BEIJING, July 30, 2018 /PRNewswire/ -- Recon Technology,
Ltd. (NASDAQ: RCON), ("Recon" or the "Company"), a China-based independent solutions integrator
in the oilfield service, electric power and coal chemical
industries, today announced that Future Gas Station (Beijing) Technology, Ltd ("FGS"), of which
Recon indirectly owns 8%, has officially launched smart vending
machines to further expand its retail business.
Management Commentary
Mr. Yin Shenping, CEO of Recon Technology, Ltd commented, "We
are very pleased that FGS has launched its smart vending machines
as planned to continue expanding its new retail business. With the
further liberalization of China's
domestic gas market, major oil sales companies are transforming,
developing and innovating the country's gas stations. As part of
this evolution, the development of the non-oil segment of gas
stations has become a strategic issue for major oil companies. We
believe that FGS' smart vending machine model can help China
National Petroleum Corporation ("CNPC") quickly improve its
non-oil-product segment business development and facilitate the
integration of new innovations for gas stations."
Mr. Yang Song, the founder of
FGS, said, "Smart vending machines are a key component of our
development and advancement. Our algorithms and DT fueling app
allow users to directly select the products in the cabinet that
they choose to purchase. After closing the door, the mobile
application automatically completes the sale, either by debiting
the user's account or by deducting accumulated rewards points.
Currently, there are 4 sets of smart vending machines that can be
used normally in the CNPC's location, with users opening the
vending machine doors 2,500 times and placing more than 1,500
orders since the roll-out started
approximately two weeks ago. In view of this early success,
FGS plans to launch smart vending machines at more gas stations and
office areas."
Mr. Yang Song continued, "In
comparison to other existing unmanned shelf models, our smart
vending machine sales can be automatically settled without the
customer scanning the product barcode, which greatly enhances the
customer's experience, saves the customer time and improves sales
efficiency. This model on the requirements of the gas station
business model, which prioritizes increasing the revenue of gas
station products and shortening the customer's stay time. In order
to encourage users to consume, we have also introduced a settlement
system for rewards points redemption and cross-product category
coupons. CNPC in Zhejiang has a
total of 450 gas stations, including city stations, high-speed
stations, and village stations. In our early rollout, we expect to
cover all the city stations, some rural high-speed stations, a
coverage rate reaching 50%, or approximately, 225 gas
stations, with roll-out order based on
station popularity. In the future, we will further cooperate
with third-party companies to improve the efficiency of our reward
points system and user activity, and strive to optimize retail
consumption for gas station customers."
About Future Gas Station (Beijing) Technology, Ltd
Established in January 2016, FGS
is a leading service company focusing on providing new technical
application and data operation to gas stations of oil companies
such as PetroChina Co., Ltd. With its DT Refuel mobile application,
FGS provides solutions to gas stations to improve their operations
and their customers' experience. FGS aims to increase the overall
income of gas stations through 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. (NASDAQ: RCON) 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 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
Forward-Looking Statements in this press release, which are
not historical facts, are forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995.
Our actual results, performance or achievements may differ
materially from those expressed or implied by these forward-looking
statements. In some cases, you can identify forward-looking
statements by the use of words such as "may," "could," "expect,"
"intend," "plan," "seek," "anticipate," "believe," "estimate,"
"predict," "potential," "continue," "likely," "will," "would" and
variations of these terms and similar expressions, or the negative
of these terms or similar expressions. Such forward-looking
statements are necessarily based upon estimates and assumptions
that, while considered reasonable by us and our management, are
inherently uncertain. Factors that may cause actual results to
differ materially from current expectations include, among others,
levels of spending in our industry as well as consumer confidence
generally; changes in the competitive environment in our industry
and the markets where we operate; our ability to access the capital
markets; the results of cooperation between parties to cooperation
agreements; user engagement with and use of FGS' products and
services; FGS' ability to execute on its business plan as planned;
our ability to benefit from such cooperation as a shareholder of
FGS; and other risks discussed in the Company's filings with the
U.S. Securities and Exchange Commission, including our Annual
Report on Form 20-F, which filings are available from the SEC. We
caution you not to place undue reliance on any forward-looking
statements, which are made as of the date of this press release. We
undertake no obligation to update publicly any of these
forward-looking statements to reflect actual results, new
information or future events, changes in assumptions or changes in
other factors affecting forward-looking statements, except to the
extent required by applicable laws. If we update one or more
forward-looking statements, no inference should be drawn that we
will make additional updates with respect to those or other
forward-looking statements.
For more information, please contact:
In China:
Ms. Liu Jia
Chief Financial Officer
Recon Technology, Ltd.
Phone: +86 (10) 8494-5799
Email: info@recon.cn
In the United
States:
Ms. Tina Xiao
Ascent Investor Relations LLC
Phone: +1-917-609-0333
Email: tina.xiao@ascent-ir.com
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SOURCE Recon Technology, Ltd.