Freetech Entered into a Cooperation Agreement with Jurong City Housing and Urban Rural Development Bureau in the Jiangsu Province

Mar 31, 2015 10:00 JST

Source: Freetech Road Recycling Technology (Holdings) Ltd

HONG KONG, Mar 31, 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 27 March 2015, the Company entered into a cooperation agreement ("Cooperation Agreement") with Jurong City Housing and Urban Rural Development Bureau*, in the Jiangsu Province("Development Bureau").

Pursuant to the Cooperation Agreement, Development Bureau will implement the following projects with total contract amount of approximately RMB500 million in its area, including: 1. road maintenance project with total contract amount of approximately RMB250 million; and 2. road expansion and reconstruction project with total contract amount of approximately RMB250 million ("Construction Projects"). In addition, subject to complying with the relevant regulatory requirement, Construction Bureau will appoint the Company to carry out the Construction Projects. The Company will use its advantages in research and development and construction to assist Development Bureau to launch the Construction Projects and actively participate in the major infrastructure and maintenance management work of Jurong City. The duration of the Construction Projects is estimated to be completed within approximately 2 years. The final signed construction agreement shall include detailed terms of the Construction Projects and such terms shall prevail.

About Hot-in-Place Technology
Hot-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.

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

Source: Freetech Road Recycling Technology (Holdings) Ltd
Sectors: Daily Finance