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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.
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."
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.
Mr. Jay Yu
Chief Financial Officer
PureRock Communications Limited
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SOURCE Luokung Technology Corp.