Freetech Signed Sales Agreement With a Contractor in Hong Kong
By Business Wire News
Freetech Road Recycling Technology (Holdings) Limited (“Freetech”, or the “Group;” stock code: HK.6888), a leading asphalt pavement maintenance (the “APM”) integrated solution provider, announced that the Group signed a sales agreement with a contractor in Hong Kong again and sold an asphalt pavement Hot-in-Place patching vehicle (the “patching vehicle”) to the buyer for its municipal road maintenance business in Hong Kong. As the largest Hot-in-Place patching vehicle supplier for the road maintenance companies in Hong Kong, Freetech has sold a total of 14 units of equipment in Hong Kong.
Hong Kong has placed strict restrictions over the particular noise sources from road maintenance and construction work, and violators will face heavy penalties. Besides, traffic interference of each pavement maintenance project shall be evaluated by the transportation departments. The Group’s patching vehicle heats and loosens the road surface and produces minimal noise to well meet the regulatory requirements even at mid-night. Meanwhile, unlike the traditional process which needs more labor and equipment and full road closure, the Group’s patching vehicle only requires 4 to 5 workers and occupies one lane, opens the traffic quickly and has low traffic interference.
At present, six out of the eight road maintenance divisions in Hong Kong have accepted the Hot-in-Place recycling technology, and after the signing of this sales agreement, the Group’s total equipment sales volume has amounted to 14 units and it has held a dominant position in the market all the time. Since the Group’s maintenance vehicles comply with the relevant policy trends in Hong Kong, Freetech believes that the market dominance will continue to expand in the future.
About Freetech Road Recycling Technology (Holdings) Limited (Stock Code: HK.6888)
Freetech Road Recycling Technology is a leading integrated solution provider using the Hot-in-Place recycling technology in the asphalt pavement maintenance industry renowned for its Road Doctor brand. As of 31 December 2015, the Group owned 111 registered patents and had 11 pending patent applications in Hot-in-Place Recycling Technology and related equipment. The Group has also established 11 joint ventures and associates and appointed 12 franchisees across China including Hunan, Inner Mongolia, Jiangsu, Fujian, Xinjiang and Guangdong in order to expand its customer base across the country.