BEIJING, Feb. 10, 2012 /PRNewswire-Asia/ -- Recon Technology, Ltd (Nasdaq: RCON), a Chinese non-state-owned oil and gas automation services provider (the "Company"), announced today that it received a letter from Nasdaq OMX Group ("Nasdaq") on February 3, 2012 regarding its return to compliance with Nasdaq Marketplace Rule 5250(c)(1) ("Rule 5250(c)(1)"). The letter notified the Company that, based on the Company's filing of its annual report on Form 10-K for the year ended June 30, 2011 and its quarterly report on Form 10-Q for the quarter ended September 30, 2011, Nasdaq determined that the Company complies with Rule 5250(c)(1). Accordingly, this matter was closed.
The Company currently remains deficient under (a) Nasdaq Marketplace Rule 5450(a)(1), which requires Nasdaq-listed companies to maintain a closing bid price of at least $1.00 per share ("Rule 5450(a)(1)") and (b) Nasdaq Marketplace Rule 5550(a)(5), which requires Nasdaq-listed companies to maintain a total market value of publicly held shares of at least $1 million ("Rule 5550(a)(5)").
Mr. Shenping Yin, Chief Executive Officer of the Company, said: "We are pleased to return to compliance with Rule 5250(c)(1) and are in the process of finalizing our second quarter report to maintain compliance with that rule. We are actively monitoring Rule 5450(a)(1) and Rule 5550(a)(5). Because compliance with these rules depends on our stock price, we cannot guarantee that we will be able to return to compliance with these rules. We will, however, communicate with our investors to ensure that they understand our challenges and successes."
About Recon Technology, Ltd
Recon Technology, Ltd has been providing leading Chinese oil and gas companies with automation services that increase efficiency and profitability in exploring, extracting, producing, processing, refining and transporting petroleum products for over 10 years. Recon's proprietary computerized process control system manages oil production in real-time to increase extraction levels, reduce impurities in extracted petroleum and lower production costs. In addition, as one of only two acoustic system providers in the world, Recon's acoustic pipeline monitoring system is widely used to prevent gas leakage in the transport pipeline. Recon's technology is based on three software copyrights, eight product patents and four pending patents. Recon Technology is the first Chinese non-state-owned oil and gas service company to go public in the U.S. More information may be found at www.recon.cn.
Recon Technology, Ltd.
SOURCE Recon Technology, Ltd.