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BEIJING, Dec. 18, 2017 /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, on December 15, 2017, it agreed to invest RMB 4.35 million (approximately $0.7 million) in Future Gas Station (Beijing) Technology, Ltd ("Future Gas Station" ). Upon payment in full of the investment, Recon will own 8% of Future Gas Station through Recon's affiliates Beijing BHD Petroleum Technology Co., Ltd. and Nanjing Recon Technology Co., Ltd. With this investment, Recon plans to participate in the Chinese market of smart gas stations.
Established in January 2016, Future Gas Station focuses on providing new technical application and data operation to gas stations owned by oil companies such as PetroChina Co., Ltd. ("PetroChina"). With its DT Refuel mobile application, Future Gas Station provides solutions to gas stations to improve their operations and their customers' experience. Future Gas Station 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.
"We're delighted to announce this new strategic investment in Future Gas Station. Internet Plus is an initiative promoted by the Chinese government to connect internet and traditional industries. The Internet Plus initiative boosts Internet innovation and benefits traditional industries, including the oil industry. Both PetroChina and Sinopec have followed the Internet Plus trend to build a marketing network based on its gas stations across China, to increase the commercial value of their gas stations and to enhance the attractiveness of the shops around the gas stations," stated Mr. Shenping Yin, CEO of Recon, "Therefore, we see great potential for companies with new technology such as Future Gas Station during the process of assisting oil companies to build smart gas stations and new retail models. We believe in Future Gas Station and their team, and are confident that Future Gas Station will develop into a leader of this industry with their strong technical reserves and resource integration capability. This investment gives us an opportunity to diversify our business, and extend our industry chain from upstream oil exploitation to downstream gasoline and oil distribution."
Mr. Yang Song, the founder of Future Gas Station, said, "We are glad to have this opportunity to unite with Recon. Future Gas Station's vision is to be the most professional and reliable data service provider in gas station field. Gas stations installing our DT Refuel application have greatly improved operating efficiency, marketing efficiency, client retention rates, repurchase rates and employee satisfaction. We have signed contracts with PetroChina covering more than 1,000 gas stations and convenience stores. We aim to provide data services to more than 20,000 gas stations covering 3,000,000 car owners by the end of 2020."
About Recon Technology, Ltd. (NASDAQ: RCON)
Recon Technology, Ltd. 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 (NYSE: SNP) 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.
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, 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.
Recon Technology, Ltd.
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