Vision Energy (VENG) 8-K Results of Operations and Financial Condition

Exhibit 99.01

H/Cell Energy Reports FY2019 First Quarter Financial Results

Dallas, TX, May 16, 2019 (GLOBE NEWSWIRE) — H/Cell Energy Corporation (OTCQB-HCCC) (“HCCC”), a company that designs and implements clean energy solutions featuring hydrogen and fuel cell technology, has announced financial results for its first quarter ended March 31, 2019.

For the three months ended March 31, 2019, HCCC generated revenue of $1,704,273 and a net loss of $143,638 which includes $111,153 of non-cash charges that do not affect the cash flow performance or working capital of HCCC. This amounts to a $(0.02) per share loss. Comparatively, for the first quarter ended March 31, 2018, HCCC generated $1,726,324 and a net loss of $110,969 which included $53,001 of non-cash charges. This also amounted to a $(0.02) per share loss.

Andrew Hidalgo, CEO of HCCC, commented, “The first quarter is typically our slowest quarter of the year however, the subsidiaries were profitable and performed well. Excluding non-cash charges that do not affect the cash flow performance or working capital of HCCC, the company posted a small operational loss for the quarter due to among other corporate expenses, the cost of the year-end audit. The balance of the year projections are strong and we have increased our overall bid list from $27 million in the previous quarter to $33 million this quarter, which indicates that activity is rising. We believe our goal of maintaining consistent operational profitability, exclusive of non-cash charges, is within reach and we also believe that the market for advanced clean energy solutions continues to expand in opportunity due to lower cost and more efficient technology. Lastly, we feel our financial condition remains solid with $328,439 in cash and $3,659,042 in assets as of March 31, 2019. We look forward to delivering improved results in the quarters ahead.”

About H/Cell Energy Corporation:

H/Cell Energy Corporation is an integrator that focuses on the design and implementation of clean energy solutions including solar, battery, fuel cell and hydrogen generation systems. In addition, through its subsidiaries, HCCC also provides environmental systems and security systems integration. HCCC serves the residential, commercial and government sectors. Please visit our website atwww.hcellenergy.comfor more information.

Forward Looking Statements:

Certain statements in this press release are forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. These statements may be identified by the use of forward-looking words such as “anticipate,” “believe,” “forecast,” “estimate,” “expect,” and “intend,” among others. These forward-looking statements are based on current expectations and actual results could differ materially. H/Cell Energy Corporation does not undertake an obligation to update or revise any forward-looking statement. The information set forth herein speaks only as of the date hereof.

Contact:

H/Cell Energy Corporation

Investor Relations

3010 LBJ Freeway, Suite 1200

Dallas, Texas 75234

972-888-6009 USA

H/CELL ENERGY CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS

	March 31, 2019			December 31, 2018
		(Unaudited)			(Audited)
ASSETS
Current assets
Cash and cash equivalents	$	328,439		$	359,134
Accounts receivable		937,897			1,087,381
Prepaid expenses		18,772			16,282
Current right-of-use (ROU) asset		92,269			-
Costs and earnings in excess of billings		48,052			45,478
Total current assets		1,425,429			1,508,275
Property and equipment, net		494,491			476,436
Security deposits and other non-current assets		38,992			32,530
Deferred tax asset		50,000			50,000
Customer lists, net		78,524			83,645
ROU asset		167,985			-
Other long term asset		30,000			-
Goodwill		1,373,621			1,373,621
Total assets	$	3,659,042		$	3,524,507
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities
Accounts payable and accrued expenses	$	695,997		$	891,354
Earn-out payable		195,132			190,736
Billings in excess of costs and earnings		41,881			195,331
Sales and withholding tax payable		54,071			59,857
Current equipment notes payable		32,052			38,991
Current operating lease liability		92,269			-
Current finance lease payable		72,510			65,265
Current convertible notes payable – related party, net of discounts		257,659			-
Income tax payable		32,259			48,643
Total current liabilities		1,473,830			1,490,177
Noncurrent liabilities
Line of credit		172,715			28,359
Lease operating liability		167,985			-
Finance leases		306,163			232,876
Equipment notes payable		65,779			121,038
Convertible notes payable – related party, net of discounts		61,609			29,122
Total noncurrent liabilities		774,251			411,395
Total liabilities		2,248,081			1,901,572
Commitments and contingencies
Stockholders’ equity
Preferred stock - $0.0001 par value; 5,000,000 shares authorized; 0 shares issued and outstanding		-			-
Common stock - $0.0001 par value; 25,000,000 shares authorized; 7,621,024 and 7,586,024 shares issued and outstanding as of March 31, 2019 and December 31, 2018, respectively		762			758
Additional paid-in capital		2,896,524			2,983,476
Accumulated deficit		(1,429,402	)		(1,285,764	)
Accumulated other comprehensive loss		(56,923	)		(75,535	)
Total stockholders’ equity		1,410,961			1,622,935
TOTAL LIABILITIES & STOCKHOLDERS’ EQUITY	$	3,659,042		$	3,524,507

H/CELL ENERGY CORPORATION

CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS - AND OTHER COMPREHENSIVE INCOME

(UNAUDITED)

	For the Three Months Ended March 31,
	2019			2018
Revenue
Construction income	$	1,704,273		$	1,694,535
Related party		-			31,789
Total revenue		1,704,273			1,726,324
Cost of goods sold
Direct costs		1,196,438			1,209,413
Direct costs – related party		-			31,617
Total cost of goods sold		1,196,438			1,241,030
Gross profit		507,835			485,294
Operating expenses
General and administrative expenses		607,052			555,184
Management fees – related party		19,500			19,500
Total operating expenses		626,552			574,684
Loss from operations		(118,717	)		(89,390	)
Other expenses
Interest expense		1,833			3,946
Interest expense – related party		36,095			14,215
Change in fair value earn-out		4,396			-
(Gain) loss on fixed asset disposal		(17,403	)		3,418
Total other expenses		24,921			21,579
Income tax provision		-			-
Net loss	$	(143,638	)	$	(110,969	)
Other comprehensive income (loss), net
Foreign currency translation adjustment		18,612			(10,259	)
Comprehensive loss	$	(125,026	)	$	(121,228	)
Loss per share
Basic	$	(0.02	)	$	(0.02	)
Diluted	$	(0.02	)	$	(0.02	)
Weighted average common shares outstanding
Basic		7,593,413			7,486,024
Diluted		7,593,413			7,486,024