BEIJING, Aug. 28, 2019 /PRNewswire/ -- Luokung
Technology Corp. (NASDAQ: LKCO) ("Luokung" or the "Company"),
one of the global leading spatial-temporal big-data processing
technology companies, a leading interactive location-based services
company in China, today announced
it has entered into an agreement to acquire 100 percent of the
equity interests of eMapgo Technologies (Beijing) Co., Ltd. (hereinafter referred to as
the "EMG") from EMG's original shareholders for RMB 836 million (approximately equivalent to
USD 119 million) (the "Acquisition"),
which includes about RMB 709 million
in cash, and the remaining RMB 127
million will be paid by the Company's common stock at the
conversion rate of $7 dollars per
share. The agreement to acquire EMG is conditioned on, among other
things, the Company's ability to raise the necessary financing to
consummate the acquisition of EMG.
The Company expects the completion of the Acquisition will
significantly increase its holding quantity of the underlying data,
and to enhance its long-term sustainable production capabilities of
the underlying data collection. EMG's mapping capabilities and its
underlying database along with the Company's SuperEngine
Spatial-Temporal big data engine capability will serve as the
Company's two core technology clusters to support services and
applications in LBS, remote sensing data, networking, smart city,
autonomous driving and other fields. The integration of EMG's
underlying data and SuperEngine's data engine will expand the
Company's capability beyond provision of technical prowess to much
deeper and richer scenarios, thus provide the Company ability to
establish a complete set of solutions covering full upstream and
downstream industrial chains.
In addition, the Company expects to launch China's first Spatial-Temporal full-vector
non-tiled covering indoor and outdoor map, by combining the
technology from its subsidiary, Yuanli
Anda, a Company with largest indoor geographic location data
in China along with EGM's
underlying data, provide customized real-time dynamic location
services for enterprises in various industries.
After the Acquisition, EMG will continue to conduct its business
activities independently and provide services to customers as a
neutral mapping-company.
About eMapgo Technologies (Beijing) Co., Ltd.
EMG is one of the leading navigation electronic map service
providers in China and has
obtained Class-A qualification certificates of navigable surveying
and mapping, internet map service and geographic information system
engineering. It has also obtained quality management system
certificates of ISO9001 and ISO/TS16949 and CMMI3. Its core
brand is "eMapgo". EMG provides users with navigation electronic
maps, ADAS maps and HD maps of China, as well as geographic location
information service through its own map service platform. Its map
database has covered mainland China, Hong
Kong and Macao with over
9-million-kilometer road networks and 80 million POIs. EMG is a top
three company in automotive in-dash navigation market of
China. EMG has extensive
operational experience in geographic data and has established
stable and long-term cooperative relationships with many
international and national automobile manufacturers.
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. 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 and API embedded services to LBS mobile internet
developers 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.
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.