Nanjing Recon Technology Co. renewed its "High-Tech Enterprise" Statue by China Jiangsu Province
BEIJING, Nov. 23, 2022 /PRNewswire/ -- Recon Technology, Ltd (NASDAQ: RCON) ("Recon" or the "Company"), a China-based independent solutions integrator 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 "High-Tech Enterprise" status granted by China Jiangsu provincial government. The three-year designation is one of the highest local awards for Chinese technology companies and makes Nanjing Recon eligible for local government incentives such as a lowered income tax rate to 15%.
The High-Tech Enterprise status is awarded to companies deemed as being technologically superior within their respective specialized fields. This status is designed to encourage companies' ongoing investments in research and development of vital new products and services which would lead to substantial revenues on 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., which is one of the Company's subsidiaries based in mainland China, is engaged in the technology R&D of oilfield automation products, oilfield production enhancement measures and of special equipment. Nanjing Recon's automation systems can remotely monitor and collect real-time data on oilfield production. This advanced industry application can greatly assist oilfield customers in improving extraction levels, reduce impurities, and lower production costs. In the past three years Nanjing Recon has launched projects and invested above RMB12 million in R&D, which on average accounted over 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 independent proprietary R&D and also managed to transform 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. For year 2021, Nanjing Recon recorded increasing sales revenue of about RMB18 million from high-tech products and services, which are bona fide proof that our R&D efforts are being tranformed 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 clients while creating sustainable values for our stakeholders."
About Recon Technology, Ltd ("RCON")
Recon 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/.
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 fact or they use words such as "scheduled," "may," "will," "could," "should," "would," "expect," "believe," "anticipate," "project," "plan," "estimate," "forecast," "goal," "objective," "committed," "intend," "continue," or "will likely result," and similar expressions that concern Recon's strategy, plans, intentions or beliefs about future occurrences 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 that Recon expected. 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 which we expect will 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 important to an investor. All forward-looking information should be evaluated in the context of these risks, uncertainties and other factors, including those factors disclosed under "Risk Factors" in Recon's most recent Annual Report on Form 20-F and any subsequent half-year financial filings 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 it will realize the results or developments Recon anticipates, or, even if substantially realized, that they will result in the consequences or affect Recon or its operations in the way Recon expects. 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 arising after the date on which they were made, except as otherwise required by law. As a result of these risks and uncertainties, readers are cautioned not to place undue reliance on any forward-looking statements included herein or that may be made elsewhere from time to time by, or on behalf of, Recon.
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