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Recon Technology Subsidiary Awarded High-Tech Enterprise Certificate by Jiangsu Provincial Government
Certification qualifies Nanjing Recon for reduced income tax rate, government support
PR Newswire
BEIJING,

BEIJING, Jan. 7, 2011 /PRNewswire-Asia/ -- Recon Technology, Ltd. (Nasdaq: RCON) ("Recon" or the "Company"), a leading Chinese non-state-owned oil field services provider to oil and gas companies and their affiliates, today announced that its subsidiary, Nanjing Recon Technology Co., Ltd. ("Nanjing Recon"), has been awarded a High-Tech Enterprise certificate by the Jiangsu provincial government.

The certification is intended to support and encourage the development of high-tech businesses within China. Among the six criteria for certification, a company must own the intellectual property rights to its core products or services, at least 10% of its employees must work in research and development, and the company must generate more than 60% of its annual revenue from the sale of high-tech products or services.

As a High-Tech Enterprise, Nanjing Recon will have access to a series of national and local government support programs, including tax incentives, intellectual property protection, and technical support from the central and local governments. Additionally, Nanjing Recon, which generates approximately 30% of Recon's total annual revenue, will receive a preferential reduced income tax rate of 15%. Prior to receiving the certification, Nanjing Recon was subject to the statutory corporate income tax rate of 25% as mandated by the Enterprise Income Tax Law of the People's Republic of China. The Company will recognize the benefits of the certificate through fiscal 2012.

Another Recon subsidiary, Beijing BHD Petroleum Technology Co., Ltd., received High-Tech Enterprise certification from the Beijing district on November 25, 2009 and will continue to benefit from the corresponding preferential policies through fiscal 2011. These policies include a preferential tax rate of 15% and support from the National Torch Program, which aims to develop high-tech industries in China.

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 via e-mail at [email protected].

Forward-Looking Statements

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.

    Contact:

    At the Company:
    Recon Technology, Ltd
    Tel: +86-10-8494-5799
    Email: [email protected]

    Investor Relations:
    Dave Gentry, President
    RedChip Companies, Inc.
    Tel: +1-800-733-2447, Ext. 104
    Email: [email protected]

    Jing Zhang, Chief Representative
    RedChip Companies Beijing Office
    Tel: +86-10-8591-0635
    Web: http://www.RedChip.com

SOURCE Recon Technology, Ltd.

SOURCE: Recon Technology, Ltd.

Recon Technology Subsidiary Awarded High-Tech Enterprise Certificate by Jiangsu Provincial Government

Certification qualifies Nanjing Recon for reduced income tax rate, government support

PR Newswire

BEIJING, Jan. 7, 2011 /PRNewswire-Asia/ -- Recon Technology, Ltd. (Nasdaq: RCON) ("Recon" or the "Company"), a leading Chinese non-state-owned oil field services provider to oil and gas companies and their affiliates, today announced that its subsidiary, Nanjing Recon Technology Co., Ltd. ("Nanjing Recon"), has been awarded a High-Tech Enterprise certificate by the Jiangsu provincial government.

The certification is intended to support and encourage the development of high-tech businesses within China. Among the six criteria for certification, a company must own the intellectual property rights to its core products or services, at least 10% of its employees must work in research and development, and the company must generate more than 60% of its annual revenue from the sale of high-tech products or services.

As a High-Tech Enterprise, Nanjing Recon will have access to a series of national and local government support programs, including tax incentives, intellectual property protection, and technical support from the central and local governments. Additionally, Nanjing Recon, which generates approximately 30% of Recon's total annual revenue, will receive a preferential reduced income tax rate of 15%. Prior to receiving the certification, Nanjing Recon was subject to the statutory corporate income tax rate of 25% as mandated by the Enterprise Income Tax Law of the People's Republic of China. The Company will recognize the benefits of the certificate through fiscal 2012.

Another Recon subsidiary, Beijing BHD Petroleum Technology Co., Ltd., received High-Tech Enterprise certification from the Beijing district on November 25, 2009 and will continue to benefit from the corresponding preferential policies through fiscal 2011. These policies include a preferential tax rate of 15% and support from the National Torch Program, which aims to develop high-tech industries in China.

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 via e-mail at [email protected].

Forward-Looking Statements

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.

Contact:


At the Company:

Recon Technology, Ltd
Tel: +86-10-8494-5799
Email: [email protected]


Investor Relations:

Dave Gentry, President

RedChip Companies, Inc.

Tel: +1-800-733-2447, Ext. 104

Email: [email protected]


Jing Zhang, Chief Representative

RedChip Companies Beijing Office

Tel: +86-10-8591-0635

Web: http://www.RedChip.com



SOURCE Recon Technology, Ltd.

CONTACT: Recon Technology, Ltd, +86-10-8494-5799, [email protected]; investor relations, Dave Gentry, President of RedChip Companies, Inc., +1-800-733-2447 Ext. 104, , [email protected]; or Jing Zhang, Chief Representative of RedChip Companies Beijing Office, +86-10-8591-0635


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