BEIJING, November 23, 2022 /PRNewswire/ — Recon Technology, Ltd (NASDAQ: RCON) (“Recon” or the “Company”), a China-based independent solution integrator in the fields of oilfield service and environmental protection, electricity and coal chemistry announced today that Nanjing Recon Technology Co. (“Nanjing Recon”) has renewed its “High-Tech Enterprise” status awarded by China’s Jiangsu provincial government. The three-year award is one of the highest local awards for Chinese technology companies and entitles Nanjing Recon to local government incentives such as: B. an income tax rate reduced to 15%.
High-tech company status is awarded to companies that are considered to be technologically superior in their respective fields. This status is intended to encourage the companies’ ongoing investments in the research and development of important new products and services, which would result in significant revenues from the sale of such products and services.
Nanjing Recon, a variable interest entity of with contractual ties to a subsidiary of Recon Hengda Technology (Beijing) Co., Ltd., one of the mainland-based company’s subsidiaries China, is engaged in technological research and development of oilfield automation products, oilfield production improvement measures and special equipment. Nanjing Recon’s automation systems can remotely monitor and collect real-time oilfield production data. This advanced industrial application can greatly assist oilfield customers in improving extraction levels, reducing contaminants, and lowering production costs. In the past three years, Nanjing Recon has started projects and invested above 12 million RMB in R&D, which averaged over 10% of Nanjing Recon’s annual sales. To date, Nanjing Recon has obtained a total of one invention patent, four utility model patents and 13 software copyrights through independent proprietary R&D, and has also managed to convert its scientific research efforts into business activities.
Shepin Yin, Chairman and CEO of Recon, commented, “The High-Tech Enterprise designation reflects recognition of our technology and innovation. For 2021, Nanjing Recon recorded an increasing sales of approx 18 million RMB of high-tech products and services that are true proof that our R&D efforts are being transformed to fuel the growth of the company’s overall business operations. Going forward, we will continue to leverage our leading technologies to empower our partners and customers while creating sustainable value for our stakeholders.”
About Recon Technology, Ltd (“RCON”)
Recon Technology, Ltd (NASDAQ: RCON) is of the People’s Republic of China first NASDAQ-listed non-governmental oil and gas field services company. Recon supplies of China largest oil exploration companies, Sinopec (NYSE: SNP) and The China National Petroleum Corporation (“CNPC”), with advanced automated technologies, efficient gathering and transportation equipment, and reservoir stimulation measures to increase oil production, reduce impurities, and lower production costs . Over the years, RCON has held leading positions in several segmented markets of the oil and gas industry. RCON has also developed stable long-term cooperative relationships with its major customers. For more information, please visit: http://www.recon.cn/.
Recon contains “forward-looking statements” within the meaning of the federal securities laws in this press release. A reader can identify forward-looking statements by the fact that they are not limited to historical facts or use words such as “planned”, “may”, “will”, “could”, “should”, “would”, “expect”. “believe”, “anticipate”, “project”, “plan”, “estimate”, “forecast”, “goal”, “objective”, “committed”, “intend”, “continue” or “is likely to result”, ‘ and similar expressions reflecting Recon’s strategy, plans, intentions or beliefs with respect to future events or results. Forward-looking statements are subject to risks, uncertainties and other factors, all of which are subject to change at any time and could cause actual results to differ materially from those anticipated by Recon. Many of these statements are derived from Recon’s operating budgets and forecasts, which are based on many detailed assumptions that Recon believes to be reasonable, or various assumptions about specific plans, activities or events that we expect will occur or occur in the future could. However, it is very difficult to predict the effect of known factors and Recon cannot anticipate all factors that could affect actual results that may be important to an investor. All forward-looking information should be evaluated in light of those risks, uncertainties and other factors, including the factors identified under “Risk Factors” in Recon’s most recent annual report on Form 20-F and all subsequent semi-annual financial reports on Form 6-K filed with the Securities and Exchange Commission. All forward-looking statements are qualified in their entirety by the cautionary statements that Recon makes from time to time in its SEC filings and public communications. Recon cannot assure the reader that the results or developments anticipated by Recon will be realized or, even if materially realized, that they will result in or affect Recon or its business in the manner Recon anticipates. Forward-looking statements speak only as of the date made. Recon undertakes no obligation to update or revise any forward-looking statements to reflect events or circumstances after the date they are made, except as required by law. Because of these risks and uncertainties, readers are cautioned not to place undue reliance on any forward-looking statements contained herein or made elsewhere from time to time by or on behalf of Recon.
For more information, please contact:
In the company
MS. Liu Jia
Reconnaissance Technology, Ltd
Telephone: +86 (10) 8494-5799
Email: [email protected]
Wealth Financial Services LLC
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+1 628 283 9214
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