BEIJING, March 29, 2022 /PRNewswire/ -- Luokung
Technology Corp. (NASDAQ: LKCO) ("Luokung" or the "Company"), a
leading spatial-temporal intelligent big data services company and
provider of interactive location-based services ("LBS") and
high-definition maps ("HD Maps") in China, today announced the signing of an
agreement pursuant to which the Company's operating affiliate,
Beijing Zhong Chuan Shi Xun Technology Limited, has agreed to
acquire Beijing Hongda Jiutong Technology Development Co., Ltd
("Hongda Jiutong"). The Company expects to close this transaction
by the end of the second quarter of 2022.
Hongda Jiutong is a leading big data service provider for
intelligent transportation and connected vehicles in China and owns 29 patented technologies and
copyrights covering aspects of automatic generation of HD Map data,
assisted driving and data analysis models of connected cars.
Through the services it provides to OEMs, Hongda Jiutong's
intelligent algorithm reaches 10 million vehicles and covers roads
nationwide, enabling the company to provide safe, energy-efficient
and intelligent transportation services to its OEM customers,
including real-time vehicle operation data analysis and vehicle
energy-saving solutions. Hongda Jiutong's customers include more
than 20 domestic and international OEMs and related enterprises
such as FAW Group, Dongfeng Motor and Foton Motor.
Mr. Xuesong Song, Luokung's
Chairman and CEO, stated, "We are very pleased to welcome Hongda
Jiutong and its established reputation within the transportation
big data industry under the Luokung umbrella. We believe that
Hongda Jiutong's experienced technical team will provide our
Company with competitive advantages in both intelligent
transportation and OEM big data analysis. Hongda Jiutong's CEO, Dr.
Chuanjiu Wang, is widely recognized for his academic and business
accomplishments in Automatic Terminal Information Service (ATIS)
and big data analysis of the Internet of Vehicles, and the Luokung
leadership team and I look forward to working with him closely to
integrate Hongda Jiutong's safe and professional vehicle data
processing capabilities into Luokung's existing service portfolio.
We believe Hongda Jiutong's expertise in the underlying data of
vehicles will empower Luokung to achieve faster industrial
implementation in autonomous driving and vehicle-road collaboration
('V2X')."
Mr. Song added, "We believe leveraging Hongda Jiutong's
technological capabilities with Luokung's spatial-temporal big data
processing and analysis platform will greatly improve our
intelligent expressway and highway data management system
capabilities, which is based on HD Maps. We believe this
acquisition is a strategic play in the long-term development of
Luokung's smart transportation business by introducing cutting-edge
competitive advantages, which we anticipate will drive future
business expansion and revenue growth."
Dr. Wang commented, "We are very pleased to be a part of
Luokung's Smart Transportation business. We are confident that our
deep expertise in road condition information and vehicle-end
underlying data will support Luokung in optimizing its V2X system
and accelerate the implementation of V2X-based autonomous driving
in various modes of transportation. Combined with Luokung's digital
base and spatial-temporal big data engine, Hongda Jiutong intends
to work closely with Luokung to provide diversified services
related to underlying spatial-temporal big data to its partners and
end users in the fields of autonomous driving, assisted driving and
intelligent transportation."
About Luokung Technology Corp.
Luokung Technology Corp. is a leading spatial-temporal
intelligent big data services company, as well as a leading
provider of LBS and HD Maps for various industries in China. Backed by its proprietary technologies
and expertise in HD Maps and multi-sourced intelligent
spatial-temporal big data, Luokung established city-level and
industry-level holographic spatial-temporal digital twin systems
and actively serves industries including smart transportation
(autonomous driving, smart highway and vehicle-road collaboration),
natural resource asset management (carbon neutral and environmental
protection remote sensing data service), and LBS smart industry
applications (mobile Internet LBS, smart travel, smart logistics,
new infrastructure, smart cities, emergency rescue, among others).
The Company routinely provides important updates on its website:
https://www.luokung.com.
ABOUT HONGDA JIUTONG
Hongda Jiutong Technology Development Co., Ltd. is a leading
high-tech company in China focused
on exploring the value of big data for intelligent transportation
and connected vehicles. Hongda Jiutong collects traffic information
and discrete data of connected vehicles, and through analysis and
processing, offers a multi-dimensional portfolio of data
application products in transportation, logistics, automobile,
insurance, mobile Internet, finance and other industries. Through
its in-depth data value exploration, Hongda Jiutong provides
customers with big data services and
solutions.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING
STATEMENTS
This press release contains certain forward-looking statements.
Forward-looking statements include, but are not limited to,
statements regarding our or our management's expectations, hopes,
beliefs, intentions or strategies regarding the future and other
statements that are other than statements of historical fact. In
addition, any statements that refer to projections, forecasts or
other characterizations of future events or circumstances,
including any underlying assumptions, are forward-looking
statements. The words "anticipate", "believe", "continue", "could",
"estimate", "expect", "intend", "may", "might", "plan", "probable",
"potential", "should", "would" and similar expressions may identify
forward-looking statements, but the absence of these words does not
mean that a statement is not forward-looking.
The forward-looking statements in this press release are based
upon various assumptions, many of which are based, in turn, upon
further assumptions, including without limitation, management's
examination and analysis of the existing law, rules and regulations
and other data available from third parties. Although we believe
that these assumptions were reasonable when made, because these
assumptions are inherently subject to significant uncertainties and
contingencies which are difficult or impossible to predict and are
beyond our control, we cannot assure you the statement herein will
be accurate. As a result, you are cautioned not to rely on any
forward-looking statements.
CONTACT:
The Company:
Mr. Jay Yu
Chief Financial Officer
Tel: +86-10-6506-5217
Email: ir@luokung.com
Investor Relations:
Ms. Carolyne Sohn
Vice President
The Equity Group Inc.
Tel: 415-568-2255
Email: csohn@equityny.com
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SOURCE Luokung Technology Corp.