BEIJING, Sept. 2, 2021 /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 the Technical
Requirements of Automated Valet Parking Map and Localization (the
"AVP Requirements"), a standard project sponsored by Luokung's
operating affiliate eMapgo Technology (Beijing) Co., Ltd. ("EMG"), a leading provider
of navigation and electronic map services in China, has passed the review of the China
Society of Automotive Engineers and entered the development
phase.
Automated Valet Parking ("AVP") is known as the L4 autonomous
driving technology that enables vehicles to park themselves.
Luokung believes that AVP is currently the most promising
application for autonomous driving technology and is the first to
achieve commercial launch. The development of the AVP Requirements
will further improve and refine the AVP standards and establish a
uniform set of safety and technical requirements in China, providing a clear foundation for future
AVP products. The development of the AVP Requirements allows the
industry to promote the progress of AVP product development and
launch, as well as the safe and rapid expansion of the autonomous
driving industry.
Development of the AVP Requirements will be led by EMG, together
with representatives of nearly 60 industries including relevant map
vendors, positioning service providers, software and hardware
vendors in the field of autonomous driving, car manufacturers,
communication operators, and parking lot operators.
Mr. Xuesong Song, Chairman and
CEO, stated, "We are pleased that EMG will be continuing its
leadership role in the development of new industry standards, in
this case for the exciting and growing autonomous driving industry.
We believe that this role will open up additional opportunities for
Luokung in the areas of autonomous driving and supportive
technologies, affirming our leading position in the industry and
enabling us to establish working relationships with new partners
that are as dedicated to improving industry standards and laying a
foundation for more widespread application of the AVP
standard."
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 related intelligent spatial-temporal
big data, Luokung establishes city-level and industry-level
holographic spatial-temporal digital twin systems serving
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:
www.luokung.com/en.
ABOUT EMAPGO
eMapgo, a variable interest entity ("VIE") of Luokung, is a
leading provider of navigation and electronic map services in
China, as well as a leading
provider in Internet map services, geographic information system
engineering and other A-level mapping qualifications. EMG possesses
the National Class-A qualification certificates of navigable
Surveying and Mapping, and actively develops autonomous driving and
HD Map services. Effective March 17,
2021, Luokung consummated its acquisition of EMG through the
purchase of the equity interests of Saleya Holdings Limited, which,
through a series of contracts between its wholly-owned subsidiary
DMG Infotech Co., Ltd. and EMG, made EMG Luokung's VIE. For more
information, please visit EMG's website: www.emapgo.com.cn.
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: +86-10-5327-4727
Email: ir@luokung.com
Investor Relations:
Ms. Carolyne Sohn
Vice President
The Equity Group Inc.
Tel: 415-568-2255
Email: csohn@equityny.com
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SOURCE Luokung Technology Corp.