BEIJING, Jan. 31, 2019 -- 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's 75% subsidiary Qing Hai BHD New Energy Technology Co., Ltd. ("Qinghai BHD") received a RMB 870,000 (approximately USD 128,798) subsidy from the local government of Qinghai province for the first phase of a project to produce and process environmentally friendly solar-gas hybrid furnaces that reduce energy consumption (the "Project").
Qinghai BHD's business covers the research, design and manufacturing of innovative energy and energy saving equipment and providing energy management services. The Project is located in Xining, Qinghai province and focuses on producing and processing high-efficiency energy-saving integrated furnaces. These furnaces use environmentally friendly technology to provide heat, including the ability to combine solar power modules to gas vacuum furnaces to reduce gas consumption by an estimated 30-40% and nitrogen oxide emission by more than 50% as compared to conventional furnaces.
Mr. Guangqiang Chen, CTO of Recon, stated, "We are pleased that the local government has recognized our commitment to innovation and rewarded us with this generous subsidy. Qinghai province currently has about 7,300 furnaces to be upgraded and retrofitted, with average unit transformation fee of RMB 200,000 to RMB 400,000 depending on the type of upgrade. We look forward to competing for these upgrade projects. Recon has a long history of fostering research and development in the energy-conservation segment and we believe our furnaces are representative of the advances we have made in providing energy efficient products to our clients. Our cost-effective furnaces allow customers to recoup their investment relatively quickly, through the combination of solar energy and air-source heating technology which reduces the usage of natural gas, providing an effective and efficient alternative to the marketplace."
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