Recon Announces FGS Cooperation with G7 IOT to Empower the Logistics Market with Digital Operation of Fleet Gas Management

BEIJING, July 28, 2021 /PRNewswire/ — Recon Engineering, Ltd (NASDAQ: RCON) (“Recon” or the “Company”) currently declared that its subsidiary Potential Gasoline Station (Beijing) Technology Firm Confined (“FGS”) signed a a few-calendar year cooperation settlement (“Arrangement”) with Hui Tong Tian Xia Petrochemical (Dalian) Co. Ltd (“Huitong Dalian”), a primary Chinese company focusing on fleet fuel management, to set up an electronic built-in company system (the “System”) for enterprise fuel consumption management. Huitong Dalian is a wholly owned subsidiary of Beijing Hui Tong Tian Xia IOT Technological know-how CO. Ltd (“G7 IOT”).

According to the Agreement, FGS will provide tailored improvement and maintenance expert services to Huitong Dalian with regards to the fleet gasoline management-centered System in accordance to the requirement of G7 IOT. The products and services are offered to realize well timed fueling and payment management, automated account reconciliation in between all gas stations of PetroChina Corporation Confined (the “PetroChina”) in China and logistics enterprises as stop buyers of the System. According to the enterprise development schedule agreed by each get-togethers, the preliminary cooperation will be carried out in Heilongjiang, Interior Mongolia, Hebei, Shandong, Sichuan, Hubei, Gansu, Hunan, Zhejiang provinces. It is envisioned that regular monthly gas consumption circulation by close buyers, which are primarily logistics enterprises, in the higher than provinces by way of the Platform will be RMB 66 million. Pursuant to the Arrangement, FGS has the ideal to cost certain percentages of the circulation as provider costs.

Administration Remarks

Mr. Tune Yang, a founder and the CEO of FGS, said, “We are delighted to join arms with G7 IOT to offer logistics enterprises with a major answer that can fulfill their info-centered operation this kind of as taking care of fleet refueling actions, real-time information administration and automated account reconciliation. We hope to empower the details-centered management of gas use of substantial clients in logistics field. With the enhancement of logistics enterprises’ details-centered operation, the standard offline gasoline card management strategy can no lengthier meet their requirements for timeliness of assistance and transaction data. In the standard way, logistics enterprises want to go to gasoline stations to make deposits on the fuel cards offline 1st, and the details of fleet fuel usage are unable to be sent to logistics enterprises in time. The reconciliation amongst logistics enterprises and fuel stations is often unbalanced, and it may well even consider several times and quite a few personnel of equally sides to total the reconciliation. By way of our built-in assistance system, logistics companies can understand the serious-time gasoline use details of every vehicle at each individual gas station and immediately total reconciliation with gasoline stations, which cuts down the complexity of settlement and their personnel enter, greatly improving the operational management performance and conserving their administration charges. At the exact same time, we can also provide custom made marketing and advertising and administration applications for gasoline stations primarily based on the platform, helping fuel stations to launch extra helpful pricing and low cost plans through extra precise facts about the fuel use behavior of fleet buyers, and empowering information-primarily based functions of gasoline stations. Our resolution supplies advantage for oil people and raises their fulfillment and stickiness with PetroChina’s providers, and aids gas stations acquire the finest profits method in a competitive market place environment, so obtaining a get-get problem for all get-togethers.”

Mr. Music Yang additional, “Partnership with G7 IOT marks the expansion of FGS’ provider scope from motor vehicle proprietor intake market place to the logistics field. G7 IOT deeply inbound links much more than 1.8 million significant-responsibility vans throughout China. We goal to operate with each other to increase this system solution to more provinces and towns in China. At the exact time, we will additional grow our purchaser base and increase our gasoline administration options to a lot more logistics and system companies.”

About G7 IOT

Established in 2010, G7 IOT is China’s primary IOT freight engineering service platform. Through its unique IoT technologies platform, software services system and payment and settlement procedure, G7 IOT connects a variety of elements of manufacturing in China’s street logistics sector, furnishing a full variety of built-in services covering network freight transportation, protection insurance policy, intelligent equipment and fleet administration to above 500 of China’s greatest cargo house owners and logistics organizations, over 70,000 growing fleets and in excess of 1 million drivers. By the conclusion of August 2020, the G7 IOT system linked extra than 1.8 million freight vehicles, tracked much more than 170 million km of truck miles for each working day, and linked extra than 10,000 oil and gas web sites.

About Long term Gasoline Station (Beijing) Technological innovation, Ltd. (“FGS”)

Recognized in January 2016, FGS is a subsidiary of Recon and a service business concentrating on giving new technological purposes and details operations to fuel stations of oil providers these kinds of as CNPC. With its DT Refuel cellular software and related mini applications embedded into WeChat and Alipay, two mobile applications commonly made use of in China, FGS gives solutions to gas stations to improve their functions and their customers’ working experience. FGS aims to aid the electronic transformation of gas stations through integration of online approach and algorithms, and to assistance change fuel stations into in depth service suppliers.

About Recon Engineering, Ltd (“RCON”)

Recon Engineering, Ltd (NASDAQ: RCON) is China’s initial NASDAQ-stated non-state owned oil and gasoline area provider firm. Recon supplies China’s major oil exploration providers, Sinopec (NYSE: SNP) and The China National Petroleum Company (“CNPC”), with innovative automated technologies, productive gathering and transportation devices and reservoir stimulation measure for increasing petroleum extraction levels, cutting down impurities and reducing creation expenses. Through the decades, RCON has taken top positions on a number of segmented marketplaces of the oil and fuel submitted service marketplace. RCON also has formulated steady extended-term cooperation connection with its key clientele, and its merchandise and support are also well acknowledged by clients. For supplemental data make sure you stop by: http://www.recon.cn/.

Forward-Looking Statements

Ahead-Hunting Statements in this push release, which are not historical info, are forward-looking statements inside the that means of the Private Securities Litigation Reform Act of 1995. Our precise success, performance or achievements may vary materially from individuals expressed or implied by these forward-seeking statements. In some circumstances, you can identify forward-looking statements by the use of text such as “may well,” “could,” “anticipate,” “intend,” “system,” “look for,” “anticipate,” “imagine,” “estimate,” “forecast,” “potential,” “continue,” “very likely,” “will,” “would” and variations of these phrases and identical expressions, or the destructive of these conditions or similar expressions. This sort of forward-seeking statements are always dependent upon estimates and assumptions that, although viewed as affordable by us and our administration, are inherently unsure. Factors that may possibly result in precise final results to vary materially from present expectations contain, amid some others, no matter whether we will correctly create cooperation with Huitong Dalian improvements in the aggressive setting in our field and the marketplaces in which we function our capability to entry the funds markets and other pitfalls talked about in the Firm’s filings with the U.S. Securities and Exchange Fee (“SEC”), which includes our Yearly Report on Kind 20-F, which filings are offered from the SEC. We warning you not to location undue reliance on any ahead-wanting statements, which are built as of the date of this press launch. We undertake no obligation to update publicly any of these forward-hunting statements to reflect precise success, new facts or future activities, alterations in assumptions or alterations in other factors affecting ahead-seeking statements, other than to the extent necessary by applicable rules. If we update one or additional ahead-on the lookout statements, no inference need to be drawn that we will make supplemental updates with respect to people or other ahead-searching statements.

For extra information and facts, you should get in touch with:

Ms. Liu Jia
Chief Money Officer
Recon Engineering, Ltd
Mobile phone: +86 (10) 8494-5799
E-mail: facts@recon.cn

Cision

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