BEIJING, April 5, 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 April 2, 2012 regarding its return to compliance with Nasdaq Marketplace Rule 5550(a)(2) ("Rule 5550(a)(2)"). The letter notified the Company that, because the Company's closing bid price exceeded $1.00 per ordinary share for 10 consecutive trading days, from March 19, 2012 through March 30, 2012, Nasdaq determined that the Company regained compliance with listing Rule 5550(a)(2). Accordingly, this matter was closed.
Upon returning to compliance with Rule 5550(a)(2), no other notice of noncompliance remained outstanding for the Company. Accordingly, the Company now complies with all NASDAQ continued listing rules.
Mr. Shenping Yin, Chief Executive Officer of the Company, said, "We are pleased to return to compliance with Rule 5550(a)(2). More importantly, this milestone marks the resolution of our prior continued listing issues. We would like to thank our investors for their support and faith in our Company as we have addressed these matters."
Mr. Yin continued, "Moving forward, we are strengthening our internal management and have retained experienced consultants to help us improve our internal controls. We are excited about business opportunities in our industry and look forward to sharing our successes with our shareholders."
About Recon Technology, Ltd
Recon Technology, Ltd. is a non-state-owned oil field service company in China. The company has been providing software, equipment and services to increase the efficiency and automation in oil and gas exploration, extraction, production and refinery for Chinese oil and gas fields for more than 10 years. More information may be found at http://www.recon.cn or e-mail: firstname.lastname@example.org.
SOURCE Recon Technology, Ltd.