BEIJING, Feb. 14, 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's
75% subsidiary Qing Hai BHD New Energy Technology Co., Ltd.
("Qinghai BHD") has achieved a long-term vote of confidence in its
energy management contract ("EMC") services through its 10-year
contract with Qinghai Jiajie Property Management Co., Ltd.
("Jiajie"), a local property management company in Qinghai province. The new services are helping
Jiajie save about RMB 13,000
(approximately USD1,925) in monthly
gas fees.
Qinghai BHD signed a contract (the "Contract") with Jiajie on
August 15, 2018. Pursuant to the
Contract, Qinghai BHD agreed to provide Jiajie with energy-saving
services including energy-saving furnace equipment implementation
planning, energy-saving equipment production, installation and
commissioning, and energy-saving equipment maintenance during the
project operation. The heating period is from October 15 to April 15 of each year during the
term of the contract. Under the Contract, Qinghai BHD is entitled
to receive 80% of the saved gas fees for 10 years.
Mr. Guangqiang Chen, CTO of
Recon, stated, "This contract marks our entry into EMC services,
and we are pleased with our strong start. Our extensive industry
experience has enabled us to provide cost-effective technology as we optimize the
usage of energy solutions. Our most recent updates indicate that
the cost saving to Jiajie has been about RMB
13,000 per month since we began running the project in
November 2018, while Qinghai BHD
benefits from 80% of the total saving, or RMB 10,400 per month. Total investment for this
contract was about RMB200 thousand,
and our benefit from the overall contract period is expected to be
about RMB 600,000, which is three
times our investment. With this sample project, we expect it will
be more convincing and convenient for us to get new customers.
We're confident to achieve about 50 more contracts for year
2019."
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
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SOURCE Recon Technology, Ltd.