BEIJING, Jan. 31, 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's
75% subsidiary Qing Hai BHD New Energy Technology Co., Ltd.
("Qinghai BHD") received a RMB
870,000 (approximately USD
128,798) subsidy from the local government of Qinghai province for the first phase of a
project to produce and process environmentally friendly solar-gas
hybrid furnaces that reduce energy consumption (the "Project").
Qinghai BHD's business covers the research, design and
manufacturing of innovative energy and energy saving equipment and
providing energy management services. The Project is located in
Xining, Qinghai province and focuses on producing and
processing high-efficiency energy-saving integrated furnaces. These
furnaces use environmentally friendly technology to provide heat,
including the ability to combine solar power modules to gas vacuum
furnaces to reduce gas consumption by an estimated 30-40% and
nitrogen oxide emission by more than 50% as compared to
conventional furnaces.
Mr. Guangqiang Chen, CTO of
Recon, stated, "We are pleased that the local government has
recognized our commitment to innovation and rewarded us with this
generous subsidy. Qinghai province
currently has about 7,300 furnaces to be upgraded and retrofitted,
with average unit transformation fee of RMB
200,000 to RMB 400,000
depending on the type of upgrade. We look forward to competing for
these upgrade projects. Recon has a long history of fostering
research and development in the energy-conservation segment and we
believe our furnaces are representative of the advances we have
made in providing energy efficient products to our clients. Our
cost-effective furnaces allow
customers to recoup their investment relatively quickly, through
the combination of solar energy and air-source heating
technology which reduces the usage of natural gas, providing
an effective and efficient alternative to the marketplace."
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.