BEIJING, April 9, 2018 /PRNewswire/ -- Recon Technology, Ltd. (NASDAQ: RCON), ("Recon" or the "Company"), an independent solutions integrator in China's oilfield service, energy and environment protection industries, today announced it won additional bids totaling approximately RMB 4.3 million, or approximately USD 0.7 million, to procure and import customized instruments and to provide related installation and maintenance services for the coal chemical business of Shenhua Group Corporation Limited ("Shenhua Group") through Shenhua Logistics Group Corporation Limited ("Shenhua Logistics") for the first three months of year 2018. As of today, the Company has won bids totaling RMB 6.8 million, or approximately USD 1.1 million from Shenhua Group. The Company expects to win additional bids in the near future and the annual bids from the coal and electronic power segment of Shenhua Group, a recently expanded business line, may exceed RMB 20 million, or approximately USD 3.2 million.
Management Commentary
Mr. Shenping Yin, co-founder and CEO of Recon stated, "We're pleased to update all investors with our recent progress from the coal chemical industry for the first quarter in 2018. As the bids finished, our financial statements will reflect these numbers in the coming months. Our continued wins demonstrate our management's insights into China's energy market. We believe our strategic decision to expand our focus beyond oilfield service will bring long-term benefits to the Company and our shareholders. We'll keep bringing new sources of growth into our business scope by leveraging our abundant knowledge and understanding of China and the industry."
About Shenhua Group
The Shenhua Group Corporation Limited ("Shenhua Group") is a state-owed enterprise, founded in October 1995 with the approval of the State Council, pursuant to PRC Corporate Laws. Shenhua Group is a diversified energy enterprise concentrating on coal production, sales, electricity & thermal generation, coal liquefaction & coal chemicals, railway and port transportation.
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, such as PetroChina (NYSE: PTR) and Sinopec (NYSE: SNP), 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. The Company is also developing new markets of oilfield environmental protection, sewage treatment sector and power and coal chemical industry based on its advantage on technic and market resources. 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
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