NEW YORK, March 23, 2020 /PRNewswire/ -- Recon Technology, Ltd. (NASDAQ: RCON) ("Recon" or the "Company") today announced the operation result of DT Refuel mobile application ("DT Refuel"), which is developed by the Company's subsidiary Future Gas Station (Beijing) Technology, Ltd ("FGS"). The single-day Gross Merchandise Value ("GMV") of DT Refuel has hit a new high of $2.19 million (RMB15.32 million) on March 18, 2020.
DT Refuel acts as an e-commerce platform aiming at improving the refueling experience of car owners. It allows users to buy oil products and groceries and pay the fuel through their phones. It also provides navigation and enables users to query traffic violation through the application to make their daily lives easier.
As of March 19, 2020, DT Refuel has a total of 3.76 million registered users. Among them, 3 million users have paid refueling through the application at least once, and 1.46 million users have paid refueling through the application more than once.
From January 1 to March 19, 2020, DT Refuel's total GMV was $57.18 million (RMB400.3 million), approximately equaling its total GMV of the first half in 2019. Its total GMV increased $19.68 million (RMB137.79 million) or 257.44% to $27.33 million (RMB191.31 million) year-over-year in January 2020 from January 2019. Its total GMV increased $3.58 million (RMB22.08 million) or 65.26% to $9.07 million (RMB63.5 million) year-over-year in February 2020 from February 2019. From March 1 to March 19, 2020, its total GMV was $20.78 million (RMB145.49 million), already 175% more than the total GMV in March 2019.
"Since the launch of DT Refuel in January 2018, the most active user has refueled his car over 800 times through the application so far, a great example interpreting that we have provided customers with a convenient and practical refueling platform," said Mr. Yang Song, the founder of FGS. "As the work in China begins to resume on a more normal scale, the daily GMV of DT Refuel has shown robust growth. By providing the convenient drive-through option, DT Refuel provides better protection for car owners and gas station workers during the COVID-19 outbreak. The car owners do not need to leave their cars or open the windows while refueling, therefore reduce the risk of cross-infection."
"Recon has expanded business operations into the downstream sectors of the oil and gas industry such as FGS. It has found opportunities during the recent drop in oil prices," said Mr. Shenping Yin, co-founder and CEO of Recon. "By investing in FGS, we diversify the risks of other businesses affected by the price of oil and expect to benefit from its advanced digital operations. Given the rising GMV of DT Refuel, we are confident that this project can bring more value to Recon in the future."
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, the effect of novel coronavirus and other health matters on target markets, 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.
IR contact:
Dragon Gate Investment Partners LLC
Tel: +1(646)-801-2803
Email: RCON@dgipl.com
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