BEIJING, Jan. 23, 2019 /PRNewswire/ -- Recon Technology,
Ltd. (NASDAQ: RCON) ("Recon" or the "Company"), a China-based independent solutions integrator
in the oilfield service, environmental protection, electric power
and coal chemical industries, today announced that the Company,
through its 51% owned subsidiary Gansu BHD Environmental Technology
Co., Ltd ("Gansu BHD"), has obtained a hazardous waste operating
permit (the "Permit") issued by the Jiuquan Environmental
Protection Bureau in Gansu
province.
As previously disclosed by the Company, Gansu BHD purchased a 50
year land use right for a 26,235 square meter property to serve the
oilfield sewage treatment needs of Yumen Oilfield Company,
China's first petroleum production
base and a PetroChina Co., Ltd. ("PetroChina") subsidiary. The
comprehensive disposal treatment project, completed on December 14, 2018, has an annual processing
capacity of 60,000 tons of oily waste, and is currently the only
such treatment facility located in Yumen city.
The Permit issued on January 18,
2019 is on a temporary basis and will expire on April 17, 2019. Before the Permit expires, the
Company will receive a formal permit if it demonstrates that its
equipment and production lines can operate normally, as required by
government regulations.
Mr. Guangqiang Chen CTO of Recon, stated, "We are excited that
we have obtained a temporary hazardous waste operating permit from
the local government and we are confident that we can exchange this
for a formal permit by the end of March
2019. In addition, we are currently preparing to begin the
operations of Gansu BHD and have purchased oily sludge from the
field for further processing. We expect to generate RMB 60 million in revenue from this project in
2019 with a 50% gross margin."
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
President
Ascent Investor Relations LLC
Phone: +1-917-609-0333
Email: tina.xiao@ascent-ir.com
View original
content:http://www.prnewswire.com/news-releases/recon-received-hazardous-waste-operating-permit-from-the-chinese-government-300782780.html
SOURCE Recon Technology, Ltd.