BEIJING, Nov. 30,
2022 /PRNewswire/ -- Recon Technology, Ltd (NASDAQ:
RCON) ("Recon" or the "Company"), a China-based independent solutions integrator
in the oilfield service and environmental protection, electric
power and coal chemical industries, today announced that Nanjing
Recon Technology Co. ("Nanjing Recon") has been awarded a
RMB6.73 million (approximately
USD 0.94 million) two-year contract
to provide automation control and instrumentation maintenance
services for a gas generation plant operated by a top mainland
China's oil and gas company.
Pursuant to the contract, Nanjing Recon, a variable interest
entity of with contractual ties to a subsidiary of Recon Hengda
Technology (Beijing) Co., Ltd.,
which is one of the Company's subsidiaries based in mainland
China, will be responsible for the
safety and orderly maintenance and oversight of the on-site machineries to ensure the timely
completion of the China oil and
gas company's production goals. The scope of Recon's tasks
includes monitoring all instruments
and meters, control valves, broadcasting, network communication,
fiber optic communication and other daily maintenance of
machineries and network systems at the production site located in
China's Sichuan province. The contract involves both
fixed maintenance fees and variable expenses on component
replacement fees
Recon will also be in charge of repair works and provide
emergency troubleshooting across platforms and channels to ensure
smooth data transfer, power supply and stable remote connection on
the production site.
Management Statement
Mr. Shenping Yin, Founder and CEO
of Recon commented: "Following previous RMB3.2 million (approximately USD0.45 million) contract obtained in October, we
are delighted to announce another milestone achieved by our
dedicated team to secure the recognition and service contract from
one of China's leading oil and gas
companies. With our ability to effectively meet the bulk orders, we
have been able to cater to the precise needs of our valuable
customers. Being a quality conscious company, we customize the
plants according to the specifications provided by our customers to
achieve high performance, low maintenance costs with a longer
functional life.
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:
Company
Ms. Liu Jia
Chief Financial Officer
Recon Technology, Ltd
Phone: +86 (10) 8494-5799
Email: info@recon.cn
Investor Relations
Janice Wang
Wealth Financial Services LLC
Phone: +86 13811768559
+1 628 283 9214
Email: services@wealthfsllc.com
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SOURCE Recon Technology, Ltd