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Recon Announces FGS Cooperation with G7 IOT to Empower the Logistics Industry with Digital Operation of Fleet Fuel Management
BEIJING, July 28, 2021 /PRNewswire/ -- Recon Technology, Ltd (NASDAQ: RCON) ("Recon" or the "Company") today announced that its subsidiary Future Gas Station
About this update from Recon Technology, Ltd.
[{"type":"text","content":"BEIJING, July 28, 2021 /PRNewswire/ -- Recon Technology, Ltd (NASDAQ: RCON) (\"Recon\" or the \"Company\") today announced that its subsidiary Future Gas Station (Beijing) Technology Company Limited (\"FGS\") signed a three-year cooperation agreement (\"Agreement\") with Hui Tong Tian Xia Petrochemical (Dalian) Co. Ltd (\"Huitong Dalian\"), a leading Chinese company focusing on fleet fuel management, to establish an electronic integrated service platform (the \"Platform\") for enterprise fuel consumption management. Huitong Dalian is a wholly owned subsidiary of Beijing Hui Tong Tian Xia IOT Technology CO. Ltd (\"G7 IOT\").\nAccording to the Agreement, FGS will provide customized development and maintenance services to Huitong Dalian regarding the fleet fuel management-based Platform according to the requirement of G7 IOT. The services are provided to realize timely fueling and payment management, automatic account reconciliation between all gas stations of PetroChina Company Limited (the \"PetroChina\") in China and logistics enterprises as end users of the Platform. According to the business development schedule agreed by both parties, the initial cooperation will be carried out in Heilongjiang, Inner Mongolia, Hebei, Shandong, Sichuan, Hubei, Gansu, Hunan, Zhejiang provinces. It is expected that monthly fuel consumption flow by end users, which are mainly logistics enterprises, in the above provinces through the Platform will be RMB 66 million. Pursuant to the Agreement, FGS has the right to charge certain percentages of the flow as service fees.\nManagement Comments\nMr. Song Yang, a founder and the CEO of FGS, said, \"We are delighted to join hands with G7 IOT to provide logistics enterprises with a leading solution that can meet their data-based operation such as managing fleet refueling behavior, real-time data management and automatic account reconciliation. We hope to empower the data-based management of fuel consumption of large customers in logistics industry. With the improvement of logistics enterprises' data-based operation, the traditional offline fuel card management method can no longer meet their requirements for timeliness of service and transaction data. In the traditional way, logistics enterprises need to go to gas stations to make deposits on the fuel cards offline first, and the data of fleet fuel consump...