BEIJING, June 25, 2019 /PRNewswire/ -- Recon Technology, Ltd. (Nasdaq: RCON) ("Recon" or the "Company"), a China-based independent solutions integrator in the oilfield service, environmental protection, electric power and coal chemical industries, today announced the Company has entered into an exclusive 24-month sales representation agreement (the "Agreement") with Valvitalia S.p.A. ("Valvitalia"), a leading Italian producer of equipment for measuring, filtering, and regulating fluids, and gases serving customers in oil and natural gas, water, petrochemical, utilities markets worldwide, to promote Valvitalia products to China Petroleum Engineering & Construction Corporation ("CPECC").
Pursuant to the terms of the Agreement, Valvitalia has granted Recon the exclusive right to sell Valvitalia products to CPECC, a Chinese subsidiary of China National Petroleum Corporation ("CNPC") and specialized in oil engineering, manufacturing, construction and lump-sum contracting.
Management Commentary
Mr. Shenping Yin, co-founder and CEO of Recon, stated, "We are proud to collaborate with the industry-leading Valvitalia. We plan to promote Valvitalia valves and other products to CPECC' oilfield projects around the world as we endeavor to provide the highest possible level of service to our oil field clients. Valvitalia currently has its products installed in 109 countries, commiserate with its long history of success serving industrial markets across the world, and we hope CPECC and its end clients will benefit the innovation and high quality that are emblematic of the Valvitalia way of doing business."
About Recon Technology, Ltd.
Recon Technology, Ltd. (RCON) is China's first non-state-owned oil and gas field service company listed on NASDAQ. Recon supplies China's largest oil exploration companies, Sinopec (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.
Forward Looking Statements
Forward-Looking Statements in this press release, which are not historical facts, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Our actual results, performance or achievements may differ materially from those expressed or implied by these forward-looking statements. In some cases, you can identify forward-looking statements by the use of words such as "may," "could," "expect," "intend," "plan," "seek," "anticipate," "believe," "estimate," "predict," "potential," "continue," "likely," "will," "would" and variations of these terms and similar expressions, or the negative of these terms or similar expressions. Such forward-looking statements are necessarily based upon estimates and assumptions that, while considered reasonable by us and our management, are inherently uncertain. Factors that may cause actual results to differ materially from current expectations include, among others, levels of spending in our industry as well as consumer confidence generally; changes in the competitive environment in our industry and the markets where we operate; our ability to access the capital markets; the results of cooperation between parties to cooperation agreements; and other risks discussed in the Company's filings with the U.S. Securities and Exchange Commission, including our Annual Report on Form 20-F, which filings are available from the SEC. We caution you not to place undue reliance on any forward-looking statements, which are made as of the date of this press release. We undertake no obligation to update publicly any of these forward-looking statements to reflect actual results, new information or future events, changes in assumptions or changes in other factors affecting forward-looking statements, except to the extent required by applicable laws. If we update one or more forward-looking statements, no inference should be drawn that we will make additional updates with respect to those or other forward-looking statements.
For more information, please contact:
In China:
Ms. Jia Liu
Chief Financial Officer
Recon Technology, Ltd.
Phone: +86 (10) 8494-5799
Email: info@recon.cn
In the United States:
Ms. Tina Xiao
President
Ascent Investor Relations LLC
Phone: +1-917-609-0333
Email: tina.xiao@ascent-ir.com
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