BEIJING, May 11, 2022
/PRNewswire/ -- Recon Technology, Ltd (NASDAQ: RCON) ("Recon"
or the "Company") today announced that the mainland China variable interest entity with whom its
subsidiary, Recon Hengda Technology (Beijing) Co., Ltd. has entered into a 3-year
service agreement with one domestic oilfield client to provide a
complete-set of solutions for oily wastewater treatments. According
to the actual production capacity of the client and the settlement
terms set in the agreement, the contract amount is expected to be
RMB3.5 million per year.
According to the agreement, Recon will be required to provide
the client with oily wastewater treatment facilities and the
corresponding chemicals designed and prepared by Recon to ensure
that the effluent from the oilfield treatment stations can be
re-injected after satisfactory disposal subject to applicable state
laws and regulations.
Management Statement
Mr. Guangqiang Chen, Founder and
Chairman of Recon said, "We're pleased to announce another
long-term agreement with our client for our wastewater treatment
business. With the recovery of oil prices, the production
activities of our clients are also increasing, which inevitably
leads to an increase in the amount of oily wastewater and effluent
in the oil production process. The Chinese oilfield companies take
environmental protection very seriously, and in order to ensure
that the produced effluent meets the discharge standards, our
clients need to commission a professional third party to treat the
oily effluent produced during their production process. Recon has
been investing enough in the oilfield environmental protection
business in recent years and we believe our solutions are now in a
leading position of the industry. Our oilfield environmental
business is now in a fast-growing stage, and has achieved a 544%
year-over-year growth in the six-month period ended December 31, 2021. We will continue to maintain
our focus on the oilfield environmental business segment and expect
the business to continue to bring new profit growth to the company
in the future."
About Recon Technology, Ltd ("RCON")
Recon Technology, Ltd (NASDAQ: RCON) is the People's Republic of China's first
NASDAQ-listed non-state owned oil and gas field service company.
Recon supplies China's largest oil
exploration companies, Sinopec (NYSE: SNP) and The China National
Petroleum Corporation ("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 within several
segmented markets of the oil and gas filed service industry. RCON
also has developed stable long-term cooperation relationship with
its major clients. For additional information please visit:
http://www.recon.cn/.
Forward-Looking Statements
Recon includes "forward-looking statements" within the meaning
of the federal securities laws throughout this press release. A
reader can identify forward-looking statements because they are not
limited to historical fact or they use words such as "scheduled,"
"may," "will," "could," "should," "would," "expect," "believe,"
"anticipate," "project," "plan," "estimate," "forecast,"
"goal," "objective," "committed," "intend," "continue," or "will
likely result," and similar expressions that concern Recon's
strategy, plans, intentions or beliefs about future occurrences or
results. Forward-looking statements are subject to risks,
uncertainties and other factors that may change at any time and may
cause actual results to differ materially from those that Recon
expected. Many of these statements are derived from Recon's
operating budgets and forecasts, which are based on many detailed
assumptions that Recon believes are reasonable, or are based on
various assumptions about certain plans, activities or events which
we expect will or may occur in the future. However, it is very
difficult to predict the effect of known factors, and Recon cannot
anticipate all factors that could affect actual results that may be
important to an investor. All forward-looking information should be
evaluated in the context of these risks, uncertainties and other
factors, including those factors
disclosed under "Risk Factors" in Recon's most recent Annual
Report on Form 20-F and any subsequent half-year financial filings
on Form 6-K filed with the Securities and Exchange Commission. All
forward-looking statements are qualified in their entirety by the
cautionary statements that Recon makes from time to time in its SEC
filings and public communications. Recon cannot assure the reader
that it will realize the results or developments Recon anticipates,
or, even if substantially realized, that they will result in the
consequences or affect Recon or its operations in the way Recon
expects. Forward-looking statements speak only as of the date made.
Recon undertakes no obligation to update or revise any
forward-looking statements to reflect events or circumstances
arising after the date on which they were made, except as otherwise
required by law. As a result of these risks and uncertainties,
readers are cautioned not to place undue reliance on any
forward-looking statements included herein or that may be made
elsewhere from time to time by, or on behalf of, Recon.
For more information, please contact:
Ms. Liu Jia
Chief Financial Officer
Recon Technology, Ltd
Phone: +86 (10) 8494-5799
Email: info@recon.cn
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SOURCE Recon Technology Ltd