Luokung Announces EMG Awarded Exclusive 2020 Golden Globe Award for its "HD Map" Functionality

Rhea-AI Summary

Luokung Technology Corp. (NASDAQ: LKCO) announced that its acquisition candidate, eMapgo Technologies (EMG), received the "2020 Golden Globe Award for HD Map" at the GGAI Conference in December 2020. EMG's advanced mapping capabilities cover over 9 million kilometers of road networks in China, Hong Kong, and Macao, including 80 million points of interest. The acquisition is progressing towards closure, with EMG recognized for its contributions to autonomous driving and smart highway technologies. EMG has established partnerships, including with Microsoft's Connected Vehicle Platform, enhancing its market position.

Positive

• EMG awarded the 2020 Golden Globe Award for HD Map at GGAI Conference, highlighting its industry leadership.
• Acquisition of EMG progressing, potentially enhancing Luokung's technology capabilities and market position.
• EMG's capabilities include over 9 million kilometers of road networks in China and strong data analytics, increasing competitive edge.

Negative

• None.

BEIJING, Jan. 11, 2021 /PRNewswire/ -- Luokung Technology Corp. (NASDAQ: LKCO) ("Luokung" or the "Company"), a leading interactive location-based services and big data processing technology company in China, today announced that the Company's previously announced acquisition candidate, eMapgo Technologies (Beijing) Co., Ltd. ("EMG") was recently the sole recipient of the "2020 Golden Globe Award for HD Map" at the 4^th Annual GGAI Conference held in Shanghai, China in December 2020. EMG, Continental, Bosch and other well-known automotive technology service providers won 2020 Intelligent Driving Golden Globe Awards.

The GGAI Conference serves as a symposium for intelligent vehicle developers and manufacturers, focused on industry trends within automation, intelligent cockpit, autonomous driving, and other innovations in the automotive industry. EMG's CEO, Darwin Lu, was invited to provide the keynote speech to discuss trends and innovation in the sector.

EMG was recognized for its unique mapping capabilities and robust database has covering mainland China, Hong Kong and Macao with over 9-million-kilometer road networks and 80 million POIs. 

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.

Darwin Lu, CEO of EMG noted, "Over the past several years we have focused on developing an HD Map product with the capability of meeting the evolving infrastructure of the automobile industry in China and its surrounding regions. As further developments occur through the form of smart highway, IOV, and autonomous driving, we are able to provide rapid perception and early warning of traffic dangers, effective circulation of traffic information, intelligent road maintenance, as well as digital rescue in critical situations. We are pleased to have received this honor among several well-recognized peers, and were the only mapping technology company to receive this across a wide group of international competitors."

Mr. Lu concluded, "With the further development of autonomous driving, both EMG and Luokung are solely dedicated to leveraging our combined spatial-temporal and HD Map capabilities to improve our value proposition to manufacturers and consumers. EMG has become an important partner of Microsoft's MCVP (Microsoft Connected Vehicle Platform) platform, and is recognized as a major participant and a technology leader in the construction of smart highways across China and Vehicle-to-everything (V2X) technology. We believe that these infrastructure changes represent the predecessor to the adoption of autonomous driving throughout China and feel that we are positioned well."

The GGAI Annual Conference is the largest annual industry, technology, and market exchange and interaction event in China's automotive intelligent network industry chain. The event was held from December 15-17, 2020 in Shanghai, China. Conference participants included auto manufacturers, Tier 1 suppliers, and other industrial product and technical service providers in fields of smart cockpit, Internet of Vehicles, and autonomous driving. To evaluate the Golden Globe Award candidates, a list of eligible companies is included in each category, weighted on indicators including pre-installation production and future new technology innovation. A comprehensive evaluation is then based on the pre-installation production data monthly tracked by the Gaogong Intelligent Automobile Research Institute. Category winners are voted by industry practitioners, users and OEMs in two rounds. The final award indicators include pre-installation market mass production data/project pre-research and SOP (weighted as 70%), as well as customer reputation and market awareness (weighted as 30%).

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 the significance of EMG winning the 2020 Golden Globe Award for HD Map?

EMG's recognition for the award demonstrates its leadership and innovation in mapping technology critical for autonomous driving and smart infrastructure.

How does Luokung's acquisition of EMG affect its business strategy?

The acquisition is expected to strengthen Luokung's position in the market by enhancing its big data processing and location-based services capabilities.

What are the key features of eMapgo Technologies' mapping solutions?

eMapgo's mapping solutions cover 9 million kilometers of roads and 80 million points of interest, supporting intelligent transportation and smart cities.

When did Luokung announce the acquisition of eMapgo Technologies?

Luokung previously announced the engagement in a share purchase agreement to acquire 100% of eMapgo Technologies, with the transaction nearing completion.

What partnerships has eMapgo Technologies established?

eMapgo is a partner of Microsoft's Connected Vehicle Platform, contributing to advancements in smart highway and autonomous vehicle technologies.