Recon Technology, Ltd. Subsidiary Qualifies as a Supplier of Major State-Owned Electric Companies, Allowing it to Bid on Projects

This marks the Company's first attempt to bid on projects outside of the oil/gas industry

Jan 20, 2016, 06:30 ET from Recon Technology, Ltd.

BEIJING, Jan. 20, 2016 /PRNewswire/ -- Recon Technology, Ltd. (NASDAQ:  RCON) ("Recon" or the "Company"), a leading independent oilfield services provider operating primarily in China, announced today that Nanjing Recon Technology Co., Ltd. ("Nanjing Recon"), a subsidiary of the Company, has obtained qualifications to provide services for some state-owned electric companies and, as a result, has participated in bidding projects, including projects for China Huadian Corp.

"We are thrilled to have the opportunity to participate in the bidding process on projects as a qualified contractor/subcontractor for some of the largest state-owned electric power companies," said Mr. Shenping Yin, Chairman and CEO of Recon. "This marks our first attempt at marketing our products and services outside of the oil and gas industry and potentially opens the door for us to sell our proprietary DCS, SCADA, automatic instruments and meters, and related project services. We are optimistic that our Nanjing Recon team will win some of the biddings in coming quarters."

About Recon Technology, Ltd.

Recon Technology, Ltd. (NASDAQ:  RCON) ("Recon") is China's first independent oil and gas field service company to be listed on NASDAQ. Working closely with leading global partners, Recon has achieved rapid growth supplying China's largest oil and gas exploration companies, including Sinopec and China National Petroleum Corporation, with advanced automated technologies, efficient gathering and transportation equipment and reservoir stimulation measures. The solutions Recon provides are aimed at increasing gas and petroleum extraction levels, reducing impurities, improving safety and lowering production costs. For additional information, please visit www.recon.cn.

Cautionary Statements

Statements made in this release with respect to Recon's current plans, estimates, strategies and beliefs and other statements that are not historical facts are forward-looking statements about the future performance of Recon. Forward-looking statements include, but are not limited to, those statements using words such as "believe," "expect," "plans," "strategy," "prospects," "forecast," "estimate," "project," "anticipate," "aim," "intend," "seek," "may," "might," "could" or "should," and words of similar meaning in connection with a discussion of future operations, financial performance, events or conditions. From time to time, oral or written forward-looking statements may also be included in other materials released to the public. These statements are based on management's assumptions, judgments and beliefs in light of the information currently available to it. Recon cautions investors that a number of important risks and uncertainties could cause actual results to differ materially from those discussed in the forward-looking statements, including but not limited to, product and service demand and acceptance, changes in technology, economic conditions, the impact of competition and pricing, government regulation, and other risks contained in reports filed by the company with the Securities and Exchange Commission. Therefore investors should not place undue reliance on such forward-looking statements. Actual results may differ significantly from those set forth in the forward-looking statements. 

All such forward-looking statements, whether written or oral, and whether made by or on behalf of the company, are expressly qualified by the cautionary statements and any other cautionary statements which may accompany the forward-looking statements. In addition, the company disclaims any obligation to update any forward-looking statements to reflect events or circumstances after the date hereof.

Contact:

Recon Technology, Ltd. 
Jia Liu, Chief Financial Officer 
Tel: +86-10-8494-5799 
Email: info@recon.cn

Weitian Investor Relations 

Tina Xiao 
Tel: +1-917-609-0333 
Email: tina.xiao@weitian-ir.com

SOURCE Recon Technology, Ltd.



RELATED LINKS

http://www.recon.cn
http://www.recon.cn