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BEIJING, Feb. 4, 2019 /PRNewswire/ -- Recon Technology, Ltd. (NASDAQ: RCON) ("Recon" or the "Company"), a China-based independent solutions integrator in the oilfield service, environmental protection, electric power and coal chemical industries, today announced that the Company won an additional 2 bids totaling approximately RMB 2.3 million (approximately USD 0.35 million) to procure and import customized instruments for the coal chemical business of China Energy Investment Corporation ("China Energy") through Shenhua Logistics Group Corporation Limited ("Shenhua Logistics").
Previously Shenhua Logistics was a subsidiary of Shenhua Group Corporation Limited ("Shenhua Group"), which was merged into China Energy with another group company in 2017. As of today, the Company has won bids totaling RMB 33.38 million (approximately USD 4.96 million) from China Energy (including the bids from Shenhua Group). The Company expects the total bids for 2019 from the coal and electronic power segment of China Energy to reach RMB 36 million (approximately USD 5.35 million) and up to RMB 50 million (approximately USD 8.91 million).
Mr. Shenping Yin, co-founder and CEO of Recon stated, "We are pleased to continue to win bids in the competitive Chinese energy market. Our work with China Energy highlights our expansion in a new service as we leveraged our technological knowhow and comprehensive services to provide exceptional value for our client. Our successful provision of automation solutions to the coal chemical industry demonstrates our improved vendor system and our robust service capabilities. We hope that we can build on these successes, in addition to the RMB 2.3 million we were recently awarded. We estimate that we will be rewarded with RMB 36 million for the total bids from China Energy in 2019, as we continue to innovate and demonstrate the effectiveness of our solutions in the energy sector."
About China Energy
With the approval of the CPC Central Committee and the State Council, China Energy Investment Corporation (China Energy) was formally established on November 28, 2017, following the merger of China Guodian Corporation and Shenhua Group, both Fortune Global 500 companies. Ranked 101st among the Fortune Global 500 in 2018, the company is a backbone state-owned enterprise (SOE). Operating eight business segments including coal, thermal power, new energy, hydropower, transportation, chemical industry, environmental technology and finance, China Energy is the world's largest producer of coal, thermal power, wind power, coal-to-liquid fuels and coal chemicals.
About Recon Technology, Ltd.
Recon Technology, Ltd. (NASDAQ: RCON) is China's first listed non-state-owned oil and gas field service company on NASDAQ. Recon supplies China's largest oil exploration companies, Sinopec (NYSE: SNP) and CNPC, with advanced automated technologies, efficient gathering and transportation equipment and reservoir stimulation measure for increasing petroleum extraction levels, reducing impurities and lowering production costs. Through the years, RCON has taken leading positions on several segmented markets of the oil and gas filed service industry. RCON also has developed stable long-term cooperation relationship with its major clients, and its products and service are also well accepted by clients. For additional information please visit: www.recon.cn.
Forward Looking Statements
Forward-Looking Statements in this press release, which are not historical facts, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Our actual results, performance or achievements may differ materially from those expressed or implied by these forward-looking statements. In some cases, you can identify forward-looking statements by the use of words such as "may," "could," "expect," "intend," "plan," "seek," "anticipate," "believe," "estimate," "predict," "potential," "continue," "likely," "will," "would" and variations of these terms and similar expressions, or the negative of these terms or similar expressions. Such forward-looking statements are necessarily based upon estimates and assumptions that, while considered reasonable by us and our management, are inherently uncertain. Factors that may cause actual results to differ materially from current expectations include, among others, levels of spending in our industry as well as consumer confidence generally; changes in the competitive environment in our industry and the markets where we operate; our ability to access the capital markets; the results of cooperation between parties to cooperation agreements; and other risks discussed in the Company's filings with the U.S. Securities and Exchange Commission, including our Annual Report on Form 20-F, which filings are available from the SEC. We caution you not to place undue reliance on any forward-looking statements, which are made as of the date of this press release. We undertake no obligation to update publicly any of these forward-looking statements to reflect actual results, new information or future events, changes in assumptions or changes in other factors affecting forward-looking statements, except to the extent required by applicable laws. If we update one or more forward-looking statements, no inference should be drawn that we will make additional updates with respect to those or other forward-looking statements.
For more information, please contact:
Ms. Jia Liu
Chief Financial Officer
Recon Technology, Ltd.
Phone: +86 (10) 8494-5799
In the United States:
Ms. Tina Xiao
Ascent Investor Relations LLC
SOURCE Recon Technology, Ltd.