Luokung Closed the Acquisition of BotBrain
Luokung Technology Corp. (NASDAQ: LKCO) has completed the acquisition of a 67.36% stake in BotBrain AI Limited, investing RMB 20 million and issuing 1,789,618 shares to BotBrain's previous institutional investors. BotBrain specializes in Natural Language Processing and knowledge management, serving clients like Tencent and Bank of China. This acquisition is expected to drive an estimated US$20 million in revenue for Luokung in 2021, enhancing its intelligent Geographic Information System and spatiotemporal data services.
- Acquisition of 67.36% of BotBrain for RMB 20 million enhances Luokung's capabilities in AI and Natural Language Processing.
- Expected contribution of US$20 million in revenue from BotBrain's services in 2021.
- None.
BEIJING, Nov. 23, 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 it has closed the acquisition of
BotBrain has its unique technical advantages in AI subdomains such as Natural Language Processing ("NLP"), and it's been actively using in knowledge management and knowledge services including knowledge graph construction, entity recognition, and personalized knowledge content interactions. BotBrain's major clients including State Grid, China Mobile, FAW-Volkswagen, Bank of China, Tencent etc.
Luokung has been actively supporting BotBrain to increase its technical investment in NLP. At the same time, BotBrain's technical capabilities in NLP and knowledge management will strongly support the construction of Luokung's intelligent geographic knowledge system and provide Luokung customers with intelligent GIS and intelligent spatiotemporal data services.
In 2021, BotBrain's intelligent knowledge management and service business is expected to contribute US
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.
