BEIJING, Sept. 19, 2018 /PRNewswire/ -- Recon Technology,
Ltd. (NASDAQ: RCON) ("Recon" or the "Company"), a China-based independent solutions integrator
in the oilfield service, electric power and coal chemical
industries, today announced that the Company, through its affiliate
Nanjing Recon Technology Co., Ltd., has signed a RMB 14.2 million (approximately USD $2.1 million) contract with Xinjiang East Hope
New Energy Co., Ltd. ("East Hope"), a polysilicon producer in
China. East Hope is a wholly-owned
subsidiary of East Hope Group, one of the top 500 Chinese Enterprises.
Pursuant to the contract signed on August
27, 2018, Recon has agreed to sell to East Hope a
distributed control system known as "DCS" for data collection and
equipment control and a safety instrumented system known as "SIS"
for safety protection control. Recon is obligated to deliver the
equipment before December 15, 2018
and install the equipment before December
31, 2018. As consideration, East Hope is obligated to pay
Recon RMB 14.2 million (approximately
USD $2.1 million).
Management Commentary
Mr. Shenping Yin, CEO of Recon,
stated, "We are pleased to work with East Hope for this new
project. We are proud that our solutions meet the stringent
benchmarks on reliability, performance, and support required by
East Hope. We look forward to expanding our relationship with East
Hope and contributing to their growth strategy as we continue to
grow our track record in the industry."
About Recon Technology, Ltd.
Recon Technology, Ltd. (NASDAQ: RCON) 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.
Forward Looking Statements
Forward-Looking Statements in this press release, which are
not historical facts, are forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995.
Our actual results, performance or achievements may differ
materially from those expressed or implied by these forward-looking
statements. In some cases, you can identify forward-looking
statements by the use of words such as "may," "could," "expect,"
"intend," "plan," "seek," "anticipate," "believe," "estimate,"
"predict," "potential," "continue," "likely," "will," "would" and
variations of these terms and similar expressions, or the negative
of these terms or similar expressions. Such forward-looking
statements are necessarily based upon estimates and assumptions
that, while considered reasonable by us and our management, are
inherently uncertain. Factors that may cause actual results to
differ materially from current expectations include, among others,
levels of spending in our industry as well as consumer confidence
generally; changes in the competitive environment in our industry
and the markets where we operate; our ability to access the capital
markets; the results of cooperation between parties to cooperation
agreements; and other risks discussed in the Company's filings with
the U.S. Securities and Exchange Commission, including our Annual
Report on Form 20-F, which filings are available from the SEC. We
caution you not to place undue reliance on any forward-looking
statements, which are made as of the date of this press release. We
undertake no obligation to update publicly any of these
forward-looking statements to reflect actual results, new
information or future events, changes in assumptions or changes in
other factors affecting forward-looking statements, except to the
extent required by applicable laws. If we update one or more
forward-looking statements, no inference should be drawn that we
will make additional updates with respect to those or other
forward-looking statements.
For more information, please contact:
In China:
Ms. Jia Liu
Chief Financial Officer
Recon Technology, Ltd.
Phone: +86 (10) 8494-5799
Email: info@recon.cn
In the United
States:
Ms. Tina Xiao
Ascent Investor Relations LLC
Phone: +1-917-609-0333
Email: tina.xiao@ascent-ir.com
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SOURCE Recon Technology, Ltd.