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Recon Technology Files Application to Withdraw Registration Statement
PRNewswire

BEIJING, Aug. 9 /PRNewswire-Asia-FirstCall/ -- Recon Technology, Ltd. , a leading Chinese non-state-owned oil field services provider, announced the withdrawal of its registration statement on Form S-1 (Registration No. 333-166540) for a secondary offering of ordinary shares and warrants to purchase ordinary shares. The company's CEO, Mr. Yin Shenping, thanked all parties for their involvement in the offering but noted that, given current market conditions, an offering was not justified at this time.

Mr. Yin said, "Our company is growing and we are pleased with our continued profitability. Given this growth, we do not believe that the current market price of our ordinary shares accurately reflects the value of our company. We also do not believe that it is in our company's or shareholders' best interest to conduct an offering at present. We will continue to use the funds from our initial public offering to develop our business, and we may revisit an offering at some point in the future when market conditions are more favorable."

About Recon Technology, Ltd.

Recon Technology, Ltd. has been providing leading Chinese oil and gas companies with automation services that increase efficiency and profitability in exploring, extracting, producing, processing, refining and transporting petroleum products for over 10 years. The company's proprietary computerized process control system manages oil production in real-time to increase extraction levels, reduce impurities in extracted petroleum and lower production costs. In addition, as one of only two acoustic system providers in the world, Recon's acoustic pipeline monitoring system is widely used to prevent gas leakage in the transport pipeline. Recon's technology is based on three software copyrights, eight product patents and four pending patents. Recon Technology is the first Chinese non-state-owned oil and gas service company to go public in the U.S. More information may be found at http://www.recon.cn/ or e-mail: recon@hawkassociates.com.

Recon's online investor kit, including an investment profile, press releases, current price quotes, stock charts and more is available at http://www.hawkassociates.com/profile/rcon.cfm . To receive notification of future releases via e-mail, subscribe at http://www.hawkassociates.com/about/alert/ .

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 field 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.

  For more information, please contact:

  Investor Contact:
   Hawk Associates
   Julie Marshall, Amy Lin
   Phone: +1-305-451-1888
   Email: recon@hawkassociates.com

SOURCE: Recon Technology, Ltd.

CONTACT: Investors, Julie Marshall or Amy Lin, both of Hawk Associates,
+1-305-451-1888, recon@hawkassociates.com


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