Benzinga | Jun 30, 2021 08:39AM EDT

Recon Technology Subsidiary FGS Signs Cooperation Agreement With Gao Deng; Terms Not Disclosed

Recon Technology, Ltd (NASDAQ:RCON) ("Recon" or the "Company") today announced that its subsidiary Future Gas Station (Beijing) Technology Company Limited ("FGS") and An Hui Gao Deng Wei Xing Technology Ltd ("Gao Deng"), signed a strategic cooperation agreement ("Agreement"). According to the Agreement, the parties establish strategic cooperation on refueling services, electronic fuel coupon sales, and development and issuance of electronic fuel cards. The cooperation will be based on the online refueling channel FGS developed for the China National Petroleum Corporation ("CNPC") and Gao Geng's client base and the electronic toll collection ("ETC") payment scenario, with the purpose to provide a more convenient refueling experience for vehicle owners and maintain more long-term loyal users of CNPC gas stations.