Recon Awarded RMB3.97 Million New Contract to Provide High Efficiency Heating Furnaces Equipment for Leading China Oil and Gas Company

BEIJING, Dec. 8, 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 a mainland China variable interest entity's subsidiary, Huang Hua BHD Petroleum Equipment Manufacturing Co. Ltd. ("HH BHD") was awarded a RMB3.97 million ($0.57 million) contract to provide high efficiency heating furnaces equipment for a leading China oil and gas company. In total, HH BHD has generated RMB6.68 million ($0.96 million) in revenue from awarded bids and contracts in the past fiscal quarters.

Pursuant to the recently awarded contract, the equipment HH BHD will supply include insulation devices, automatic alcohol injection device for oil and gas wells and pipelines, large tank extraction skids for processing equipment, splitters and sewage tanks. HH BHD will also provide repair and maintenance services for heating furnaces at the oil and gas client's oil transmission center.  All equipment to be supplied under the contract have a two-year quality guarantee.

Management Statement

Mr. Shenping Yin, Founder and CEO of Recon commented: "These contracts affirm our commitment to our customers to continuously provide first-in-class solutions and services they need to outpace their competition and succeed. The enduring usage and high-quality of our products could be applied in various forms, serving a variety of industries that shall help bolster our overall business performance in the coming year."

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: [email protected] 

Investor Relations

Janice Wang
Wealth Financial Services LLC
Phone: +86 13811768559
+1 628 283 9214
Email: [email protected]

SOURCE Recon Technology, Ltd