BEIJING, Feb. 4, 2021 /PRNewswire/ -- Luokung Technology
Corp. (NASDAQ: LKCO) ("Luokung" or the "Company"), a leading
interactive location-based services company in China, today announced that its previously
announced acquisition candidate, eMapgo Technologies (Beijing) Co., Ltd. ("EMG") and Beijing New
Energy Automobile Co., Ltd. (BAIC BluePark New Energy Technology
Co., Ltd., Ticker: 600733.SH) ("BAIC BJEV") have agreed to
collaborate on the development of autonomous driving projects for
BAIC BJEV's electric vehicles (EVs).
EMG recently worked with BAIC BJEV to provide HD map services in
autonomous valet parking ("AVP") for BAIC New Energy vehicles. The
two parties will cooperate in depth on L3 (conditional driving
automation) to L4 (high driving automation) autonomous driving
related projects.
Management Commentary
Darwin Lu, CEO of EMG stated, "We
are very pleased to begin working with BAIC BJEV on projects that
leverage our HD Map capabilities with their manufacturing and brand
awareness throughout China for the
development of autonomous driving. We believe this is the future of
the industry, and want to remain well-positioned to take advantage
as further developments occur in China's infrastructure."
About EMG
EMG, a leading intelligent location-based services provider in
China, is the provider of HD map
services for Proof of Concept ("POC") and production cars of Ford,
SAIC Volkswagen, Geely, FAW Hongqi and other automakers in AVP and
autonomous driving. It is one of the earliest map makers,
participating in automated driving simulation testing services, and
is also the main participant in formulating various HD map
standards in China. EMG's
proprietary HD map production system is able to produce ADAS maps,
HD maps and special HD maps for indoor and outdoor AVP based on
latest artificial intelligence technologies. In addition, the
intelligent location service platform independently developed by
EMG provides services offering a two-dimensional and
three-dimensional integrated map engine and a spatial-temporal
big-data digital base in the Internet of Things, Internet of
Vehicles, and vehicle-road collaboration.
About BAIC BJEV
Beijing New Energy Automobile Co., Ltd. is a subsidiary of
Beijing Automotive Group Co., Ltd., which is devoted to the new
energy vehicles. It is a leading enterprise in the domestic new
energy vehicle industry and the largest in pure electric passenger
vehicle industry in China with a
complete industrial production chain.
As previously announced, Luokung has engaged in a share purchase
agreement to acquire 100% of EMG and announced that the two parties
are currently in the process of closing the transaction.
About Luokung Technology Corp.
Luokung Technology Corp. is one of the global leading
spatial-temporal big-data processing technology companies and a
leading interactive location-based services company in China. It provides integrated DaaS, SaaS, and
PaaS services for Internet and Internet of Things of
Spatial-Temporal big data based on its patented technology. Based
on geographic information systems and intelligent Spatial-Temporal
big data, it establishes city-level and industry-level digital twin
holographic data models to actively serve smart cities, intelligent
transportation, smart industry, LBS. http://www.luokung.com.
Business Risks and Forward-Looking Statements
This news release contains forward-looking statements within the
meaning of Section 21E of the Securities Exchange Act of 1934, as
amended, and as defined in the U.S. Private Securities Litigation
Reform Act of 1995. These forward-looking statements can be
identified by terminology such as "will", "expects", "anticipates",
"future", "intends", "plans", "believes", "estimates", "target",
"going forward", "outlook" and similar statements. Such statements
are based upon management's current expectations and current market
and operating conditions and relate to events that involve known or
unknown risks, uncertainties and other factors, all of which are
difficult to predict and many of which are beyond the Company's
control, which may cause the Company's actual results, performance
or achievements to differ materially from those in the
forward-looking statements. Further information regarding these and
other risks, uncertainties or factors is included in the Company's
filings with the U.S. Securities and Exchange Commission. The
Company does not undertake any obligation to update any
forward-looking statement as a result of new information, future
events or otherwise, except as required under law.
CONTACT:
The Company:
Mr. Jay Yu
Chief Financial Officer
Tel: +86-10-5327-4727
Email: ir@luokung.com
INVESTOR RELATIONS
PureRock Communications Limited
Email: luokung@pure-rock.com
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SOURCE Luokung Technology Corp.