BEIJING, July 1, 2014 /PRNewswire/ -- In his address in
Beijing at the Annual Meeting of
Shareholders of Recon Technology, Ltd. (NASDAQ: RCON)
("Recon" or the "Company"), a leading independent oilfield services
provider operating primarily in China, Chairman and CEO Mr. Yin Shenping said
that while it is too early to make specific predictions about full
year bottom line results for the fiscal year ending June 30, 2014, the Company already has
exceeded prior year sales in the first nine months of the fiscal
year.
Mr. Yin added, "Even more important in the fiscal 2013-2014 time
frame has been the expansion and increased acceptance of our
products by some of the largest companies in China's oil and gas industry." He stated
further, "Ten years from today shareholders looking back at fiscal
years 2013 and 2014 will see them as the launching point for what
by then we believe will be a significantly larger, more dynamic
company."
Recent Developments Buoy Optimism
Mr. Yin pointed to several recent developments that buoyed his
optimism about the future, including the Company's solid
performance in a slower economy, recognition by the Chinese
government of the financial system reforms needed to achieve long
term economic growth, and the new focus on improving the
environment and safer drilling, while coal remains China's primary energy resource. He stated,
"The combination of these factors point to continuing opportunities
in China's oil and gas industry
and for our Company in particular."
Faster Growth Possible
Noting the size and stature the Company has achieved in the
industry, Mr. Yin said, "we believe we may be on the cusp of new
degrees of faster growth and expansion," and he said that this may
come from geographic expansion, growth via cooperation agreements
and/or acquisitions, and thirdly, expansion to new segments of the
energy industry.
A transcript of Mr. Yin's speech is available on the Recon
website (see below).
Preliminary Shareholder Voting Results
- Shareholders elected Mr. Zhao Shudong as a Class I member of
the Board of Directors
- Shareholders voted to ratify Friedman LLP as the Company's
fiscal 2014 independent registered public accounting firm
- Shareholders approved on an advisory basis executive officer
compensation as described in the proxy statement
- Shareholders approved on an advisory basis the frequency of
advisory votes on executive compensation as described in the proxy
statement
About Recon
Recon Technology, Ltd. is China's first independent oil and gas field
service company listed on NASDAQ (RCON). 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 closely working with leading global
partners such as Baker Hughes. The solutions Recon provides are
aimed at increasing gas and petroleum extraction levels, reducing
impurities and lowering production costs. 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.
Contacts:
Liu Jia
Recon Technology, Ltd.
+86 (10) 84945799
info@recon.cn
U.S. Investors
DGI Investor Relations
Ken Donenfeld
kdonenfeld@dgiir.com
1-1-212-425-5700
SOURCE Recon Technology, Ltd.