BEIJING, May 13, 2019 /PRNewswire/ -- Luokung
Technology Corp. (LKCO) ("Luokung" or the "Company"), a leading global spatial-temporal
big-data technology company and a leading interactive
location-based services company in China, today announced that it has signed a
stock purchase agreement to acquire 67.36% of Beijing BotBrain AI
Technology Ltd and BOTBRAIN AI LIMITED (collectively "BotBrain
").
The Company will invest RMB 20
million to BotBrain and will issue 804,162 ordinary shares
at USD $7 per share to the former
institution investors of BotBrain to obtain 67.36% (the
"Acquisition"). The 32.64% share equity of BotBrain will be
remained by Mr. Xueyu Lu, the
founder and CEO of BotBrain, along with BotBrain 's core team
members. After the Acquisition, Mr. Lu will continue as CEO of
BotBrain AI.
BotBrain was established in January
2016, and it has been becoming an advanced provider for
intelligent content solutions in China. It's artificial intelligence algorithms
and technology are applied in Chinese semantic analysis,
intelligent voice interaction, knowledge graph learning,
personalized contents recommendation and other related big data
analysis.
There are two independent business brands in BotBrain. "Max"
content brain is an AI content management and operation platform,
which provides AI solutions based on its content services.
"BotBrain Zhiyu" is an AI knowledge learning assistant system.
BotBrain has been serving many well-known enterprises based in
China, including People's Daily
Overseas, ChinaNews, Kaishu Story,
Baby Tree, Baofeng, Bank of
China, State Grid, FAW,
CreditEase, Facebank and Kingsoft Cloud etc., which involve various
industries including media, mobile internet, banking, automobile,
financial services, retails and energy.
BotBrain has started the cooperation with the Company in
technology supports prior the Acquisition, it provides intelligent
geographic information algorithms service for us, and Its
technology of semantic analysis, knowledge graph and personalized
contents recommendation significantly supports the LBS service of
Luokung. After the Acquisition, BotBrain will put more investment
in the research of intelligent spatial temporal data algorithm and
application. BotBrain will provide critical intelligent
technologies and application experiences to support our LBS
business, personalized full-vector map, and enable us to improve
the services we provide to mobile Internet industry and users.
Therefore, the Company's LBS business platform is able to gain a
greater competitive advantage.
The founder and CEO of BotBrain, Mr. Lu Xueyu processes more
than 40 patents relating to the contents intelligence service
algorithms. Mr. Lu has more than 13 years experiences in big data
and AI industry, he has had an in-depth comprehension and long-term
practice in big data, AI and personalized recommendation and Mr. Lu
is one of the earliest practitioners in this field in China. Mr. Lu worked in Tencent, Alibaba Youku and Xiaomi and was
responsible for the construction and management of big data and
artificial intelligence teams, gained many successful
implementation experiences for the establishment of big data and
recommendation systems. In 2006 in Tencent, Mr. Lu took the lead in using artificial
intelligence technology in virus discovery, effectively helped
Tencent to protect nearly 1 billion
QQ users' account information security. In Youku, Mr. Lu served as
technical director and set up the big data and personalized
recommendation system for videos, the system was able to proceed
more than 100 billion data daily, it was the system with the
highest recommendation accuracy in the field of video websites at
that time. During the time in Xiaomi, Mr. Lu was the technical
director and was in charge of Xiaomi's data workshop, he was also
responsible for the Xiaomi ecological big data business.
About Luokung Technology Corp.
Luokung Technology Corp. is one of global leading
spatial-temporal big-data processing technology company and a
leading interactive location-based services company in China. The core brands of the Company are
"Luokuang" and "SuperEngine". "Luokuang" is a mobile application to
provide B2C services and "SuperEngine" provides B2B and B2G
services in connection with Spatial-Temporal big data. The
Company's mobile application LuoKuang, provides location- based
interaction services for users based on the world's first
non-slicing, full-vector and full-function mobile internet map, it
also provides SDK embedded services to third-party mobile
application providers based on its full-vector and non-slicing
mobile internet map. The Company provides completed DaaS, SaaS and
PaaS services in relation to spatial-temporal big data internet and
internet of things relying on its proprietary patented
spatial-temporal cloud indexing technology, in fields including but
not limited to HD Map, 3D Map, Internet Application Map, Satellite
Remote Sensing Data and Real-time trajectory. For more information
please go to 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.
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
View original
content:http://www.prnewswire.com/news-releases/luokung-technology-corp-announces-to-acquire-artificial-intelligence-company-300848751.html
SOURCE Luokung Technology Corp.