Recon Technology Receives Qualification Approval from ABB, allowing it to Bid on Automation System Products Projects

BEIJING, Feb. 6, 2017 /PRNewswire/ -- Recon Technology, Ltd. (NASDAQ: RCON), ("Recon" or the "Company"), a leading independent oilfield services provider operating primarily in China, today announced it has received an Authorization Letter ("Letter") from ABB,  a global leader in power and automation technology, that provides Recon with the ability to participate in bidding for various projects in the future, including automation system products projects.

The Company anticipates cooperating with ABB in the future to provide integrated automation solutions, products and product quality assurance services for various projects beyond oil industry. For any successful project bids, Recon expects it would provide on-site project commissioning and maintenance services.

Management Commentary

Mr. Shenping Yin, Chairman and CEO of Recon stated, "We are pleased to receive authorization from ABB, giving Recon recognition from the global pioneer of automation technology. Over the years, we have been committed to the exploration and development of new business opportunities outside our traditional oilfield sector. We are confident that our experience within the energy industry, as well as the team's efforts and constant communication with ABB will be an advantage to us in the bidding process in coming periods. We believe being approved as a qualified provider of services in this field is an important step towards participating in projects going forward. We remain committed to continuously improving our breadth of automation technology solutions and capabilities in order to broaden our customer base."

About ABB

ABB (NYSE: ABB, ABBN: SIX Swiss Ex) is a pioneering technology leader in electrification products, robotics and motion, industrial automation and power grids, serving customers in utilities, industry and transport & infrastructure globally.

About Recon Technology, Ltd. (NASDAQ: RCON)

Recon Technology, Ltd. is China's first listed non-state owned oil and gas field service company on NASDAQ. Recon supplies China's largest oil exploration companies, Sinopec (NYSE: SNP) and 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 on several segmented markets of the oil and gas filed service industry. RCON also has developed stable long-term cooperation relationship with its major clients, and its products and service are also well accepted by clients. For additional information please visit us at www.recon.cn.

Safe Harbor

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.

Company Contact
Liu Jia
Recon Technology, Ltd.
+86 (10) 84945799
info@recon.cn

Investor Relations
The Equity Group Inc.
In China
Katherine Yao, Senior Associate
+86-10-6587-6435
kyao@equityny.com

In U.S.
Adam Prior, Senior Vice President
+1 (212) 836-9606
aprior@equityny.com 

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SOURCE Recon Technology, Ltd.