BEIJING, Aug. 27, 2018 /PRNewswire/ -- Luokung Technology
Corp. (Nasdaq: KONE) ("LK" or the "Company"), a leading
long-distance travel mobile service and technology service provider
in China, today announced that LK
Technology Ltd., a wholly-owned subsidiary of the Company, has
entered into a Stock Purchase Agreement (the "Agreement") with
Superengine Holding Limited ("SuperEngine") and its shareholders
(the "Shareholders").
Pursuant to the Agreement, LK Technology is acquiring all
of the issued and outstanding ordinary shares of SuperEngine from
the Shareholders for an aggregate purchase price of US$60 million (the "Purchase Price"), which will
be paid by the issuance of ordinary shares of the Company (the
"Ordinary Shares") in an amount equal to the quotient of (x) the
Purchase Price divided by (y) the average of the closing prices of
the Ordinary Shares on the NASDAQ Capital Market over the 12 month
period preceding July 31, 2018.
SuperEngine, the world-first spatial-temporal data indexing
technology, is a global leader in graphics data processing, and
possesses patented technologies in large-scale spatial-temporal
data indexing, storage, transmission and visualization that can be
used in vector maps, HD intelligent maps, interactive location
services, smart cities, intelligent transportation systems, mapping
and surveying, remote sensing and monitoring, and other related
fields. SuperEngine currently holds fifteen patents and nine patent
application rights in U.S., Europe, Japan
and China. Its graphics processing
system is a thousand times more efficient than competing
technologies in querying, retrieving, transmitting and rendering
graphical information, allowing TB sized data to be released in
seconds.
SuperEngine's technology will enable our product LuoKuang APP to
provide the world's first non-sliced, fully-vectored and
fully-functional Internet map service, and our product users will
be able to experience a new and more personalized interactive
location data service.
Upon the consummation of the Agreement, the Company will be able
to further expand into the intelligent application industry on the
strength of SuperEngine's technologies, greatly enriching our lines
of business and creating more value for the Company and its mobile
offerings.
Mr. Xuesong Song, Chairman and
CEO of the Company said, "we are dedicated to providing interactive
location-based services, while SuperEngine possesses world-first
spatial-temporal data indexing technology that has attained
enviable competitive advantages in geographical location
applications and the full vectorization of map data. SuperEngine's
technologies will enable LK to differentiate our products as
unique, innovative and appealing. We will create greater value by
integrating spatial temporal data processing technology with our
core capability of continuously acquiring users through
on-the-train Wi-Fi access. Additionally, SuperEngine's technologies
will enable us to expand beyond travel-based services to traffic
navigation, remote sensing, mapping, monitoring and other spatial
temporal data services. Furthermore, SuperEngine's big data
processing and big data visualization technology will also be
applicable to smart cities, intelligent transportations and many
other fields. The LK and SuperEngine teams will work together to
develop embeddable SDKs, service APIs, and other platform-level
products to establish a spatial temporal data ecosystem based on
location services. We are excited about applying SuperEngine's
graphics data processing technologies to the realm of the Internet
of Things because they will significantly improve computing
efficiency and reduce required computing power in various
end-to-end and end-to-cloud graphics data processing scenarios. We
are pleased to have Mr. Futian Dong,
the founder of SuperEngine and the inventor of spatial-temporal
data indexing technology, become the chief scientist of LK, and Mr.
Dong will lead our R&D team in the development of a
spatial-temporal intelligent platform. As we say, 'Let's have a
Spatial Temporal Life and Intelligent Life.' We believe LK will
create outstanding value for society, our users and our
shareholders."
Mr. Dongpu Zhang, CEO of SuperEngine, added, "as a world-leading
graphics data processing technology company, we have a portfolio of
invention patents in the U.S., Europe, Japan
and China, which has placed us in
a worldwide leading position in spatial temporal data processing,
big data extraction, transmission and presentation. The acquisition
by LK will enable us to rapidly expand spatial temporal data and
graphics processing services in more Internet applications,
Internet of Things applications, industrial applications, and other
relevant fields. We are positioned to become a major player in the
rapidly growing market of mobile location-based applications,
intelligent transportation, and smart cities based on geographic
information technology. 'Let's have a Spatial Temporal Life and
Intelligent Life.' Together we will create great value for our
shareholders."
About Luokung Technology Corp.
Luokung Technology Corp. ("Luokung") is a global leading
graphics data processing technology company, a leading interactive
location-based services in China,
and a pioneer and leader of the railway Wi-Fi market in
China. Luokung's core mobile
application product, the Luokuang 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 starving 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 Luokuang platform, covering about 200
million passenger trips per year. As the end of 2017, the Luokuang
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.
