BEIJING, April 27, 2020 /PRNewswire/ -- Recon Technology,
Ltd. (NASDAQ: RCON) ("Recon" or the "Company") today announced that
in the middle of April 2020, the Company's subsidiary Future Gas
Station (Beijing) Technology, Ltd
("FGS") signed a joint operation agreement (the "Agreement") with
China Petroleum Planning and Engineering Institute ("CPPEI"). The
Agreement is signed to facilitate the operation of DT Refuel mobile
application ("DT Refuel") functions
CPPEI is the only decision supporting institute of The China
National Petroleum Corporation ("CNPC"), a major state-owned oil
and gas corporation in China.
CPPEI operates Hao Ke E Station ("Hao Ke"), a refuel mobile
application currently used on over 20,000 CNPC gas stations in
China. Pursuant to the Agreement,
FGS and CPPEI has established a joint project team to integrate and
embed FGS' solution of advanced payment on refuel into Hao Ke.
CPPEI will continue to provide technical support to FGS to unify
the loyalty program and membership, electronic invoice function,
coupon consumption and refueling card system. FGS will be able to take advantage of
CPPEI's marketing resources, such as the member base, the CNPC
sales network and the additional revenue being recognized by
payment through CNPC prepaid cards. FGS will keep the revenues
recognized by the transactions through DT Refuel functions in Hao
Ke. As the consideration, FGS will pay 0.05% of these revenues to
CPPEI, but no less than RMB 1 million
at the end of the one-year term of the Agreement.
"The joint operation with CNPC' decision making institution in
Zhejiang demonstrates FGS' market
value and leading position," said Mr. Shenping Yin, co-founder and CEO of Recon. "As a
starting point, it provides a possibility for FGS to expand its
solution and experience of gas station efficient operation on a
country-across basis and increase its market share."
"The joint operation with CPPEI will further improve our current
operation solution," said Mr. Yang
Song, founder of FGS. "As of today, we are cooperating with
437 stations in Zhejiang Province,
has a total of 4.12 million registered users and the accumulated
Gross Merchandise Volume of DT refuel has been about $439 million (RMB 3.0
billion), and we also have been profitable. Based on the
advantage of CPPEI's unique position, we aim to win more high-value
customers and prepaid card users and to enhance users' loyalty and
reliance on our platform. Beyond, we hope to become China's FLEETCOR through cooperation with more
professional companies, to provide a convenient payment solution
and customized payment services to China's gas stations, to provide the best
solution of petroleum cost control for logistics companies, and to
provide the best consumption experience to consumers."
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:
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the date hereof.
SOURCE Recon Technology, Ltd.