BEIJING, Sept. 29, 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") in China, today announced that the Company's operating affiliate, eMapgo Technologies (Beijing) Co., Ltd. ("EMG"), a leading provider of navigation and electronic map services in China, has been approved by the Ministry of Transportation of China as the first intelligent transportation pilot applications projects (automatic driving and intelligent shipping direction) service provider to form the technical guidelines and industry standard based on pilot applications of V2X autonomous trucking on open highways. With this accomplishment, the Company plans to begin commercial implementation in the near future.

This project is led by Shandong Hi-Speed Group Co., Ltd. ("SDHS"), with joint participation of several enterprises including EMG, China National Heavy Duty Truck Group Co., Ltd and Datang Gaohong Company. Dr. Chuanjiu Wang, the Company's intelligent transportation expert and the leader of China's transportation information service industry, and his team is responsible for the overall design. By using the key part of Shandong highway and service zones held and operated by SDHS for trials, the project aims to conduct pragmatic commercialized applications for autonomous trucking, fleet management and intelligent logistics transit scenarios based on EMG's V2X autonomous trucking management platform. This project is a significant demonstration of how intelligent transportation can help reduce logistics costs and improve traffic efficiency with lower labor intensity and higher stability of autonomous driving vehicles under adverse weather conditions, which we believe will promote the development of V2X and intelligent transportation in the industry. By leveraging the experience gained from this project, EMG, together with partners like SDHS, intend to actively promote commercialized  autonomous trucking and intelligent logistics transit services across the country.

Dr. Dongpu Zhang, Luokung's President and the Chairman of EMG's Board of Directors, stated, "we believe that being selected as a service provider of the first intelligent transportation pilot applications project is a validation of the Company's technology advancement and commercialization implementation capability from the national transportation department. By incorporating the Company's leading technologies, including digital base, HD maps, digital twins, V2X, smart highway, autonomous driving and smart logistics, the company is providing systematic solutions to solve current issues in the field of autonomous trucking. We believe that this project will form a solid technical foundation for future commercial operation and will support enhancement of the Company's competitive advantage, to seize a greater market share in the fast-growing V2X and autonomous driving market.

SDHS is a leading comprehensive infrastructure service provider with registered capital of CNY45.9 billion and total assets of over CNY1 trillion. SDHS operates and manages approximately 8000-kilometers of motorway across the country.  SDHS has  a Level AAA credit rating in China and a Level A international credit rating.

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.

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. In March 2021, Luokung closed on the 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: +86-10-6506-5217
Email: ir@luokung.com

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SOURCE Luokung Technology Corp.

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