Luokung's Digital Twin Intelligent Highway Management and Control Platform Passes Expressway Operation Inspection and Expert Committee Review

Rhea-AI Summary

Luokung Technology Corp. (NASDAQ: LKCO) announced that its digital twin visualized highway management platform has passed inspection for a pilot project on the Shanghai-Wuhan Expressway. The platform is recognized as internationally advanced, enhancing highway safety management and driving conditions. During the pilot, it achieved 100% accuracy in forecast and monitoring. Experts from the Chinese Academy of Engineering reviewed the platform, noting its innovative combination of meteorological and AI technologies to improve traffic safety during severe weather.

Positive

• Digital twin platform achieved 100% accuracy in monitoring and forecasting during the pilot project.
• Platform recognized as internationally advanced by experts, enhancing highway safety management.
• Potential for increased market share in smart transportation services due to innovative technology.

Negative

• None.

BEIJING, Aug. 3, 2022 /PRNewswire/ -- Luokung Technology Corp. (NASDAQ: LKCO) ("Luokung" or the "Company"), a leading spatial-temporal intelligent big data services company and provider of interactive location-based services ("LBS") and high-definition maps ("HD Maps") in China, today announced that Luokung's independently developed digital twin visualized highway management and control platform (the "platform") has passed the road operation inspection for a pilot demonstration project on the Shanghai-Wuhan Expressway. The platform also passed the review by members of the Chinese Academy of Engineering ("CAE") and traffic safety related area experts, which ruled that the platform, as a product, has reached the international advanced level, significantly improving the efficiency of highway safety operation management and driving safety.

The platform incorporates Luokung's patented technology, intelligent digital monitoring and early warning system for severe weather conditions, based on HD Maps, satellite imaging and other holographic spatial-temporal data. Combined with visualization deep learning algorithms, the platform aims to achieve complete all-weather all-day coverage and attains high-precision detection and real-time early warning for low visibility and severe weather conditions such as thick fog.

During a four-month pilot demonstration project that began on February 8, 2022, Luokung's platform and its patented solution was applied on the Shanghai-Wuhan Expressway (G4221), a key section of the national expressway network called the Yangtze River Economic Belt. The platform achieved a forecast and monitoring accuracy rate of 100%, subsequently passing the review by the expert committee (the "Committee") organized by Anhui Traffic Control Construction Management Co., Ltd, the operating department of the Anhui section of the Shanghai-Wuhan Expressway.

At the expert review meeting of "Research on Precise Management and Control Scheme Based on Meteorological Data Analysis" hosted on July 22, 2022, the Committee assessed, "Luokung's system combines the concept of meteorological visibility with specific application scenarios of expressways and creatively uses existing video surveillance facilities, artificial intelligence, big data and other technologies to provide real-time visibility broadcasts and fog monitoring on expressways. It is a cost-effective solution that has reached the international advanced level and can be considered a pioneer product both domestically and internationally."

Mr. Shanlin Yang, an expert in management science and information systems engineering at CAE who was on the Committee, commented, "This technical solution solves a significant issue of long-term inaccuracy and tardiness of monitoring fog using conventional observation and meteorological satellites in the transportation field. I believe this new platform will increase our ability to monitor expressways and improve safety for drivers and passengers."

Mr. Xuesong Song, Luokung's Chairman and CEO, stated, "Based on our digital twin technology, Luokung digitally and dynamically visualizes all spatial and temporal elements and scenes on the expressway, introducing a digital twin product. The severe weather digital intelligent monitoring and early warning system, one of the key scene-level innovative solutions provided on the platform, addresses a major pain point for monitoring road conditions in severe weather globally through digitalized meteorological monitoring, AI accurate identification and advance notifications. According to China Climate Bulletin, severe weather conditions are the primary factor affecting the safe operation of the road network, with an impact ratio of 45%, and thick fog being one of the most unpredictable factors. With the introduction of this platform, Luokung is providing a smart transportation solutions product to improve expressway operation and management safety and efficiency, while increasing the passing rate of vehicles. We are optimistic that this product will become an important commercialization project in the field of next-generation smart transportation services. We believe this presents us with a unique competitive advantage to seize a greater market share in the expressway smart services market."

About Luokung Technology Corp.

Luokung Technology Corp. is a leading spatial-temporal intelligent big data services company, as well as a leading provider of LBS and HD Maps for various industries in China. Backed by its proprietary technologies and expertise in HD Maps and multi-sourced intelligent spatial-temporal big data, Luokung has established city-level and industry-level holographic spatial-temporal digital twin systems and actively serves industries including smart transportation (autonomous driving, smart highway and vehicle-road collaboration), natural resource asset management (carbon neutral and environmental protection remote sensing data service), and LBS smart industry applications (mobile Internet LBS, smart travel, smart logistics, new infrastructure, smart cities, emergency rescue, among others). The Company routinely provides important updates on its website: https://www.luokung.com.

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

This press release contains certain forward-looking statements. Forward-looking statements include, but are not limited to, statements regarding our or our management's expectations, hopes, beliefs, intentions or strategies regarding the future and other statements that are other than statements of historical fact. In addition, any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. The words "anticipate", "believe", "continue", "could", "estimate", "expect", "intend", "may", "might", "plan", "probable", "potential", "should", "would" and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking.

The forward-looking statements in this press release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, management's examination and analysis of the existing law, rules and regulations and other data available from third parties. Although we believe that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, we cannot assure you the statement herein will be accurate. As a result, you are cautioned not to rely on any forward-looking statements.

CONTACT:

The Company:
Mr. Jay Yu
Chief Financial Officer
Tel: +86-10-6506-5217
Email: ir@luokung.com

Investor Relations:
Ms. Carolyne Sohn
Vice President
The Equity Group Inc.
Tel: 415-568-2255
Email: csohn@equityny.com

Ms. Alice Zhang
Investor Relations Analyst
The Equity Group Inc.
Tel: 212-836-9610
Email: azhang@equityny.com

 

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SOURCE Luokung Technology Corp.

FAQ

What is Luokung Technology Corp.'s digital twin platform and its significance?

Luokung's digital twin platform enhances highway management by providing real-time monitoring and forecasting, significantly improving safety during severe weather.

When did the pilot demonstration project for the digital twin platform begin?

The pilot demonstration project began on February 8, 2022.

What expressway was the pilot project conducted on?

The pilot project was conducted on the Shanghai-Wuhan Expressway.

What was the accuracy rate of the platform during the pilot project?

The platform achieved a forecast and monitoring accuracy rate of 100%.

Who reviewed Luokung's digital twin platform for its effectiveness?

The platform was reviewed by the Chinese Academy of Engineering and traffic safety experts, who deemed it internationally advanced.