BEIJING, Jan. 12, 2016 /PRNewswire/ -- Recon Technology,
Ltd. (NASDAQ: RCON) ("Recon" or the "Company"), a leading
independent oilfield services provider operating primarily
in China, announced today that Beijing BHD Petroleum
Technology Co., Ltd. ("BHD"), a subsidiary of the Company, has
executed an agreement (the "Agreement") with Qinghai Oilfield, a
PetroChina Co., Ltd. ("PetroChina") subsidiary, to sell chemical
agents (the "Chemicals") to Qinghai Oilfield. The Chemicals,
including Ion Modifiers and Water Quality Stabilizers, are designed
and tested by BHD and are to be used for wastewater treatment at
the Qinghai Oilfield. This Agreement, which is valued at
RMB 3.98 million (~$0.6 million), is expected to be completed by
the end of FY2016.
This Agreement follows BHD's recent win of a major bidding
contract with PetroChina that qualified BHD as a Class A Furnace
Supplier to all of PetroChina's oilfield companies and a
RMB 3.2 million (~$0.5 million) contract to supply five furnaces
to PetroChina's Huabei Oilfield.
"We continue to grow our presence at PetroChina's oilfield
companies," said Mr. Shenping Yin,
Chairman and Chief Executive Officer. "Today's announcement follows
months of efforts by our BHD team and marks another breakthrough
for us with PetroChina as we seek opportunities to expand our
product and service offerings. The oilfield waste water treatment
segment is a brand new market for Recon. Aside from the chemicals,
we expect to provide more professional waste water treatment
equipment to our oilfield client in the coming year, which we are
in the process of developing now. We are optimistic that this
consignment sale of third party chemicals has the potential to
evolve into a new line of business on a recurring basis for
Recon."
About Recon Technology, Ltd.
Recon Technology, Ltd. (NASDAQ: RCON) ("Recon") is China's first
independent oil and gas field service company to be listed
on NASDAQ. Working closely with leading global partners,
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. The solutions Recon provides are
aimed at increasing gas and petroleum extraction levels, reducing
impurities, improving safety and lowering production costs. For
additional information, please visit www.recon.cn.
Cautionary Statements
Statements made in this release with respect to Recon's
current plans, estimates, strategies and beliefs and other
statements that are not historical facts are forward-looking
statements about the future performance of Recon. Forward-looking
statements include, but are not limited to, those statements using
words such as "believe," "expect," "plans," "strategy,"
"prospects," "forecast," "estimate," "project," "anticipate,"
"aim," "intend," "seek," "may," "might," "could" or "should," and
words of similar meaning in connection with a discussion of future
operations, financial performance, events or conditions. From time
to time, oral or written forward-looking statements may also be
included in other materials released to the public. These
statements are based on management's assumptions, judgments and
beliefs in light of the information currently available to it.
Recon cautions investors that a number of important risks and
uncertainties could cause actual results to differ materially from
those discussed in the forward-looking statements, 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. Therefore investors should not place undue reliance on
such forward-looking statements. Actual results may differ
significantly from those set forth in the forward-looking
statements.
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.
Contact:
Recon Technology, Ltd.
Jia Liu, Chief Financial
Officer
Tel: +86-10-8494-5799
Email: info@recon.cn
Weitian Investor Relations
Tina Xiao
Tel: +1-917-609-0333
Email: tina.xiao@weitian-ir.com
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SOURCE Recon Technology, Ltd.