BEIJING, Dec. 19,
2022 /PRNewswire/ -- Recon Technology, Ltd (NASDAQ:
RCON) ("Recon" or the "Company"), a China-based independent solutions integrator
in the oilfield service and environmental protection, electric
power and coal chemical industries, today announced that a mainland
China variable interest entity's
subsidiary, Beijing BHD Petroleum Technology Co., Ltd. ("Beijing
BHD") was awarded a new RMB1.31
million ($0.19 million)
contract to provide gas flares for oil and gas fields operated by a
leading China oil and gas company
in the Northwestern Qinghai
province. In total, Beijing BHD has generated RMB8.50 million ($1.22
million) in revenue from awarded bids and contracts for
heating furnaces and related accessories since July 2022.
Pursuant to the recently awarded contract, the equipment to be
supplied by Beijing BHD will be mainly used to manage volatile
organic compounds ("VOCs"), or organic chemicals that have a high
vapor pressure at room temperature. Emission of VOCs from crude oil
processing are known to adversely affect both the human health and
the environment. VOCs can escape during various stages of crude oil
processing, from extraction to refinery; thus the crude oil
industry is recognized as one of the major sources of VOC releases
into the environment, which makes their control and management
important.
Management Statement
Mr. Shenping Yin, Founder and CEO
of Recon commented: "We are glad to report on further business
progress on our operation in China
following last week's announcement about new contracts gained from
our long-term clients and partners. This is a recognition that
serves as a testament to the challenging and inspiring work our
team members do every day. We are happy to see that our efforts are
proven productive and will strive to keep and grow our great work
in the coming year."
Forward-Looking Statements
Recon includes "forward-looking statements" within the meaning
of the federal securities laws throughout this press release. A
reader can identify forward-looking statements because they are not
limited to historical fact or they use words such as "scheduled,"
"may," "will," "could," "should," "would," "expect," "believe,"
"anticipate," "project," "plan," "estimate," "forecast," "goal,"
"objective," "committed," "intend," "continue," or "will likely
result," and similar expressions that concern Recon's strategy,
plans, intentions or beliefs about future occurrences or results.
Forward-looking statements are subject to risks, uncertainties and
other factors that may change at any time and may cause actual
results to differ materially from those that Recon expected. Many
of these statements are derived from Recon's operating budgets and
forecasts, which are based on many detailed assumptions that Recon
believes are reasonable, or are based on various assumptions about
certain plans, activities or events which we expect will or may
occur in the future. However, it is very difficult to predict the
effect of known factors, and Recon cannot anticipate all factors
that could affect actual results that may be important to an
investor. All forward-looking information should be evaluated in
the context of these risks, uncertainties and other factors,
including those factors disclosed under "Risk Factors" in Recon's
most recent Annual Report on Form 20-F and any subsequent half-year
financial filings on Form 6-K filed with the Securities and
Exchange Commission. All forward-looking statements are qualified
in their entirety by the cautionary statements that Recon makes
from time to time in its SEC filings and public communications.
Recon cannot assure the reader that it will realize the results or
developments Recon anticipates, or, even if substantially realized,
that they will result in the consequences or affect Recon or its
operations in the way Recon expects. Forward-looking statements
speak only as of the date made. Recon undertakes no obligation to
update or revise any forward-looking statements to reflect events
or circumstances arising after the date on which they were made,
except as otherwise required by law. As a result of these risks and
uncertainties, readers are cautioned not to place undue reliance on
any forward-looking statements included herein or that may be made
elsewhere from time to time by, or on behalf of, Recon.
For more information, please contact:
Company
Ms. Liu Jia
Chief Financial Officer
Recon Technology, Ltd
Phone: +86 (10) 8494-5799
Email: info@recon.cn
Investor Relations
Janice Wang
Wealth Financial Services LLC
Phone: +86 13811768559
+1 628 283 9214
Email: services@wealthfsllc.com
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SOURCE Recon Technology, Ltd