BEIJING, May 4, 2017 /PRNewswire/ -- Recon Technology,
Ltd. (NASDAQ: RCON), ("Recon" or the "Company"), a leading
independent oilfield services provider operating primarily in
China, today announced the
Company's subsidiary, Nanjing Recon Technology Co. Ltd. ("Nanjing
Recon") has obtained a Construction Entry Permit Certificate
(the "Certificate") from Jianghan Oilfield Construction Engineering
Company ("JOCEC"), a subsidiary of China Petroleum & Chemical
Corporation (NYSE: SNP) ("Sinopec"). Nanjing Recon is
reexamined by Sinopec on annual basis, and the Certificate was
renewed and is valid through March 31,
2018.
The Certificate provides Recon the ability to participate in
bidding for automation system projects for JOCEC within the
validity period.
Management Commentary
Mr. Shenping Yin, Chairman and
CEO of Recon stated, "We are pleased to receive the renewed Entry
Permit Certificate, as it is a necessary step for Recon to bid for
projects from Jianghan Oilfield. Recon first received this
Certificate for Automation Systems last year, and believe that our
service offering to Sinopec's other oilfields will only continue to
expand."
About Sinopec and JOCEC
Founded in 2000 and headquartered in Beijing, China Petroleum & Chemical
Corporation ("Sinopec") is one of the largest integrated energy and
chemical companies in China. Its
principal operations include the exploration and production,
pipeline transportation and sale of petroleum and natural gas; the
sale, storage and transportation of petroleum products,
petrochemical products, coal chemical products, synthetic fiber,
fertilizer and other chemical petroleum, natural gas, petroleum
products, petrochemical and chemical products, and other
commodities and technologies; and research, development and
application of technologies and information.
Sinopec Jianghan Oilfield Construction Engineering Company
("JOCEC") is a wholly-owned subsidiary of Sinopec and a
full-service oilfield construction and service company primarily
serving the production facilities managed by Sinopec.
About Recon Technology, Ltd. (NASDAQ: RCON)
Recon Technology, Ltd. is China's first listed non-state owned oil and
gas field service company on NASDAQ. Recon supplies China's largest oil exploration companies,
Sinopec (NYSE:SNP) and CNPC, with advanced automated technologies,
efficient gathering and transportation equipment and reservoir
stimulation measure for increasing petroleum extraction levels,
reducing impurities and lowering production costs. Through the
years, RCON has taken leading positions on several segmented
markets of the oil and gas filed service industry. RCON also has
developed stable long-term cooperation relationship with its major
clients, and its products and service are also well accepted by
clients. For additional information please visit: www.recon.cn
.
Safe Harbor
This news 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. These statements are subject to
uncertainties and risks including, but not limited to, product and
service demand and acceptance, changes in technology, economic
conditions, the impact of competition and pricing, government
regulation, and other risks contained in reports filed by the
company with the Securities and Exchange Commission. All such
forward-looking statements, whether written or oral, and whether
made by or on behalf of the company, are expressly qualified by the
cautionary statements and any other cautionary statements which may
accompany the forward-looking statements. In addition, the company
disclaims any obligation to update any forward-looking statements
to reflect events or circumstances after the date hereof.
Company Contact
Liu Jia, CFO
Recon Technology, Ltd.
+86 (10) 84945799
info@recon.cn
Investor Relations
The Equity Group Inc.
In China
Katherine Yao, Senior Associate
+86-10-6587-6435
kyao@equityny.com
In the U.S.
Adam Prior, Senior Vice President
+1 (212) 836-9606
aprior@equityny.com
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SOURCE Recon Technology, Ltd.