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NEW YORK, Nov. 15, 2019 /PRNewswire/ -- Recon Technology, Ltd. (NASDAQ:RCON) ("Recon" or the "Company"), today announced that Sinopec Huabei Oilfield Branch Oil Extraction First Factory ("Huabei Oilfield"), a client of Recon's wholly-owned subsidiary Beijing Bright Petroleum Technology Co., Ltd ("Beijing BHD"), recently received a wastewater test report, showing all the indicators of the sample wastewater at its wastewater treatment station are qualified. Beijing BHD provided sewage treatment and reinjection technology services to Huabei Oilfield, aimed to ensure that the treated wastewater is up to standard. The excellent performance of Beijing BHD's sewage treatment technology is expected to bring more contracts and produce more profit for the Company.
According to the report issued by a third-party testing company, all the indicators are qualified and comply with the relevant national environmental monitoring technical standards and the requirements of Huabei Oilfield. The necessity of treatment of oilfield wastewater represents not only serious operational issues but also a major environmental challenge to all oil producers. Increased regulatory requirements amidst the need for greater environmental protection drive oilfields to utilize professional products and services to meet the new standards. As a total solution provider to petroleum companies, Recon has developed an oilfield wastewater treatment device to improve the effectiveness of sewage treatment, reduce infrastructure investment and operating costs for oil companies.
"Our services helped Huabei Oilfield treated 35,000 cubic meters of wastewater per month and sustainably generated more than $100,000 monthly revenue for Recon. We are confident with our sewage treatment technology and our Environmental, social and governance management, which is ESG strategy," Mr. Shenping Yin, co-founder, and CEO of Recon stated. "With excellent results in sewage treatment, Huabei Oilfield plans to adopt our technology in the treatment of sewage sludge, and we expect to sign more contracts in the future to fulfill both social impact and environmental benefits. We will leverage our technical capabilities and experience in the oilfield production industry and to further enhance our leading position in China's oilfield environmental protection industry for the benefit of shareholders' interests."
About Recon Technology, Ltd.
Recon Technology, Ltd. (RCON) is China's first non-state-owned oil and gas field service company listed on NASDAQ. Recon supplies China's largest oil exploration companies with advanced automated technologies, efficient gathering and transportation equipment and reservoir stimulation measures for increasing petroleum extraction levels, reducing impurities and lowering production costs. Since 2017, the Company has expanded its business operations into other segments of the broader energy industry including electric power, coal chemicals, renewable energy and environmental protection in the energy and chemical industries. Through the years, Recon has taken leading positions on several market segments of the oil and gas field service industry. Recon also has developed stable long-term cooperation relationships with its major clients, and its products and service are well accepted by clients. For additional information please visit: www.recon.cn.
Safe Harbor Statement
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 filed 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.
Dragon Gate Investment Partners LLC
SOURCE Recon Technology, Ltd.