EMG Signed an Exclusive Contract with Beijing Sinotrans To Develop the Urban Distribution Service Platform of Beijing Sinotrans

Rhea-AI Summary

Luokung Technology Corp. (NASDAQ: LKCO) has announced its acquisition of eMapgo Technologies (EMG) as part of a strategy to enhance its logistics services. EMG will develop an urban distribution service platform for Beijing Sinotrans, a subsidiary of China's largest logistics company. This platform aims to improve logistics management and operational efficiency using intelligent geographic location services. The partnership is expected to foster innovative applications in logistics and establish a smart logistics platform.

Positive

• Acquisition of eMapgo Technologies to enhance logistics capabilities.
• Development of an urban distribution service platform for Beijing Sinotrans to optimize logistics management.
• Partnership expected to foster innovative logistics applications.

Negative

• None.

BEIJING, Dec. 1, 2020 /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 that eMapgo Technologies (Beijing) Co., Ltd. ("EMG") and Beijing Sinotrans Transportation Co., Ltd. ("Beijing Sinotrans"), a subsidiary of Sinotrans, which is China's largest comprehensive logistics company, engaged in a cooperation agreement that EMG will build an urban distribution service platform for Beijing Sinotrans to improve the management of its logistics operations and optimize the efficiency of its enterprise operations with intelligent geographic location services. 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.

EMG will undertake the development of Beijing Sinotrans Urban Distribution Service Platform, provide intelligent logistics GIS services and corresponding technical services for the platform's customer applications and management components based on location and map services, operation, and management.

This cooperation between EMG and Sinotrans is an auspicious beginning of future collaborations. The two parties will jointly build innovative applications in the logistics field and lay a solid foundation for a smart logistics platform.

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.

FAQ

What is Luokung Technology Corp. doing with EMG?

Luokung is acquiring eMapgo Technologies (EMG) to improve its logistics services.

What is the purpose of the new urban distribution service platform?

The platform aims to enhance logistics management and operational efficiency using intelligent geographic location services.

Who will benefit from the partnership between EMG and Beijing Sinotrans?

Beijing Sinotrans will benefit from improved logistics operations and efficiency.

What is the significance of the cooperation between EMG and Beijing Sinotrans?

The cooperation is expected to lay a foundation for innovative applications in the logistics field.

What stock symbol is associated with Luokung Technology Corp.?

The stock symbol for Luokung Technology Corp. is LKCO.