BEIJING, June 25, 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 the Company has entered into an
exclusive 24-month sales representation agreement (the "Agreement")
with Valvitalia S.p.A. ("Valvitalia"), a leading Italian producer
of equipment for measuring, filtering, and regulating fluids, and
gases serving customers in oil and natural gas, water,
petrochemical, utilities markets worldwide, to promote Valvitalia
products to China Petroleum Engineering & Construction
Corporation ("CPECC").
Pursuant to the terms of the Agreement, Valvitalia has granted
Recon the exclusive right to sell Valvitalia products to CPECC, a
Chinese subsidiary of China National Petroleum Corporation ("CNPC")
and specialized in oil engineering, manufacturing, construction and
lump-sum contracting.
Management Commentary
Mr. Shenping Yin, co-founder and CEO of Recon, stated, "We are proud to collaborate with
the industry-leading Valvitalia. We plan to promote Valvitalia
valves and other products to CPECC' oilfield projects around the
world as we endeavor to provide the highest possible level of
service to our oil field clients. Valvitalia currently has its
products installed in 109 countries, commiserate with its long
history of success serving industrial markets across the world, and
we hope CPECC and its end clients will benefit the innovation and
high quality that are emblematic of the Valvitalia way of doing
business."
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,
Sinopec (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.