BEIJING, April 9, 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 won additional bids totaling
approximately RMB 4.3 million, or
approximately USD 0.7 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") for the first three months of year 2018. As of today,
the Company has won bids totaling RMB 6.8
million, or approximately USD 1.1
million from Shenhua Group. The Company expects to win
additional bids in the near future and the annual bids from the
coal and electronic power segment of Shenhua Group, a recently
expanded business line, may exceed
RMB 20 million, or approximately
USD 3.2 million.
Management Commentary
Mr. Shenping Yin, co-founder and
CEO of Recon stated, "We're pleased to update all investors with
our recent progress from the coal chemical industry for the first
quarter in 2018. As the bids finished, our financial statements
will reflect these numbers in the coming months. Our continued wins
demonstrate our management's insights into China's energy market. We believe our
strategic decision to expand our focus beyond oilfield service will
bring long-term benefits to the Company and our shareholders. We'll
keep bringing new sources of growth into our business scope by
leveraging our abundant knowledge and understanding of China and the industry."
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
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SOURCE Recon Technology, Ltd.