BEIJING, Aug. 27, 2018 /PRNewswire/ -- Luokung
Technology Corp. (Nasdaq: KONE) ("LK" or the "Company"), one of
the leading mobile service and technology providers of long
distance travel and a pioneer and leader of the railway Wi-Fi
market in China, today announced
that the appointments of the new members of the Company's Board
became effective upon the closing of the transactions contemplated
in Asset Exchange Agreement ("AEA") by and between the Company and
C Media Limited, dated January 25,
2018. The new Board members are Mr. Xuesong Song, Mr. Dennis M Galgano, Dr.
Jiming Ha, Mr. Zhihao Xu, Mr. Jin
Shi and Mr. Kegang Peng (the
"New Board").
In addition, the New Board has appointed Mr. Xuesong Song as the new Chairman and CEO of the
Company and Mr. Jie Yu as the new
CFO, effective on August 19,
2018.
Mr. Xuesong Song is a co-founder
of C Media Limited and served as its chairman of the board of
directors and chief executive officer from 2012 until the
consummation of the AEA. From February
2014 through April 2017, Mr.
Song served as a director of Seven Stars
Cloud Group, Inc. (NASDAQ:
SSC) and from January 2013
through February 2015, Mr. Song
served as a director of Pingtan Marine Enterprise Ltd. (NASDAQ:
PME).
Mr. Galgano is a private investor and has over 45 years of
investment banking and investment experience. Most recently he was
a registered consultant with Morgan Joseph Triartisan LLC from
November 2016 until October 2017 and he was the Vice Chairman and
Head of International Investment Banking at Morgan Joseph
TriArtisan LLC from January 1, 2013
to October 2016. From 1994 to 2001,
Mr. Galgano was a Managing Director of New Street Advisors LP, a
financial advisory and investment firm which he co-founded. He
joined Morgan Joseph in 2001.
Dr. Jiming Ha has been a senior
fellow of the China Finance 40 Forum since March 1, 2018, and previously served as a
managing director of Goldman Sachs from January 2017 to April
2017. He was vice chairman and chief investment strategist
of the Investment Strategy Group for Private Wealth Management
(PWM) within the Investment Management Division of Goldman Sachs
(Asia) from 2010 to 2017. Prior to
joining the firm, Jiming Ha was
chief economist at China International Capital Corporation from
2004 to 2010. Before that, he was a senior economist at the
International Monetary Fund (IMF) from 1993 to 2004.
Mr. Zhihao Xu has served as the
chief executive officer of Geely Group Co., Ltd. since December 2017, and previously served as the
chairman and chief executive officer of Beijing Dingchengrenhe
Investment Co., Ltd., a funds management company, from January 2017 to December
2017. Mr. Xu served as the chairman and president of HNA
USOLV CO., LTD., and the chief innovation officer of HNA Logistics
Group from January 2014 to
December 2016, and prior to that as
the chairman of Gopay Innovation Technology Co. Ltd., an online
payment system operator supporting online money transfers, from
April 2012 to January 2014.
Mr. Jin Shi has served as the
managing partner of Chum Capital Group, a merchant bank focused on
helping Chinese growth companies to access global capital, since
January 2013. Mr. Shi has also served
as a director of Seven Stars Cloud Group, Inc. (NASDAQ: SSC), a
premium video on demand service provider, since January 2014, and joined the audit committee of
its board of directors in March 2016.
He has also served as a director and member of the audit committee
of Pingtan Marine Enterprise, Ltd. (NASDAQ: PME), a marine
enterprise group primarily engaged in ocean fishing through its
subsidiaries.
Mr. Kegang Peng served as the
Vice Chairman of the board of directors C Media Limited from
October 2014 to the consummation of
the AEA. Previously, from 2012 to 2014, Mr. Peng was chairman of
the board and founder of Jiangsu Suqian Jinghaiboyuan Information
and Technology Co., Ltd. From 2007 to 2012, Mr. Peng was CEO of
Zhaoxun Media, which is currently the largest integrated media
marketing operator in railway system in China. From 2005 to 2007, Mr. Peng served as
the vice president of Huijia Educational Institution. From 1997 to
2005, Mr. Peng served as an engineer in The Beijing Railway
Bureau.
On August 19, 2018, the Board
appointed Messrs. Galgano, Shi and Ha as members of the Company's
Audit Committee, Messrs. Galgano and Shi as members of the
Compensation Committee, and Messrs. Ha and
Zhihao Xu as members of the Nominating and Corporate
Governance Committee.
Mr. Xuesong Song, Chairman and
the new CEO of the Company commented: "I am honored that we have an
experienced investment banker on Wall Street, an international
economist, and a CEO from Fortune Global 500 firms as our board
members, that the members of the board come from different
countries, and that they have rich experiences and a highly
strategic vision. The diversified culture and industrial background
of the directors will lead the company to innovate and progress
continuously. With common social responsibility and values, we will
work together to lead the Company towards becoming a company with
great value for our stockholders.
On August 24, 2018, the Board
appointed Dr. Chuang Tao as a
director of the Company and Mr. Pudong Zhang as the president of
the Company, effective upon the closing of the acquisition of
Superengine Holding Limited by a wholly-owned subsidiary of the
Company. Dr. Tao was the Chairman of SuperEngine Graphics Software
Technology Development (Suzhou) Co., Ltd. ("SuperEngine Suzhou")
until 2017 and Mr. Zhang is the CEO of SuperEngine Suzhou, an
affiliated company of Superengine Holding Limited. On August 25, 2018, the Company's subsidiary
completed the acquisition of Superengine Holding Limited.
Dr. Tao is a serial entrepreneur and investor. He has served as
the chairman of the board of Zhizhuo Capital since 2014, and is the
co-founder and former CEO of PPTV. Dr. Tao was the Chairman of
SuperEngine Suzhou from 2014 to 2017.Dr. Tao has been the President
of The Seasky Angel Investment Alliance of Shanghai since 2015. Dr. Tao is a "crossover"
legend of internet IT industry in China. He has plenty of overdrive experience
in local and international internet companies. He has successively
and successfully established and invested in many enterprises
involved in the field of high-tech and big data, big consumption,
big health, finance and cultural media and so on. Dr. Tao founded
his first company GeoTango, a pioneer in internet 3D mapping.
GeoTango was acquired by Microsoft in 2005, and Dr. Tao established Microsoft Virtual Earth
mapping division. Dr. Tao was instrumental in building the
Microsoft's global mapping platform that serves over 150 countries
and regions. Dr. Tao is currently the executive chairman of Chinese
entrepreneur Zhenghedao Shanghai and the Executive Vice - President
of the Shanghai European and American Association.
Dongpu Zhang has served as the general manager of SuperEngine
Suzhou since September, 2016. Mr. Zhang served as the vice
president of the industrial development group of China Fortune Land
Development Co., Ltd. and was responsible for the project planning
and implementation of central enterprises from February 2014 to August
2016. Mr. Zhang served as the vice president of Aerospace
Hi-Tech Holding Group Co., Ltd. from March
2009 to February 2014.
Previously, Mr. Zhang served as the vice president of Hi-key
Technology Co., Ltd. from January
2007 to March 2009 and the
general manager of Beijing ZHSY Technology Development Ltd. from
January 2000 to January 2007. Mr. Zhang is the vice president of
the China Smart City Industrial Innovation Technology Alliance, and
the project leader of the 863 project "smart city phase ii" of the
Ministry of Science and Technology.
Mr. Xuesong Song, Chairman and
the new CEO of the Company commented: "we are all pleased to have
Dr. Tao as a board member of the Company. Dr. Tao is the
authoritative experts in international geographic information
industry and the technical innovation and successful entrepreneurs
in the industry. Dr. Tao led the Microsoft maps and local search
division. Currently, his latest startup, wayz.ai, is focusing on
high-precision smart maps. Dr. Tao's vision of geographic
information technology, rich industry experience, successful
cross-border entrepreneurship and investment experience of the
Internet will bring outstanding contributions to the development of
the Company in the future.
Mr. Song added: "Mr. Zhang has rich industry experience and
excellent market development abilities in smart city and other
fields. He is leading SuperEngine to actively expand the
application of SuperEngine Spatial-Temporal system technology in
smart city, satellite, remote sensing, surveying and mapping and
other fields. In the future, he will lead the Company to continue
to expand into the huge industry market and help the Company to
become the most important service provider of spatial-temporal big
data in intelligent transportation, smart city and other
fields."
About Luokung Technology Corp.
Luokung Technology Corp. ("Luokung") is one of the leading
mobile service and technology providers of long distance travel and
a pioneer and leader of the railway Wi-Fi market in China. Luokung's core mobile application
product, the Luokung platform, is a Location-based Service (LBS)
social content and service distribution platform. Luokung mainly
provides personalized and precise services to long distance
travelers in two locations: on the train and at the destination.
Based on the travel environment, the core elements of our users'
needs include staving off boredom on trains and discovering and
exploring new locations upon arrival. Our main offerings include
entertainment services (video and audio, digital reading material,
games specific and tailored to the travel stage) and social
services (satisfying the demand for value discovery of unfamiliar
destinations through social interaction among strangers based on
their locations). Luokung obtains travel users by the typical
entrance for long-distance travel: offering free Wi-Fi services by
systems deployed on the trains. Currently, 290 trains are in
operation with the Luokung platform, covering about 200 million
passenger trips per year. As the end of 2017, the Luokung platform
had approximately 38 million users. More information may be found
at 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.
For investor and media inquiries, please contact:
At the Company:
Mr. Jay
Yu
Chief Financial Officer
Tel: +86-10-5327-4727
Email: yujie@luokung.com
INVESTOR RELATIONS COUNSEL:
The Equity Group
Inc.
Katherine Yao, Senior
Associate
Tel: +86-10-5661-7012
kyao@equityny.com
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SOURCE Luokung Technology Corp.
