BEIJING, March 29, 2022 /PRNewswire/ — Luokung Technologies Corp. (NASDAQ: LKCO) (“Luokung” or the “Firm”), a main spatial-temporal intelligent big details providers enterprise and supplier of interactive spot-based mostly products and services (“LBS”) and higher-definition maps (“High definition Maps”) in China, now declared the signing of an settlement pursuant to which the Company’s functioning affiliate, Beijing Zhong Chuan Shi Xun Technological know-how Confined, has agreed to purchase Beijing Hongda Jiutong Technological know-how Growth Co., Ltd (“Hongda Jiutong”). The Firm expects to shut this transaction by the end of the second quarter of 2022.
Hongda Jiutong is a main massive info provider provider for clever transportation and linked vehicles in China and owns 29 patented technologies and copyrights covering features of automatic technology of High definition Map details, assisted driving and data assessment versions of connected cars and trucks. By means of the products and services it delivers to OEMs, Hongda Jiutong’s smart algorithm reaches 10 million autos and handles roadways nationwide, enabling the enterprise to offer protected, electrical power-successful and smart transportation solutions to its OEM buyers, together with serious-time auto operation information examination and car or truck energy-conserving options. Hongda Jiutong’s clients involve far more than 20 domestic and worldwide OEMs and similar enterprises these types of as FAW Team, Dongfeng Motor and Foton Motor.
Mr. Xuesong Music, Luokung’s Chairman and CEO, stated, “We are really pleased to welcome Hongda Jiutong and its established name within just the transportation significant information industry under the Luokung umbrella. We feel that Hongda Jiutong’s seasoned technological crew will provide our Company with aggressive benefits in equally intelligent transportation and OEM huge facts evaluation. Hongda Jiutong’s CEO, Dr. Chuanjiu Wang, is extensively recognized for his tutorial and business achievements in Automated Terminal Information and facts Assistance (ATIS) and massive data analysis of the Net of Autos, and the Luokung leadership staff and I search forward to operating with him carefully to integrate Hongda Jiutong’s risk-free and expert car facts processing capabilities into Luokung’s present service portfolio. We believe that Hongda Jiutong’s abilities in the underlying knowledge of vehicles will empower Luokung to accomplish more quickly industrial implementation in autonomous driving and car-street collaboration (‘V2X’).”
Mr. Music added, “We feel leveraging Hongda Jiutong’s technological capabilities with Luokung’s spatial-temporal massive info processing and analysis platform will significantly make improvements to our clever expressway and highway data management process abilities, which is primarily based on High definition Maps. We think this acquisition is a strategic play in the prolonged-time period enhancement of Luokung’s intelligent transportation small business by introducing cutting-edge aggressive strengths, which we anticipate will push upcoming organization expansion and revenue growth.”
Dr. Wang commented, “We are incredibly pleased to be a part of Luokung’s Good Transportation company. We are confident that our deep skills in highway problem data and motor vehicle-stop underlying information will assistance Luokung in optimizing its V2X program and accelerate the implementation of V2X-dependent autonomous driving in several modes of transportation. Blended with Luokung’s digital foundation