Hong Kong, Jan 26, 2015 - (ACN Newswire) - Freetech Road Recycling Technology (Holdings) Limited ("Freetech", or the "Group"; stock code: 6888), a leading and fast-growing service provider in the asphalt pavement maintenance ("APM") industry using "Hot-in-Place" recycling technology, today announced that on 22 January 2015, the Company entered into a cooperation framework agreement ("Cooperation Agreement") in Nanjing Economic Development Zone. The cooperative company is a state-owned sole proprietorship enterprise directly under the Administrative Committee of Nanjing Economic Development Zone which was mainly responsible for the operation of state-owned assets and the construction and management of infrastructure development in its development zone ("Development Zone").
Pursuant to the Cooperation Agreement, the cooperative company will upgrade asphalt pavements of the Development Zone, and subject to complying with the relevant regulatory requirements, the cooperative company will implement and complete the following asphalt pavement upgrading projects in 2015 ("Construction Projects") by using "Hot-in-Place" recycling technology. The total service area for the Construction Projects is 660,000 square meters with a total contract amount of approximately RMB90 million, to include conducting daily maintenance services for a period of five years.
Freetech will use its "Hot-in-Place" recycling technology and its advantages in research and development and construction to assist the cooperative company to launch the Construction Projects and actively participate in the major infrastructure and maintenance management work of the Development Zone. The final signed construction agreement shall include detailed terms of the Construction Projects and such terms shall prevail.
About Hot-in-Place TechnologyHot-in-Place Technology is used in asphalt pavement maintenance, an on-site, in-place technology that rehabilitates deteriorated asphalt pavements through heating, scarifying and mixing the damaged asphalt materials with new materials and thereby minimises the use of new materials. The primary purpose of this process is to repair pavement damages such as cracks, ruts and holes, and bumps.
About Freetech Road Recycling Technology (Holdings) Limited
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 at 30 June 2014, the Group owned 94 registered patents and had 8 patent applications pending in Hot-in-Place Recycling Technology and related equipment. The Group has also established nine joint ventures and associates across China including Hunan, Inner Mongolia, Jiangsu, Fujian, Xinjiang and Guangdong in order to expand its customer base across the country.
Source: Freetech Road Recycling Technology (Holdings) Limited
Contact:
Freetech Road Recycling Technology (Holdings) Limited Tel: (852) 2330 9600 Email: ir@freetech-holdings.hk, or enquiry@freetech-holdings.hk Fax: (852) 2363 7987 Strategic Financial Relations Limited Vicky Lee Tel: (852) 2864 4834 Email: vicky.lee@sprg.com.hk Stephanie Liu Tel: (852) 2864 4852 Email: stephanie.liu@sprg.com.hk Fax: (852) 2527 1196
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