Hong Kong--(BUSINESS WIRE)--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 willutilise their respective advantages to closelycooperatein 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 approximately90 kinds forproducts in 22 series in 60 countries and regions; each party will provide necessary technical supports and after-sales servicesforoverseas marketingand sales; they will set up joint ventures to start overseas projects and invest in construction and maintenance projects inparticular regions; 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 costis expected toreach RMB400 billion during the "13thFive-Year Plan", while “One Belt & One Road Initiative” will bring new opportunities to highway transport. The twocompanies intend to establish cooperation and seize new business opportunitiestoachievea win-winsituation in equipment sales, engineeringprojects and other services.
AboutXi’an Dagang Road Machinery Co., Ltd
Dagang Company is a Shenzhen-listedhigh-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 FreetechRoad Recycling Technology
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 Groupowned 108registered patents and had6pending patent applications in Hot-in-Place Recycling Technology and related equipment.
Contacts:
Freetech Road Recycling Technology
Vicky Xue, +852-2330 9600
Fax: +852-2363 7987