Business
Recon Technology Secures US$3 Million in Contracts with Newly Developed Customer for Electronic Components and Materials
BEIJING, March 11, 2024 /PRNewswire/ -- Recon Technology Ltd ("Recon" or the "Company"), a China-based provider of oilfield services and low-carbon energy
About this update from Recon Technology, Ltd.
[{"type":"text","content":"BEIJING, March 11, 2024 /PRNewswire/ -- Recon Technology Ltd (\"Recon\" or the \"Company\"), a China-based provider of oilfield services and low-carbon energy services, today announced two recently awarded bids from a newly developed oilfield-industry customer for the supply of electronic components and materials used in oilfield production. The total value of these contracts exceeds US$3 million and represents a significant milestone for the Company.\n\n\"We are very pleased to have secured these contracts with this new customer in the automation and electronics sector, and Recon emerged as the preferred choice due to our proven track record, innovative solutions and commitment to excellence,\" said Shenping Yin, CEO of Recon, \"This achievement highlights our expertise and capabilities in serving the oilfield industry and we look forward to building a sustainable and stable working relationship with this customer.\"\nThe contracts are expected to be accretive to Recon's financial performance and growth prospects. The Company is optimistic about the potential for future collaboration and additional contracts with this customer.\nAbout Recon Technology, Ltd (\"RCON\")\nRecon Technology, Ltd (NASDAQ: RCON) is the People's Republic of China's first NASDAQ-listed non-state-owned oil and gas field service company. Recon supplies China's 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 measure for increasing petroleum extraction levels, reducing impurities and lowering production costs. Through the years, RCON has taken leading positions within several segmented markets of the oil and gas filed service industry. RCON also has developed stable long-term cooperation relationship with its major clients. For additional information please visit: http://www.recon.cn/. \nForward-Looking Statements\nRecon includes \"forward-looking statements\" within the meaning of the federal securities laws throughout this press release. A reader can identify forward-looking statements because they are not limited to historical fact or they use words such as \"scheduled,\" \"may,\" \"will,\" \"could,\" \"should,\" \"would,\" \"expect,\" \"believe,\" \"anticipate,\" \"project,\" \"pl...