Recon Technology Enters Into Sales Representation Agreement With Valvitalia S.p.A.
BEIJING, June 25, 2019 /PRNewswire/ -- Recon Technology, Ltd. (Nasdaq: RCON) ("Recon" or the "Company"), a China-based independent solutions integrator in the oilfield service, environmental protection, electric power and coal chemical industries, today announced the Company has entered into an exclusive 24-month sales representation agreement (the "Agreement") with Valvitalia S.p.A. ("Valvitalia"), a leading Italian producer of equipment for measuring, filtering, and regulating fluids, and gases serving customers in oil and natural gas, water, petrochemical, utilities markets worldwide, to promote Valvitalia products to China Petroleum Engineering & Construction Corporation ("CPECC").
Pursuant to the terms of the Agreement, Valvitalia has granted Recon the exclusive right to sell Valvitalia products to CPECC, a Chinese subsidiary of China National Petroleum Corporation ("CNPC") and specialized in oil engineering, manufacturing, construction and lump-sum contracting.
Mr. Shenping Yin, co-founder and CEO of Recon, stated, "We are proud to collaborate with the industry-leading Valvitalia. We plan to promote Valvitalia valves and other products to CPECC' oilfield projects around the world as we endeavor to provide the highest possible level of service to our oil field clients. Valvitalia currently has its products installed in 109 countries, commiserate with its long history of success serving industrial markets across the world, and we hope CPECC and its end clients will benefit the innovation and high quality that are emblematic of the Valvitalia way of doing business."
About Recon Technology, Ltd.
Recon Technology, Ltd. (RCON) is China's first non-state-owned oil and gas field service company listed on NASDAQ. Recon supplies China's largest oil exploration companies, Sinopec (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: www.recon.cn.
Forward Looking Statements
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For more information, please contact:
Ms. Jia Liu
In the United States:
Ms. Tina Xiao
SOURCE Recon Technology, Ltd.