six director nominees as follows:

NOMINEE	VOTES FOR	% FOR	VOTES WITHHELD	% WITHHELD
Ann Siyin Lin	20,150,981	99.77%	46,100	0.23%
Wong Wai Keung, Frederick	20,079,981	99.42%	117,100	0.58%
Hui Cai	20,089,981	99.47%	107,100	0.53%
Yongbiao Ding	20,089,981	99.47%	107,100	0.53%
Dan Liu	20,079,981	99.42%	117,100	0.58%
Wencheng Zhang	20,079,981	99.42%	117,100	0.58%

Shareholders also voted in favour of the other items of business considered at the Meeting, being the re-appointment of Deloitte Touche Tohmatsu, as the Company’s auditors, and the approval of the Company’s new Long-Term Incentive Plan (“LTIP”).

The LTIP provides for broad-based equity awards to directors, officers, consultants and employees. The LTIP permits the granting of options, performance share units, restricted share units and/or deferred share units. The aggregate number of common shares of the Company to be reserved and set aside for issuance for option awards will not exceed 10% of the issued and outstanding common shares of the Company at the time of granting the award (on a non-diluted basis). The aggregate number of common shares of the Company to be reserved and set aside for issuance for non-option awards, will not exceed 6,588,515 common shares, representing 10% of the issued and outstanding common shares of the Company at the time of shareholder approval of the LTIP. The LTIP is subject to final approval by the TSX Venture Exchange (“TSXV”). A pre-liminary copy of the LTIP is available in the management information circular for the Meeting, which is available at www.sedar.com. A final version of the LTIP, incorporating any requested revisions by the TSXV, is available upon request from the Company following the Meeting.

About CF Energy Corp.

CF Energy Corp. (formerly Changfeng Energy Inc.), is a Canadian public company listed on the TSXV under the stock symbol “CFY”. It is an integrated energy provider and natural gas utility/distribution company in the People’s Republic of China (“PRC”). The Company strives to combine leading clean energy technology with natural gas usage to provide sustainable energy for its customer base in the PRC.

Contact Information

Frederick WongDirector of the Board(647) 313-0066fred.wong@changfengenergy.cn

Corporate Investment Relationsinvestor.relations@changfengenergy.cn

Charles WangExecutive Assistant to CEO & Chair of the Boardzhaoyu.wang@changfengenergy.cn

Mike LiuVP Capital Marketmike.liu@changfengenergy.cn

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”, “continue”, other similar words and/or the negatives thereof. No assurance is given that the plans, intentions or expectations or assumptions upon which these forward-looking statements are based will prove to be correct and the forward-looking statements included in this news release should not be unduly relied upon. Though management believes that the expectations outlined in such forward-looking statements are reasonable, there can be no assurance that such expectations will materialize. Such-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 deviate materially from the anticipated results, performance or achievements or developments expressed or implied by such forward-looking statements. These factors include, without limitation, 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 these 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 neither constitutes an offer to sell nor a solicitation of offers to buy any of the securities described herein. Accordingly, undue reliance should not be placed on its contents.

Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.