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BEIJING, June 30, 2021 / PRNewswire / – Recon Technology, Ltd (NASDAQ: RCON) (“Recon” or the “Company”) today announced that its subsidiary Future Gas Station (Beijing) Technology Company Limited (“FGS”) and An Hui Gao Deng Wei Xing Technology Ltd. (“Gao Deng”), signed a strategic cooperation agreement (“Agreement”). According to the Agreement, the parties establish strategic cooperation on refueling services, the sale of electronic fuel coupons and the development and issuance of electronic fuel cards. The cooperation will be based on the FGS online refueling channel developed for the China National Petroleum Corporation (“CNPC”) and Gao Geng customers and the electronic toll payment (“ETC”) scenario, with the aim of providing refueling. more practical. experience for vehicle owners and retain users of CNPC service stations for longer.
Gao Deng is a wholly-owned subsidiary of Shen Zhen Gao Deng Computer Technology Co., Ltd. (“Gao Deng Technologyâ€), and its largest shareholder is Shenzhen. Tencent computer system Co., Ltd. (“Tencent“). Gao Deng’s main product is software known as” ETC Assistant App “, which is the first product of China to realize the closed loop of the online application for ETC for buses. It ties WeChat payment to a full set of solutionss for payment without password after passing through tolls, issuance of transport tickets and electronic invoices based on the open capacity of Tencent technologies, combining WeChat payment, WeChat applet, Tencent cloud, Tencent YouTu and Tencent invoicing, etc. According to Gao Deng, his assistant ETC App has an average daily visit of millions of users, with the highest daily application volume exceeding 100,000. It is an important channel for online issuance of ETC cards in China. At the end of 2019, ETC Assistant has coverage of 35 million ETC vehicle owners, which is approximately 20% of the total number of ETC vehicle owners in China.
Management comments
Mr. Yang Song, Founder and CEO of FGS, said, “We are very happy to work with Gao Deng to provide more convenient service experiences to vehicle owners based on the ETC refueling scenario, and help Gao Deng improve its ecology of ETC service and its intelligent journey. With our solution, Gao Deng can further optimize its operation process of ETC refueling payment process and reduce the preliminary investment costs of ETC marketing. With the significant increase in the penetration rate of ETC in China, the use of the ETC card began to gradually expand from a toll scenario to automobile consumption scenarios such as parking, refueling, car washing and insurance. We choose to cooperate with Gao Deng mainly because it plays a strategic role in Gao Deng Technology and Tencent Business development plan for the group in the smart travel and automotive services market. We hope to establish effective cooperation with Gao Deng based on refueling with ETC payment as basic service. At the same time, we are also happy to offer CNPC gas stations and their service resources to third parties through technical links to improve their resource utilization and operational efficiency. “
Mr. Yang Song added: “We have improved our business model to increase our competitive advantage in the fueling and energy services industry, and we are now able to connect service stations to all end users of gasoline and diesel. in an efficient and senseless way. We have developed a complete solution to quickly and efficiently deliver CNPC’s services and resources to logistics companies, fleets and platform companies who want to provide their customers with convenient and affordable refueling options. Going forward, we will continue to rely on our innovative solutions to provide better, full-fledged management experiences and tools to more businesses and customers in more industries.“
About Future Gas Station (Beijing) Technology, Ltd. (“FGS”)
Established in january 2016, FGS is a subsidiary of Recon and a service company specializing in delivering new technical applications and data operations to service stations of petroleum companies such as CNPC. With its DT Refuel mobile application and the associated mini-programs integrated with WeChat and Alipay, two mobile applications widely used in China, FGS provides solutions to service stations to improve their operations and the experience of their customers. FGS aims to facilitate the digital transformation of gas stations through the integration of internet techniques and algorithms, and to help transform gas stations into full service providers.
About Recon Technology, Ltd (“RCON”)
Recon Technology, Ltd (NASDAQ: RCON) is from China First NASDAQ-listed non-state oil and gas services company. Recognition supplies from China the largest oil exploration companies, Sinopec (NYSE: SNP) and The China National Petroleum Corporation (“CNPC”), with advanced automated technologies, efficient collection and transportation equipment and reservoir stimulation measures to increase oil extraction levels, reduce impurities and lower production costs. Over the years, RCON has established leadership positions in several segmented markets of the oil and gas service industry. RCON has also developed a long-term stable cooperative relationship with its main customers, and its products and services are also well accepted by customers. For more information please visit: http://www.recon.cn/.
Forward-looking statements
The forward-looking statements contained 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 under – understood by these forward-looking statements. In some cases, you can identify forward-looking statements by using words such as “may”, “could”, “expect”, “intend”, “plan”, “seek”, “anticipate”, “Believe”, “estimate”, “predict”, “potential”, “continue”, “probably”, “will”, “will” and variations of these terms and similar expressions, or the negative of such terms or similar expressions . These forward-looking statements are necessarily based on estimates and assumptions which, while believed to be reasonable by us and our management, are inherently uncertain. Factors that may cause actual results to differ materially from current expectations include, among others, whether we will successfully establish cooperation with Gao Geng; changes in the competitive environment of our industry and the markets in which we operate; our ability to access capital markets; and other risks discussed in documents filed by the Company with the United States Securities and Exchange Commission, including our Annual Report on Form 20-F, the documents of which are available from the SEC. We caution you not to place undue reliance on forward-looking statements, which are made as of the date of this press release. We assume no obligation to publicly update 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 further updates with respect to such or other forward-looking statements.
SOURCE Recon Technology, Ltd.
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