Exhibit 99.1

Newater Technology, Inc. Announces Year 2019 Audited Financial Results

New York, USA / PRNewswire / June 5, 2020/ Newater Technology, Inc. (NASDAQ: NEWA) (''NEWA,'' ''we,'' ''our'' or the ''Company''), a leading company specializing in development, production and application of DTRO equipment and systems used in waste water filtration, today announced its financial results for the year ended December 31, 2019.

The year ended December 31, 2019 Financial Highlights (all comparisons to the year ended December 31, 2018):

Revenues decreased by 20% from $47 million to $37.6 million in 2019, the decrease in revenues for the year ended December 31, 2019 was mainly due to in 2017-2018, the revenue of Laixi operation project accounted for a large proportion of the whole year's revenue. In 2019, there was no such operation project that generated as much revenue.

Cost of revenues decreased by 17% from $26 million to $21.7 million in 2019, the decrease in cost of revenues directly corresponded to the decrease in revenue during the same year.

Gross profit decreased by 24% from $20.9 million to $15.9 million in 2019, while the gross profit margin was 42% in 2019.

Net income (before currency translation loss) decreased by 40% from $7.2 million to $4.3 million in 2019, and the net profit margin in 2019 was 11.48%.

Total assets increased by 26% from $62 million to $78 million in 2019 mainly driven by the new production facility and production line completed during the year.

Basic earnings per share was $0.40 in 2019, compared to $0.67 in 2018 and $0.26 in 2017.

Mr. Yuebiao Li, the Company’s CEO, commented “We are pleased with our accomplishments in 2019, we moved our business office to a new industrial park, management has focused its attention to strategic adjustments of operations and administration, invested more effort in an innovative team for the construction of new products, established a new R & D laboratory, completed our new automatic DTRO membrane production line to achieve high production standard, instituted a chief engineer responsible for product quality in each of the industries we serve, and developed a new patented process package.”

In 2020, we will continue to make more efforts to skillfully apply our products to more wastewater treatment fields and undertake larger projects, in order to achieve company's eternal goal of "renewable resources (New Water) recycling".

About Newater Technology, Inc.

Founded in 2012 and headquartered in Yantai, China, Newater, operating its business through its wholly owned subsidiary Yantai Jinzheng Eco-Technology Co. Ltd., specializes in the development, manufacture and sale of DTRO (Disk Tube Reverse Osmosis) and DTNF (Disk Tube Nano-Filtration) membranes for waste water treatment, recycling and discharge. Newater provides integrated technical solutions in engineering support and installation, technical advice and services, and, and other project-related solutions to turn wastewater into valuable clean water. Newater also provides wastewater treatment services, such as landfill leachate treatment and purification services.

More information about the Company can be found at www.dtNEWA.com.

The Company's products can be used across a wide spectrum of industries, including:

• Landfill leachate;          

• Wastewater from coal mines;

• Industrial park common effluent; and

• Briny wastewater.

More information about the Company can be found at: www.dtNEWA.com

Notice

Rounding amounts and percentages: Certain amounts and percentages included in this press release have been rounded for ease of presentation. Percentage figures included in this press release have not in all cases been calculated on the basis of such rounded figures, but on the basis of such amounts prior to rounding. For this reason, certain percentage amounts in this press release may vary from those obtained by performing the same calculations using the figures in the financial statements. In addition, certain other amounts that appear in this press release may not sum due to rounding.

Forward-Looking Statements

This press release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. When the Company uses words such as “may”, “will”, “intend”, “should”, “believe”, “expect”, “anticipate”, “project”, “estimate” or similar expressions that do not relate solely to historical matters, it is making forward-looking statements. Specifically, the Company’s statements regarding its ability to apply its products to more industries and obtain larger products are forward-looking statements. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that may cause the actual results to differ materially from the Company's expectations discussed in the forward-looking statements. These statements are subject to uncertainties and risks including, but not limited to, the following: the Company’s goals and strategies; the Company’s future business development; product and service demand and acceptance; changes in technology; economic conditions; the growth of the water filtration industry in China; reputation and brand; the impact of competition and pricing; government regulations; fluctuations in general economic and business conditions in China and assumptions underlying or related to any of the foregoing and other risks contained in reports filed by the Company with the Securities and Exchange Commission. For these reasons, among others, investors are cautioned not to place undue reliance upon any forward-looking statements in this press release. Additional factors are discussed in the Company’s filings with the U.S. Securities and Exchange Commission, which are available for review at www.sec.gov. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof.

For more information, please contact:

Newater Technology, Inc.
Zhuo Zhang (CFO) Phone: +86 (535) 801-2997 Email: CFO@dtnewa.com	Victor Liu (Corporate Manager) Phone : +86 150-6383-7878 Email : nliu@jinzhenghb.com

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NEWATER TECHNOLOGY, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

	December 31,  2019			December 31,  2018
ASSETS
Current assets
Cash and cash equivalents	$	9,944,765		$	2,461,501
Restricted cash, current		4,021,177			6,033,482
Accounts receivable, net		11,293,625			10,064,847
Accounts receivable - related parties, net		2,392,087			1,948,009
Notes receivable		360,505			6,999
Inventories		13,715,369			13,762,959
Deposit - related party		-			10,180
Deferred cost of revenue		221,737			343,090
Advances to suppliers and other current assets, net		4,699,755			4,904,290
Total current assets		46,649,020			39,535,357
Retentions receivable, non-current		734,140			344,856
Property, plant and equipment, net		24,611,862			18,753,340
Land use right, net		2,008,096			2,078,240
Operating lease right-of-use assets, net		141,016			-
Deferred tax assets		-			604,064
Deposit on loan agreement		918,643			436,275
Long-term investments		2,997,419			-
Total assets	$	78,060,196		$	61,752,132
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities
Accounts payable and bank acceptance notes to vendors	$	8,099,529		$	5,353,538
Accounts payable - related parties		5,225,004			3,389,148
Loans due within one year		11,809,449			10,867,111
Advances from customers		5,522,913			2,953,595
Advances from customers - related parties		7,254,968			586,719
Income tax payables		322,419			732,699
Accrued expenses and other payables		6,971,505			6,375,800
Operating lease liabilities, current		56,852			-
Deferred income		43,061			-
Total current liabilities		45,305,700			30,258,610
Deferred Income, non-current		43,061			-
Deferred tax liabilities		288,687			-
Operating lease liabilities, non-current		68,420			-
Long term loans, less current portion and unamortized debt issuance costs		1,377,217			4,449,889
Total non-current liabilities		1,777,385			4,449,889
Total liabilities		47,083,085			34,708,499
Shareholders’ equity
Common shares ($0.001 par value, 200,000,000 shares authorized,10,809,000 shares issued and outstanding as of December 31, 2019 and December 31, 2018)		10,809			10,809
Additional paid-in capital		26,303,348			15,059,181
Statutory reserves		2,267,219			1,765,711
Retained earnings		3,946,021			11,380,149
Accumulated other comprehensive loss		(1,550,286	)		(1,172,217	)
Total shareholders’ equity		30,977,111			27,043,633
Total liabilities and shareholders’ equity	$	78,060,196		$	61,752,132

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NEWATER TECHNOLOGY, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME

	For the Years ended December 31,
	2019			2018			2017
Net revenues	$	23,716,978		$	25,973,963		$	16,192,503
Net revenues from related parties		13,857,014			21,066,741			9,146,994
Total revenues		37,573,992			47,040,704			25,339,497
Cost of revenues		20,233,998			20,474,072			17,199,866
Cost of revenues from related parties		1,450,627			5,669,252			-
Total cost of revenues		21,684,625			26,143,324			17,199,866
Gross profit		15,889,367			20,897,380			8,139,631
Operating expenses:
Selling, general and administrative		10,148,039			12,025,924			5,452,349
Total operating expenses		10,148,039			12,025,924			5,452,349
Income from operations		5,741,328			8,871,456			2,687,282
Interest expense		1,087,051			658,290			242,707
Interest income		(38,328	)		(26,632	)		(112,592	)
Government grants		(946,164	)		(627,748	)		(513,538	)
Investment loss		(17,023	)		-			-
Other expenses (income)		(153,546	)		(1,162	)		3,956
Total other expenses (income)		(33,964	)		2,748			(379,467	)
Income before income taxes provisions		5,775,292			8,868,708			3,066,749
Income tax provisions		1,463,745			1,657,279			475,818
Net income	$	4,311,547		$	7,211,429		$	2,590,931
Other comprehensive income (loss)
Foreign currency translation adjustment		(378,069	)		(1,159,084	)		535,810
Total comprehensive income	$	3,933,478		$	6,052,345		$	3,126,741
Earnings per common share
Basic	$	0.40		$	0.67		$	0.26
Diluted	$	0.40		$	0.67		$	0.26
Weighted average common shares outstanding
Basic		10,809,000			10,809,000			9,864,479
Diluted		10,809,000			10,809,000			9,864,479

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NEWATER TECHNOLOGY, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY

	Number of Shares		Common Shares		Additional Paid-in Capital		Retained Earnings			Statutory Reserves		Accumulated Other Comprehensive Loss			Total Shareholder’s Equity
Balance, January 1, 2017		9,199,000	$	9,199	$	7,949,466	$	2,960,698		$	382,802	$	(548,943	)	$	10,753,222
Net income								2,590,931								2,590,931
Statutory reserves								(322,896	)		322,896					-
Issuance of common shares for cash		1,610,000		1,610		7,109,715										7,111,325
Foreign currency translation adjustment													535,810			535,810
Balance, December 31, 2017		10,809,000	$	10,809	$	15,059,181	$	5,228,733		$	705,698	$	(13,133	)	$	20,991,288
Net income								7,211,429								7,211,429
Statutory reserves								(1,060,013	)		1,060,013					-
Foreign currency translation adjustment													(1,159,084	)		(1,159,084	)
Balance, December 31, 2018		10,809,000	$	10,809	$	15,059,181	$	11,380,149		$	1,765,711	$	(1,172,217	)	$	27,043,633
Net loss								4,311,547								4,311,547
Statutory reserves								(501,508	)		501,508					-
Capital increase from retained earnings						11,244,167		(11,244,167	)
Foreign currency translation adjustment													(378,069	)		(378,069	)
Balance, December 31, 2019		10,809,000	$	10,809	$	26,303,348	$	3,946,021		$	2,267,219	$	(1,550,286	)	$	30,977,111

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NEWATER TECHNOLOGY, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

	For the Years Ended December 31,
	2019			2018			2017
Cash flows from operating activities
Net income	$	4,311,547		$	7,211,429		$	2,590,931
Adjustments to reconcile net income to net cash used in operating activities:
Loss from equity method investment		17,023			-			-
Depreciation and amortization expense		1,549,296			558,327			233,493
Deferred income taxes		892,548			(118,199	)		(312,997	)
Bad debt expense		1,243,709			280,228			229,707
Amortization of debt issuance costs		324,221			103,772			-
Noncash lease expense		41,935			-			-
Loss on disposal of property, plant and equipment		1,367			13,256			-
Changes in assets and liabilities:
Accounts receivable, net		(1,509,728	)		(5,327,278	)		(5,076,425	)
Accounts receivable - related parties, net		(1,103,104	)		(1,427,078	)		2,821,621
Notes receivable		(356,648	)		(7,276	)		70,000
Inventories		(2,923,465	)		(5,762,750	)		(4,923,400	)
Deferred cost of revenue		117,910			383,382			(657,875	)
Deferred cost of revenue - related party		-			1,765,856			(1,795,222	)
Advances to suppliers and other current assets, net		(311,090	)		(2,108,928	)		(412,955	)
Due from related parties		-			-			703
Retentions receivable, non-current		(397,157	)		(358,505	)		-
Deposit - related party		10,134			(10,583	)		-
Other non-current assets		-			-			4,719
Accounts payable and bank acceptance notes to vendors		2,839,752			996,619			2,577,192
Accounts payable - related parties		1,896,054			3,269,238			248,695
Deferred income		43,433			-			(26,639	)
Advances from customers		2,630,143			2,420,363			(220,483	)
Advances from customers - related parties		6,733,465			(125,099	)		719,550
Due to related parties		-			-			5,102
Deferred income, non-current		43,433			-			-
Operating lease liabilities		(76,752	)		-			-
Income tax payables		(404,231	)		267,988			144,944
Accrued expenses and other payables		(2,322,199	)		(4,481,539	)		589,638
Net cash provided by (used in) operating activities		13,291,596			(2,456,777	)		(3,189,701	)
Cash flows from investing activities
Cash paid for equity investments		(3,015,119	)		-			-
Purchase of property, plant and equipment		(2,316,967	)		(5,511,732	)		(1,482,360	)
Proceeds from disposal of property, plant and equipment		427,261			22,072			-
Advances to third party		-			-			(1,236,490	)
Repayments from third party		-			-			1,236,490
Repayments from related parties		-			-			2,960
Deposit on acquisition of subsidiary		-			(200,000	)		-
Net cash used in investing activities		(4,904,825	)		(5,689,660	)		(1,479,400	)
Cash flows from financing activities
Proceeds from issuances of common shares		-			-			7,111,325
Repayment to related parties		-			(9,703	)		(739,973	)
Deposit on loan agreement		(503,939	)		(473,698	)		-
Proceeds from loans due within one year		7,454,711			11,493,557			8,805,683
Repayment of loans due within one year		(8,046,350	)		(11,952,224	)		(3,283,830	)
Proceeds from long-term loans		6,376,169			8,631,493			-
Payment of debt issuance costs		(335,938	)		(284,219	)		-
Repayment of long-term loans		(7,736,415	)		(730,595	)		-
Net cash provided by (used in) financing activities		(2,791,762	)		6,674,611			11,893,205
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash		(124,050	)		(404,956	)		222,973
Net change in cash, cash equivalents and restricted cash		5,470,959			(1,876,782	)		7,447,077
Cash, cash equivalents and restricted cash, beginning of the year		8,494,983			10,371,765			2,924,688
Cash, cash equivalents and restricted cash, end of the year	$	13,965,942		$	8,494,983		$	10,371,765
Supplemental cash flow information
Cash paid for interest	$	608,431		$	689,867		$	244,753
Cash paid for income taxes	$	977,755		$	1,507,489		$	656,602
Non-cash investing and financing activities:
Properties acquired with loans	$	-		$	52,161		$	206,000
Liabilities assumed in connection with purchase of property, plant and equipment	$	2,980,582		$	2,636,770		$	7,445,478
Operating expenses paid by related parties	$	-		$	9,703		$	-
Property, plant and equipment transferred from inventories	$	2,791,339		$	1,566,314		$	-
Reconciliation of cash, cash equivalents and restricted cash to the consolidated balance sheets
Cash and cash equivalents	$	9,944,765		$	2,461,501		$	3,118,080
Restricted cash		4,021,177			6,033,482			7,253,685
Total cash, cash equivalents and restricted cash	$	13,965,942		$	8,494,983		$	10,371,765

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