BEIJING, Jan. 31, 2018 /PRNewswire/ -- Recon
Technology, Ltd. (NASDAQ: RCON), ("Recon" or the "Company"), an
independent solutions integrator in China's oilfield service, energy and
environment protection industries, today announced it has won
several bids totaling approximately RMB 2.5
million, or approximately USD 0.4
million, to procure and import customized instruments and to
provide related installation and maintenance services for the coal
chemical business of Shenhua Group Corporation Limited ("Shenhua
Group") through Shenhua Logistics Group Corporation Limited
("Shenhua Logistics"). Shenhua Group is the largest coal enterprise
in China and the largest coal
supplier in the world. Shenhua Logistics is its wholly-owned
subsidiary and handles procurement for Shenhua Group. The Company
expects its revenue from Shenhua Logistics will continue to grow in
the coming year by further expanding business to coal and
electronic power segment of Shenhua Group. This new bid will help
expand the Company's business scope to coal chemical projects and
related outsourcing services.
Management Commentary
Mr. Shenping Yin, founder and CEO
of Recon stated, "We're pleased to win a series of Shenhua Group's
projects, representing the successful expansion of our automation
business from the oilfield service segment into the coal chemical
industry. We will continue to introduce our integrated solutions
into other compatible industries. Since 2017, we have been
improving our vendor system by importing and using advanced parts
to upgrade our overall product lines and comprehensive services. We
are also actively promoting our services to other industries beyond
the oilfield service segment. It's always our strategy to leverage
our knowledge of the Chinese market and our strong reputation
within the Chinese energy industry to introduce cutting-edge
technologies to Chinese domestic companies. By expanding this
current business strategy to more industrial sectors, we aim to
reduce our concentration risks and continue to increase our
awareness across a wide spectrum of customers."
About Shenhua Group
The Shenhua Group Corporation Limited ("Shenhua Group") is a
state-owed enterprise, founded in October
1995 with the approval of the State Council, pursuant to PRC
Corporate Laws. Shenhua Group is a diversified energy enterprise
concentrating on coal production, sales, electricity & thermal
generation, coal liquefaction & coal chemicals, railway and
port transportation.
About Recon Technology, Ltd. (NASDAQ: RCON)
Recon Technology, Ltd. is China's first listed non-state owned oil and
gas field service company on NASDAQ. Recon supplies China's largest oil exploration companies,
such as PetroChina (NYSE: PTR) and Sinopec (NYSE: SNP), 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. The Company is also
developing new markets of oilfield environmental protection, sewage
treatment sector and power and coal chemical industry based on its
advantage on technic and market resources. For additional
information please visit: www.recon.cn.
Safe Harbor
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.
Company Contact
Liu Jia, CFO
Recon Technology, Ltd.
+86 (10) 84945799
info@recon.cn
View original
content:http://www.prnewswire.com/news-releases/recon-announces-new-procurement-projects-for-shenhua-group-300591025.html
SOURCE Recon Technology, Ltd.