NEW YORK, March 23, 2020 /PRNewswire/ -- Recon Technology,
Ltd. (NASDAQ: RCON) ("Recon" or the "Company") today announced the
operation result of DT Refuel mobile application ("DT Refuel"),
which is developed by the Company's subsidiary Future Gas Station
(Beijing) Technology, Ltd ("FGS").
The single-day Gross Merchandise Value ("GMV") of DT Refuel has hit
a new high of $2.19 million
(RMB15.32 million) on March 18, 2020.
DT Refuel acts as an e-commerce platform aiming at improving the
refueling experience of car owners. It allows users to buy oil
products and groceries and pay the fuel through their phones. It
also provides navigation and enables users to query traffic
violation through the application to make their daily lives
easier.
As of March 19, 2020, DT Refuel
has a total of 3.76 million registered users. Among them, 3 million
users have paid refueling through the application at least once,
and 1.46 million users have paid refueling through the application
more than once.
From January 1 to March 19, 2020,
DT Refuel's total GMV was $57.18
million (RMB400.3 million),
approximately equaling its total GMV of the first half in 2019. Its
total GMV increased $19.68 million
(RMB137.79 million) or 257.44% to
$27.33 million (RMB191.31 million) year-over-year in January 2020 from January
2019. Its total GMV increased $3.58
million (RMB22.08 million) or
65.26% to $9.07 million (RMB63.5 million) year-over-year in February 2020 from February 2019. From March
1 to March 19, 2020, its total GMV was $20.78 million (RMB145.49
million), already 175% more than the total GMV in
March 2019.
"Since the launch of DT Refuel in January
2018, the most active user has refueled his car over 800
times through the application so far, a great example interpreting
that we have provided customers with a convenient and practical
refueling platform," said Mr. Yang
Song, the founder of FGS. "As the work in China begins to resume on a more normal scale,
the daily GMV of DT Refuel has shown robust growth. By
providing the convenient drive-through option, DT Refuel provides
better protection for car owners and gas station workers during the
COVID-19 outbreak. The car owners do not need to leave their cars
or open the windows while refueling, therefore reduce the risk of
cross-infection."
"Recon has expanded business operations into the downstream
sectors of the oil and gas industry such as FGS. It has found
opportunities during the recent drop in oil prices," said Mr.
Shenping Yin, co-founder and CEO of
Recon. "By investing in FGS, we diversify the risks of other
businesses affected by the price of oil and expect to benefit from
its advanced digital operations. Given the rising GMV of DT Refuel,
we are confident that this project can bring more value to Recon in
the future."
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, the effect of novel coronavirus and other health
matters on target markets, 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.