NEW YORK, Nov. 8, 2019 /PRNewswire/ -- Recon Technology,
Ltd. (NASDAQ: RCON) ("Recon" or the "Company"), today announced
that the Company's subsidiary, Future Gas Station (Beijing) Technology, Ltd ("FGS"), has entered
into a strategic cooperation agreement (the "Agreement") with
Zhejiang Branch of Ping An
Property & Casualty Insurance Company of China, Ltd. ("Ping An Property Insurance"), to
combine the data management capabilities of FGS and marketing
capabilities of Ping An Property Insurance to facilitate digital
transformation of gas stations in Zhejiang Province.
"Ping An Auto Owner" App provided by Ping An Property Insurance
will cooperate with the DT Refuel App provided by FGS under the
Agreement. As of September 30, 2019,
the "Ping An Auto Owner" App had over 80 million registered users
and had over 20 million monthly active users, topping the list of
auto service Apps in China.
In this cooperation, the DT Refuel App will provide the
Application Programming Interface (API) to allow the "Ping An Auto
Owner" App's users using digital payments to refuel their vehicles
and buy oil products without waiting in line and improve their
experience. DT Refuel App will analyze users' spending habits to
help "Ping An Auto Owner" App in enhancing marketing efficiency,
reducing marketing costs, and to better serve various users.
"We are pleased to form the strategic partnership with FGS, a
leading data operation company in the oil industry," said Mr.
Dong Su, General Manager of
Zhejiang Branch of Ping An
Property & Casualty Insurance Company of China, Ltd., "FGS' strong capabilities in data
management can help us improve customer service and make more
profit. We will actively explore cooperation in other areas of
business innovation."
"We are very pleased to establish our cooperation with Ping An
Property Insurance, and together promote gas stations' digital
transformation," said Mr. Yang Song,
the founder of Future Gas Station. "The sales through the DT Refuel
App reached $32 million in October
and we believe the "Ping An Auto Owner" App can bring more traffic
to our platform to accelerate our market expansion. As we
continuously refine the data ecosystem to facilitate applications
of the Internet of Things and big data technology, we expect
further increases in user engagement with our system."
"We are delighted that we invested in FGS and we are excited
about the cooperation between FGS and Ping An Property Insurance in
Zhejiang Province," said Mr.
Shenping Yin, co-founder, and CEO of
Recon Technology, Ltd., "Zhejiang
Province is just a beginning as we expect that FGS'
operation will expand into more provinces in China in the coming months. We believe FGS
will lead the digital innovation of gas stations and derive
considerable income for Recon and our shareholders."
About Future Gas Station (Beijing) Technology, Ltd.
Established in January 2016,
Future Gas Station (Beijing)
Technology is a service company focusing on providing new technical
Applications and data operations to gas stations. It also provides
solutions to gas stations to improve their operations and their
customers' experience. FGS aims to increase the overall income of
gas stations through the integration of internet technique and New
Retail E-Commerce platform and to help transform gas stations into
comprehensive service providers.
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 with advanced automated technologies, efficient
gathering and transportation equipment and reservoir stimulation
measures for increasing petroleum extraction levels, reducing
impurities and lowering production costs. Since 2017, the Company
has expanded its business operations into other segments of the
broader energy industry including electric power, coal chemicals,
renewable energy and environmental protection in the energy and
chemical industries. Through the years, Recon has taken
leading positions on several market segments of the oil and gas
field service industry. Recon also has developed stable long-term
cooperation relationships with its major clients, and its
products and service are well accepted by clients. For additional
information please visit: www.recon.cn.
Safe Harbor Statement
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.
IR contact:
Dragon Gate Investment Partners LLC
Tel: +1(646)-801-2803
Email: RCON@dgipl.com
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SOURCE Recon Technology, Ltd.