BEIJING, Jan. 25 /PRNewswire-Asia-FirstCall/ -- Recon Technology, Ltd. (Nasdaq: RCON), a leading Chinese non-state-owned oil and gas automation services provider, announced today that the company has received a RMB 1.1 million (approximately USD $161,000) grant from the Nanjing city government. The grant is part of an effort by authorities to encourage local high-tech companies to publicly list in the capital markets.
"We are very pleased to receive the funds from the Nanjing government, which reflect the recognition of our successful IPO on NASDAQ by the government," said Shenping Yin, Recon's Chief Executive Officer. "In conjunction with the growing demand for oil in China, the need for relevant technologies and applications has been growing significantly. Recon's product and system provide higher efficiency and profitability for petroleum companies by enabling them to monitor, manage and control petroleum extraction while increasing the amount of petroleum extracted and reducing impurities in extracted petroleum."
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. The company'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 transport pipelines. 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 http://www.recon.cn or e-mail: email@example.com.
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This news release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. These statements are subject to uncertainties and risks 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.
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.
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