Freetech Enters Into a Cooperation Agreement With Xi'an Dagang Road Machinery Co., Ltd.
HONG KONG--Freetech Road Recycling Technology (Holdings) Limited (“Freetech”, or the “Group;” stock code: HK.6888), a leading and fast-growing asphalt pavement maintenance service provider, today announced that on 1 December, 2015, the Company entered into a cooperation agreement (“Cooperation Agreement”) with Xi’an Dagang Road Machinery Co., Ltd. (“Dagang Company”) and held a press conference.
Pursuant to the Cooperation Agreement, as the two companies have no conflict of business or overlapping product lines, they will utilise their respective advantages to closely cooperate in R&D platform, marketing channels, overseas markets, and education and training. Specifically, they will form a R&D community focusing on asphalt road construction and maintenance with approximately 500 national patents from both sides; they will share marketing channels of approximately 90 kinds for products in 22 series in 60 countries and regions; each party will provide necessary technical supports and after-sales services for overseas marketing and sales; they will set up joint ventures to start overseas projects and invest in construction and maintenance projects in particular regions; and the Road Doctor Institution of Freetech will cooperate with the “International Road Maintenance Training Centre” of Dagang Company to train high-end professional talents.
The Group considers that the prospect of the road maintenance industry is positive. China’s yearly highway maintenance cost is expected to reach RMB 400 billion during the “13th Five-Year Plan,” while “One Belt & One Road Initiative” will bring new opportunities to highway transport. The two companies intend to establish cooperation and seize new business opportunities to achieve a win-win situation in equipment sales, engineering projects and other services.
About Dagang Company
Dagang Company is a Shenzhen-listed high-tech enterprise specialized in research and development, manufacture and service of road construction and maintenance machinery and equipment, and general contracting of domestic and overseas projects.
About Freetech Road Recycling Technology
Freetech Road Recycling Technology is the asphalt pavement maintenance (“APM”) service provider renowned in the sector for its Road Doctor brand with patented Hot-in-Place Recycling Technology, as well as the manufacturer and seller of a wide range of APM equipment. As of 30 June, 2015, the Group owned 108 registered patents and had 6 pending patent applications in Hot-in-Place Recycling Technology and related equipment.
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