BEIJING, Feb. 4, 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 won
an additional 2 bids totaling approximately RMB 2.3 million (approximately USD 0.35 million) to procure and import
customized instruments for the coal chemical business of China
Energy Investment Corporation ("China Energy") through Shenhua
Logistics Group Corporation Limited ("Shenhua Logistics").
Previously Shenhua Logistics was a subsidiary of Shenhua Group
Corporation Limited ("Shenhua Group"), which was merged into China
Energy with another group company in 2017. As of today, the Company
has won bids totaling RMB 33.38
million (approximately USD 4.96
million) from China Energy (including the bids from Shenhua
Group). The Company expects the total bids for 2019 from the coal
and electronic power segment of China Energy to reach RMB 36 million (approximately USD 5.35 million) and up to RMB 50 million (approximately USD 8.91 million).
Mr. Shenping Yin, co-founder and
CEO of Recon stated, "We are pleased to continue to win bids in the
competitive Chinese energy market. Our work with China Energy
highlights our expansion in a new service as we leveraged our
technological knowhow and comprehensive services to provide
exceptional value for our client. Our successful provision of
automation solutions to the coal chemical industry demonstrates our
improved vendor system and our robust service capabilities. We hope
that we can build on these successes, in addition to the
RMB 2.3 million we were recently
awarded. We estimate that we will be rewarded with RMB 36 million for the total bids from China
Energy in 2019, as we continue to innovate and demonstrate the
effectiveness of our solutions in the energy sector."
About China Energy
With the approval of the CPC Central Committee and the State
Council, China Energy Investment Corporation (China Energy) was
formally established on November 28,
2017, following the merger of China Guodian Corporation and
Shenhua Group, both Fortune Global 500 companies. Ranked 101st
among the Fortune Global 500 in 2018, the company is a backbone
state-owned enterprise (SOE). Operating
eight business segments including coal, thermal power, new energy,
hydropower, transportation, chemical industry, environmental
technology and finance, China Energy is the world's largest
producer of coal, thermal power, wind power, coal-to-liquid fuels
and coal chemicals.
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.