Recon Technology Receives RMB 1.1 Million Grant from Chinese Government
January 25 2010 - 8:00AM
PR Newswire (US)
BEIJING, Jan. 25 /PRNewswire-Asia-FirstCall/ -- Recon Technology,
Ltd. (NASDAQ:RCON), a leading Chinese non-state-owned oil and gas
automation services provider, announced today that the company has
received a RMB 1.1 million (approximately USD $161,000) grant from
the Nanjing city government. The grant is part of an effort by
authorities to encourage local high-tech companies to publicly list
in the capital markets. "We are very pleased to receive the funds
from the Nanjing government, which reflect the recognition of our
successful IPO on NASDAQ by the government," said Shenping Yin,
Recon's Chief Executive Officer. "In conjunction with the growing
demand for oil in China, the need for relevant technologies and
applications has been growing significantly. Recon's product and
system provide higher efficiency and profitability for petroleum
companies by enabling them to monitor, manage and control petroleum
extraction while increasing the amount of petroleum extracted and
reducing impurities in extracted petroleum." 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 transport
pipelines. 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'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 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. For more information, please
contact: Investor Contact: Hawk Associates Susan Zhou Tel:
+1-305-451-1888 Email: DATASOURCE: Recon Technology, Ltd. CONTACT:
Investor Contact: Susan Zhou, +1-305-451-1888, , of Hawk Associates
Web site: http://www.hawkassociates.com/about/alert
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