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RECON TECHNOLOGY (RCON) : 0.9213
18 months high: 17.5

BEIJING, Oct. 25, 2022 /PRNewswire/ -- Recon Technology, Ltd (NASDAQ: RCON) ("Recon" or the "Company") today announced that Nanjing Recon Technology Co. has entered into a 2-year outsourced service agreement with a domestic customer to provide maintenance and overhaul services in an amount totaling approximately RMB3.2 million. Nanjing Recon Technology Co. is a variable interest entity of Hengda Technology (Beijing) Co., Ltd., a mainland China subsidiary of Recon.

The Company will provide services from October 1, 2022 to September 30, 2024 to cover the maintenance and related services for over 3200 safety instrumentations owned by the domestic customer.

Management Statement

Mr. Shenping Yin, Founder and CEO of Recon said, "We are glad to win another major contract for instrumentation maintenance. We believe safety in production is a very serious issue and has been a challenge for many large plants in China. We therefore have focused on markets related to security and maintenance services beginning the fiscal year 2020 and have been achieving steady returns in fiscal year 2022. We expect future revenue from this segment to be in excess of RMB20 million per year in fiscal year 2023."

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/.