BEIJING, Aug. 3, 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
that Luokung's independently developed digital twin visualized
highway management and control platform (the "platform") has passed
the road operation inspection for a pilot demonstration project on
the Shanghai-Wuhan Expressway. The platform also passed the review
by members of the Chinese Academy of Engineering ("CAE") and
traffic safety related area experts, which ruled that the platform,
as a product, has reached the international advanced level,
significantly improving the efficiency of highway safety operation
management and driving safety.
The platform incorporates Luokung's patented technology,
intelligent digital monitoring and early warning system for severe
weather conditions, based on HD Maps, satellite imaging and other
holographic spatial-temporal data. Combined with visualization deep
learning algorithms, the platform aims to achieve complete
all-weather all-day coverage and attains high-precision detection
and real-time early warning for low visibility and severe weather
conditions such as thick fog.
During a four-month pilot demonstration project that began on
February 8, 2022, Luokung's platform
and its patented solution was applied on the Shanghai-Wuhan
Expressway (G4221), a key section of the national expressway
network called the Yangtze River Economic Belt. The platform
achieved a forecast and monitoring accuracy rate of 100%,
subsequently passing the review by the expert committee (the
"Committee") organized by Anhui Traffic Control Construction
Management Co., Ltd, the operating department of the Anhui section of the Shanghai-Wuhan Expressway.
At the expert review meeting of "Research on Precise Management
and Control Scheme Based on Meteorological Data Analysis" hosted on
July 22, 2022, the Committee
assessed, "Luokung's system combines the concept of meteorological
visibility with specific application scenarios of expressways and
creatively uses existing video surveillance facilities, artificial
intelligence, big data and other technologies to provide real-time
visibility broadcasts and fog monitoring on expressways. It is a
cost-effective solution that has reached the international advanced
level and can be considered a pioneer product both domestically and
internationally."
Mr. Shanlin Yang, an expert in
management science and information systems engineering at CAE who
was on the Committee, commented, "This technical solution solves a
significant issue of long-term inaccuracy and tardiness of
monitoring fog using conventional observation and meteorological
satellites in the transportation field. I believe this new platform
will increase our ability to monitor expressways and improve safety
for drivers and passengers."
Mr. Xuesong Song, Luokung's
Chairman and CEO, stated, "Based on our digital twin technology,
Luokung digitally and dynamically visualizes all spatial and
temporal elements and scenes on the expressway, introducing a
digital twin product. The severe weather digital intelligent
monitoring and early warning system, one of the key scene-level
innovative solutions provided on the platform, addresses a major
pain point for monitoring road conditions in severe weather
globally through digitalized meteorological monitoring, AI accurate
identification and advance notifications. According to China
Climate Bulletin, severe weather conditions are the primary factor
affecting the safe operation of the road network, with an impact
ratio of 45%, and thick fog being one of the most unpredictable
factors. With the introduction of this platform, Luokung is
providing a smart transportation solutions product to improve
expressway operation and management safety and efficiency, while
increasing the passing rate of vehicles. We are optimistic that
this product will become an important commercialization
project in the field of next-generation smart transportation
services. We believe this presents us with a unique competitive
advantage to seize a greater market share in the expressway smart
services market."
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 has 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.
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
Ms. Alice Zhang
Investor Relations Analyst
The Equity Group Inc.
Tel: 212-836-9610
Email: azhang@equityny.com
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SOURCE Luokung Technology Corp.