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Recon Technology Announces Future Gas Station's Tripartite Strategic Agreement for Smart Gas Station Project
BEIJING, July 8, 2019 /PRNewswire/ -- Recon Technology, Ltd. (Nasdaq: RCON) ("Recon" or the "Company"), a China-based independent solutions integrator in the
About this update from Recon Technology, Ltd.
[{"type":"text","content":" BEIJING, July 8, 2019 /PRNewswire/ -- Recon Technology, Ltd. (Nasdaq: RCON) (\"Recon\" or the \"Company\"), a China-based independent solutions integrator in the oilfield service, environmental protection, electric power and coal chemical industries, today announced the Company's 43%-owned subsidiary, Future Gas Station (Beijing) Technology, Ltd. (\"FGS\"), has entered into a deep cooperation agreement for smart gas stations (the \"Agreement\") with Zhejiang sales branch of PetroChina Co. Ltd. (\"Zhejiang CNPC\") and Alipay (Hangzhou) Information Technology Co., Ltd (\"Alipay\") to cooperate on a smart gas station project (the \"Project\"). The Agreement was signed on June 6, 2019 and is effective for one year. \nPursuant to the Agreement, all the parties plan to cooperate on the Project by basing on the gas stations of CNPC in Zhejiang, combining the gas station resources of Zhejiang CNPC, the software, the hardware and the e-voucher capabilities of FGS and the digital technology and marketing capabilities of Ant Financial Services Group (operator of Alipay) to use on the gas stations. The purpose is to improve the refueling rates of the gas stations during peak hours, boost marketing efficiency, reduce marketing costs, and promote the Project to other provinces and gasoline companies across China. If necessary, the subsidiaries of the parties will sign another specific cooperation agreement.\nManagement Commentary\nMr. Shenping Yin, co-founder and CEO of Recon stated, \"We are pleased to announce this cooperation agreement with Alipay and Zhejiang CNPC as we closely align our objectives with the national internet plus strategy for building smart cities. We hope that these efforts can help highlight FGS' cutting age operational and technological capabilities as we work hard to promote the viability of smart gas stations.\" \nMr. Yang Song, founder of FGS stated, \"We have been serving Zhejiang CNPC and cooperating with Alipay for a year. We are so inspired by the Agreement as it is the best return for our persistence and hard work exploring effective smart gas station solutions. So far, our DT Refuel application has more than 2 million users in Zhejiang Province, our daily Gross Merchandise Volume (\"GMV\") in Zhejiang Province has been above RMB 5 million from June 2019 and our accumulated GMV in Zhejiang Province since our o...