NEW YORK, Dec. 3, 2019 /PRNewswire/ -- Recon Technology,
Ltd. (NASDAQ: RCON) ("Recon" or the "Company"), today announced the
results of the Annual Meeting of Shareholders (the "Meeting") held
on December 2, 2019.
At the Annual Meeting, the Company's shareholders approved the
proposals listed below. The final results for the votes regarding
each proposal are set forth below. Each of these proposals is
described in detail in the Company's proxy statement, filed with
the Securities and Exchange Commission on November 5, 2019.
1. Elect two Class I directors to the Company's board of
directors (the "Board") to serve until the 2022 Annual Meeting or
until their successors are elected and qualified. According to the
voting results, Ralph Hornblower, III and Shudong Zhao are elected as Class I
directors.
Name
|
|
For
|
|
Withheld/Abstain
|
Ralph Hornblower,
III
|
|
10,172,927
|
|
29,301
|
Shudong
Zhao
|
|
10,182,300
|
|
19,928
|
Changqing
Yan
|
|
382,036
|
|
9,820,192
|
2. Ratify the appointment of Friedman LLP as the Company's
independent registered public accounting firm for the fiscal year
ending June 30, 2020.
For
|
|
Against
|
|
Abstain
|
10,021,026
|
|
178,998
|
|
2,204
|
3. Approve a share consolidation or reverse stock split, of the
Company's ordinary shares, par value $0.0185 per share, at a ratio of one-for-four,
one-for-five or one-for-six (and if one-for-six is selected, to
approve a decrease in the authorized share capital of the Company
from US$1,850,000.000 to US$1,850,000.037), with the exact ratio to be
selected at the sole discretion of the Company's Board such that
the number of the Company's ordinary shares is decreased and the
par value of each ordinary share is increased by that ratio or
alternatively that the share capital of the Company remains
unchanged.
For
|
|
Against
|
|
Abstain
|
9,946,335
|
|
254,790
|
|
1,103
|
"Through this meeting, we received valuable feedback from
various shareholders," said Mr. Shenping
Yin, co-founder, and CEO of Recon. "As an independent
solutions integrator in the oilfield services, we will focus on new
growth projects such as oilfield environment protection and gas
station digitalization. In the last fiscal year, revenue from
oilfield environmental protection projects increased 743.3%, lead
total revenue increased 21% compared to the fiscal year 2018. We
plan to provide more customized services in the future to develop
new growth and enhance our profitability."
About Recon Technology, Ltd.
Recon Technology, Ltd. (RCON) is China's first non-state-owned oil and gas
field service company listed on NASDAQ. Recon supplies China's largest oil exploration companies with
advanced automated technologies, efficient gathering and
transportation equipment and reservoir stimulation measures for
increasing petroleum extraction levels, reducing impurities and
lowering production costs. Since 2017, the Company has expanded its
business operations into other segments of the broader energy
industry including electric power, coal chemicals, renewable energy
and environmental protection in the energy and chemical industries.
Through the years, Recon has taken leading positions on several
market segments of the oil and gas field service industry. Recon
also has developed stable long-term cooperation relationship with
its major clients, and its products and service are well accepted
by clients. For additional information please visit:
www.recon.cn.
Safe Harbor Statement
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.
IR contact:
Dragon Gate Investment Partners LLC
Tel: +1(646)-801-2803
Email: RCON@dgipl.com
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SOURCE Recon Technology, Ltd.