BEIJING, June 10, 2015 /PRNewswire/ -- Recon Technology,
Ltd. (NASDAQ: RCON), ("Recon" or the "Company"), a leading
independent oilfield services provider operating primarily in
China, today announced that the
Company has received Contractor (Subcontractor) Qualification (the
"Qualification") from Jianghan Oilfield Construction Engineering
Company ("JOCEC"), a subsidiary of China Petroleum & Chemical
Corporation (NYSE: SNP)
("Sinopec"). The Qualification, which is valid for one year
from June 4, 2015 and extendable on a
yearly basis thereafter, qualifies Recon as a general contractor
(subcontractor) to participate in certain construction and
engineering projects at JOCEC ranging from the expansion and
renovation of existing facilities to the construction of new
facilities. In connection with the Qualification, the Company
also announced today that it has secured a contract with JOCEC
worth approximately RMB 550,000.
Mr. Shenping Yin, Chairman and
Chief Executive Officer of Recon, commented, "The Qualification,
combined with the entry permit awarded by JOCEC earlier this year,
clears the path for our increasing presence at JOCEC and sets the
stage for a broader and deeper relationship with Sinopec's subsidiaries, that collectively have
contributed 19.6% of our total revenues in fiscal year 2014."
About Sinopec and JOCEC
Founded in 2000 and headquartered in Beijing, China Petroleum & Chemical
Corporation ("Sinopec") is one of the largest integrated energy and
chemical companies in China. Its
principal operations include the exploration and production,
pipeline transportation and sale of petroleum and natural gas; the
sale, storage and transportation of petroleum products,
petrochemical products, coal chemical products, synthetic fiber,
fertilizer and other chemical petroleum, natural gas, petroleum
products, petrochemical and chemical products, and other
commodities and technologies; and research, development and
application of technologies and information.
Sinopec Jianghan Oilfield Construction Engineering Company
("JOCEC") is a wholly-owned subsidiary of Sinopec and a
full-service oilfield construction and service company primarily
serving the production facilities managed by Sinopec.
About Recon Technology, Ltd.
Recon Technology, Ltd. is China's first independent
oil and gas field service company listed
on NASDAQ. Closely working 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.
Tel: +86-10-8494-5799
Email: info@recon.cn
Web: http://www.recon.cn
Weitian Investor Relations
Tina Xiao
Tel: +1-917-609-0333
Email: tina.xiao@weitian-ir.com
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SOURCE Recon Technology, Ltd.