Recon Technology, Ltd. Becomes a Qualified Contractor (Subcontractor) for Sinopec Subsidiary
BEIJING, June 10, 2015 /PRNewswire/ -- Recon Technology, Ltd. (NASDAQ: RCON), ("Recon" or the "Company"), a leading independent oilfield services provider operating primarily in China, today announced that the Company has received Contractor (Subcontractor) Qualification (the "Qualification") from Jianghan Oilfield Construction Engineering Company ("JOCEC"), a subsidiary of China Petroleum & Chemical Corporation (NYSE: SNP) ("Sinopec"). The Qualification, which is valid for one year from June 4, 2015and extendable on a yearly basis thereafter, qualifies Recon as a general contractor (subcontractor) to participate in certain construction and engineering projects at JOCEC ranging from the expansion and renovation of existing facilities to the construction of new facilities. In connection with the Qualification, the Company also announced today that it has secured a contract with JOCEC worth approximately RMB 550,000.
Mr. Shenping Yin, Chairman and Chief Executive Officer of Recon, commented, "The Qualification, combined with the entry permit awarded by JOCEC earlier this year, clears the path for our increasing presence at JOCEC and sets the stage for a broader and deeper relationship with Sinopec's subsidiaries, that collectively have contributed 19.6% of our total revenues in fiscal year 2014."
About Sinopec and JOCEC
Founded in 2000 and headquartered in Beijing, China Petroleum & Chemical Corporation ("Sinopec") is one of the largest integrated energy and chemical companies in China. Its principal operations include the exploration and production, pipeline transportation and sale of petroleum and natural gas; the sale, storage and transportation of petroleum products, petrochemical products, coal chemical products, synthetic fiber, fertilizer and other chemical petroleum, natural gas, petroleum products, petrochemical and chemical products, and other commodities and technologies; and research, development and application of technologies and information.
Sinopec Jianghan Oilfield Construction Engineering Company ("JOCEC") is a wholly-owned subsidiary of Sinopec and a full-service oilfield construction and service company primarily serving the production facilities managed by Sinopec.
About Recon Technology, Ltd.
Recon Technology, Ltd. is China's first independent oil and gas field service company listed on NASDAQ. Closely working 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.
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.