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NEW YORK, Nov. 8, 2019 /PRNewswire/ -- Recon Technology, Ltd. (NASDAQ: RCON) ("Recon" or the "Company"), today announced that the Company's subsidiary, Future Gas Station (Beijing) Technology, Ltd ("FGS"), has entered into a strategic cooperation agreement (the "Agreement") with Zhejiang Branch of Ping An Property & Casualty Insurance Company of China, Ltd. ("Ping An Property Insurance"), to combine the data management capabilities of FGS and marketing capabilities of Ping An Property Insurance to facilitate digital transformation of gas stations in Zhejiang Province.
"Ping An Auto Owner" App provided by Ping An Property Insurance will cooperate with the DT Refuel App provided by FGS under the Agreement. As of September 30, 2019, the "Ping An Auto Owner" App had over 80 million registered users and had over 20 million monthly active users, topping the list of auto service Apps in China.
In this cooperation, the DT Refuel App will provide the Application Programming Interface (API) to allow the "Ping An Auto Owner" App's users using digital payments to refuel their vehicles and buy oil products without waiting in line and improve their experience. DT Refuel App will analyze users' spending habits to help "Ping An Auto Owner" App in enhancing marketing efficiency, reducing marketing costs, and to better serve various users.
"We are pleased to form the strategic partnership with FGS, a leading data operation company in the oil industry," said Mr. Dong Su, General Manager of Zhejiang Branch of Ping An Property & Casualty Insurance Company of China, Ltd., "FGS' strong capabilities in data management can help us improve customer service and make more profit. We will actively explore cooperation in other areas of business innovation."
"We are very pleased to establish our cooperation with Ping An Property Insurance, and together promote gas stations' digital transformation," said Mr. Yang Song, the founder of Future Gas Station. "The sales through the DT Refuel App reached $32 million in October and we believe the "Ping An Auto Owner" App can bring more traffic to our platform to accelerate our market expansion. As we continuously refine the data ecosystem to facilitate applications of the Internet of Things and big data technology, we expect further increases in user engagement with our system."
"We are delighted that we invested in FGS and we are excited about the cooperation between FGS and Ping An Property Insurance in Zhejiang Province," said Mr. Shenping Yin, co-founder, and CEO of Recon Technology, Ltd., "Zhejiang Province is just a beginning as we expect that FGS' operation will expand into more provinces in China in the coming months. We believe FGS will lead the digital innovation of gas stations and derive considerable income for Recon and our shareholders."
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, 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.
Dragon Gate Investment Partners LLC
SOURCE Recon Technology, Ltd.