Hong Kong--(Business Wire)--Freetech Road Recycling Technology (Holdings) Limited(“Freetech”, or the “Group;” stock code: HK.6888), a leading and fast-growing service provider in the asphalt pavement maintenanceindustry using the Hot-in-Place recycling technology,announced that on 31 August, 2015,the Group successfully completed capital injection to Tianjin Expressway Maintenance Company Limited (“TEMC”). Upon completion, Freetech Smart Road Recycling Engineering Investment Limited (“Freetech Smart Road”), an indirect subsidiary owned by the Group,and Tianjin Expressway Grouphelda 55% and 45% stake respectivelyin TEMC.
Freetech Smart Road, a joint venture established by Freetech and China Ocean Shipping (Group) Company (“COSCO”), one of the world's shippingleaders, successfully completed the first merger and acquisition in the expressway maintenance industry. This will driveTEMC to change its traditional road maintenance method, for there is great potential for developing the Group’s Hot-in-Place recycling technology, a rarely-used newconcept in the related industries, in Tianjin City. This technology will assist TEMC to expand the spectrum of its road maintenance technologies, and explore the opportunities of developing its road maintenance business to cover municipal roads, and roads of ports, docksand airports in Tianjin City. Meanwhile, Tianjin Expressway Group, the largestexpressway managerin Tianjin, will continuously support the business development of TEMC.
The Group believes that the acquisition will strengthen the business cooperation between Freetech and Tianjin Expressway Group, acceleratethe Group’s road maintenance business expansion in the Bohai Economic Rim and enhance its position in the road maintenancebusiness in China.
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About FreetechRoad Recycling Technology(Holdings) Limited (Stock Code: HK.6888)
FreetechRoad 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 of30 June, 2015, the Group owned 108registered patents and had6pending patent applications in Hot-in-Place Recycling Technology and related equipment. The Group has also established ten joint ventures and associates and appointed twelve franchisees across China including Hunan, Inner Mongolia, Jiangsu, Fujian, Xinjiang and Guangdong in order to expand its customer base across the country.
Contacts:
Freetech Road Recycling Technology (Holdings) Limited
Vicky Xue, +852-2330 9600
Fax: +852-2363 7987