BEIJING, May 5, 2017 /PRNewswire/ -- Recon Technology, Ltd. (NASDAQ: RCON), ("Recon" or the "Company"), a leading independent oilfield services provider operating primarily in China, today announced the Company's subsidiary, Nanjing Recon Technology Co. Ltd. ("Nanjing Recon") has obtained a Construction Entry Permit Certificate (the "Certificate") from Jianghan Oilfield Construction Engineering Company ("JOCEC"), a subsidiary of China Petroleum & Chemical Corporation (NYSE: SNP) ("Sinopec"). Nanjing Recon is reexamined by Sinopec on annual basis, and the Certificate was renewed and is valid through March 31, 2018.
The Certificate provides Recon the ability to participate in bidding for automation system projects for JOCEC within the validity period.
Management Commentary
Mr. Shenping Yin, Chairman and CEO of Recon stated, "We are pleased to receive the renewed Entry Permit Certificate, as it is a necessary step for Recon to bid for projects from Jianghan Oilfield. Recon first received this Certificate for Automation Systems last year, and believe that our service offering to Sinopec's other oilfields will only continue to expand."
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. (NASDAQ: RCON)
Recon Technology, Ltd. is China's first listed non-state owned oil and gas field service company on NASDAQ. Recon supplies China's largest oil exploration companies, Sinopec (NYSE:SNP) and 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 on several segmented markets of the oil and gas filed service industry. RCON also has developed stable long-term cooperation relationship with its major clients, and its products and service are also well accepted by clients. For additional information please visit: www.recon.cn .
Safe Harbor
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.
Company Contact
Liu Jia, CFO
Recon Technology, Ltd.
+86 (10) 84945799
info@recon.cn
Investor Relations
The Equity Group Inc.
In China
Katherine Yao, Senior Associate
+86-10-6587-6435
kyao@equityny.com
In the U.S.
Adam Prior, Senior Vice President
+1 (212) 836-9606
aprior@equityny.com
