BEIJING, November 23, 2022 /PRNewswire/ — Recon Technology, Ltd (NASDAQ: RCON) (“Recon” or the “Company”), a PorcelainThe independent solution integrator based in the oilfield service and environmental protection, electric power and coal chemical industries, today announced that Nanjing Recon Technology Co. (“Nanjing Recon”) has renewed its status as a “High-Tech Enterprise Awarded by the Jiangsu Provincial Government of China. The three-year designation is one of the top local awards for Chinese technology companies and makes Nanjing Recon eligible for local government incentives, such as a reduced income tax rate of 15%.
High-tech company status is granted to companies considered technologically superior in their respective fields of expertise. This status is designed to encourage continued investment by companies in research and development of vital new products and services that would generate substantial revenue from the sale of such products and services.
Nanjing Recon, a variable interest entity with contractual ties to a subsidiary of Recon Hengda Technology (Beijing) Co., Ltd., which is one of the Company’s subsidiaries based in mainland China Porcelain, is engaged in technological R&D of oilfield automation products, oilfield production improvement measures and special equipment. Nanjing Recon’s automation systems can remotely monitor and collect real-time data on oilfield production. This advanced industrial application can greatly help oilfield customers to improve extraction levels, reduce impurities and lower production costs. In the past three years, Nanjing Recon has launched projects and invested more RMB12 million in R&D, which on average accounted for more than 10% of Nanjing Recon’s annual sales revenue. As of today, in total, Nanjing Recon obtained one invention patent, four utility model patents and 13 software copyrights through independently owned R&D, and also succeeded in transforming its scientific research efforts into business operations. .
Shepin Yin, Chairman and CEO of Recon, commented, “The ‘High-tech Enterprise’ designation reflects recognition of our technology and innovation. By the year 2021, Nanjing Recon recorded an increase in sales revenue of approximately RMB18 million of high-tech products and services, which are proof that our research and development efforts are transforming to facilitate the growth of the company’s overall business operation. Going forward, we will continue to use 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 the people’s republic of china First NASDAQ-listed, non-state-owned oil and gas field services company. recon supplies from China the largest oil exploration companies, Sinopec (NYSE: SNP) and The China National Petroleum Corporation (“CNPC”), with advanced automated technologies, efficient collection and transportation equipment, and reservoir stimulation measures to increase extraction levels of oil, reduce impurities and lower production costs. Over the years, RCON has held leadership positions in various segmented markets of the oil and gas filing services industry. RCON has also developed a long-term stable cooperative relationship with its major customers. For additional information, please visit: http://www.recon.cn/.
Recon 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 facts or because they use words such as “scheduled,” “may,” “will,” “could,” “should,” “expect,” “believe,” “anticipate,” “project”, “plan”, “estimate”, “forecast”, “goal”, “target”, “commit”, “intend”, “continue” or “probably will work out”, “and similar expressions referring to the strategy, plans, intentions or beliefs about future events or results Forward-looking statements are subject to risks, uncertainties and other factors that may change at any time and may cause actual results to differ materially from those expected 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 are reasonable, or are based on various assumptions about certain plans, activities, or events that we expect or are or may occur in the future. 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 material to an investor. All forward-looking information must be evaluated in the context of these risks, uncertainties, and other factors, including the factors disclosed under “Risk Factors” in Recon’s most recent Annual Report on Form 20-F and any subsequent semi-annual financial statements in the Form 6-K filed with the Securities and Exchange Commission. All forward-looking statements are qualified in their entirety by the cautionary statements Recon makes from time to time in its SEC filings and public communications. Recon cannot assure the reader that any results or developments that Recon anticipates will be noticed or, even if substantially realized, will have the consequences or affect Recon or its operations in the manner Recon expects. Forward-looking statements speak only as of the date made. Recon does not undertake any obligation to update or revise any forward-looking statements to reflect events or circumstances arising after the date they are made, except as otherwise required by law. As a result of these risks and uncertainties, readers are cautioned not to place improper reliance on any forward-looking statements included in this document or that may be made elsewhere from time to time by or on behalf of Recon.
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