BEIJING, Jan. 31, 2019 /PRNewswire/ -- Luokung Technology Corp. (LKCO) ("Luokung" or the "Company"), one of global leading spatial-temporal big-data processing technology company, a leading interactive location-based services company in China, today announced that it has signed a cooperation agreement with Yunaliyun Internet Limited (or "Yuanliyun") to restructure Beijing Yuanli Anda Technology Limited (or "Yuanli Anda"). For the purpose of providing China Railway Gecent Technology Co., Ltd. ("Gecent") with better location-based (LBS) services, Yuanli Anda will be responsible for managing, developing, operating and supporting the indoor and outdoor LBS business covering On-way, destination, and High-speed train station.
Yuanliyun is the largest indoor mapping and positioning technology service provider in China. It currently provides indoor navigation, maps and location-based services for over 20,000 public buildings. Its service is expected to cover up to 0.2M public buildings in the coming 2 to 3 years.
In November 2018, Yuanliyun engaged a cooperation agreement with Gecent. It provides the High-speed train station with indoor navigation service, LBS and OTO services to the users of Gecent's mobile application named High-speed Train on Hands, and also provides the destination and life cycle LBS services to the users based on its covered indoor maps for the public buildings. Yuanliyun has already provided the map and location navigation service for more than 50 High-speed train stations. Yuanli Anda was formed by Yuanliyun to be the builder and operator of the High-speed train station LBS business project between Yuanliyun and Gecent.
In November 2018, Luokung engaged a cooperation agreement with Gecent. Luokung authorizes High-speed Train on Hands to obtain the specified data of LBS in connection with On-way and destination personalized map service through SDK and API that Luokung provided.
In light of the high degree of integration of indoor and outdoor LBS and highly collaborative services among railway station, surrounding area, On-way and destination. Also, in order to better serve the LBS project of Gecent, Luokung and Yuanliyun will transfer their business entered separately with Gecent to Yuanli Anda, and Yuanli Anda will be responsible for the development and operation of the related business and products, including station map navigation, station location service, OTO services in the station, the LBS for On-way and destination. In addition, Yunaliyun will give priority to provide Yuanli Anda with its indoor location data collected and will be collected from all the public buildings to facilitate the commercial use.
In the future, Yuanli Anda will also actively promote indoor LBS of public buildings and spatial temporal data services, and its goal is to be the largest provider for indoor LBS of public buildings and spatial temporal data services.
Gecent is the first mixed ownership reform of state-owned enterprises of China Railway Investment Co., Ltd (CRIC), Geely Holding Group (Geely) and Tencent Holdings Ltd (Tencent) (stock ticker: 00700) holds 51%, 39%, 10% of shareholding in Gecent, respectively. Gecent is in charge of the construction and operation of Wi-Fi platform on every High-speed train in China. It provides travelling services of integration of station and vehicle and online-offline collaboration for passengers through its mobile application software named "High-speed Train on Hands". It is the major service provider for Chinese railway travelling. The WiFi business will be deployed on all the high-speed trains in China and will cover about 3 billion passenger trips till the year of 2020.
Luokung Technology Corp. is one of global leading spatial-temporal big-data processing technology company and a leading interactive location-based services company in China. The core brands of the Company are "Luokuang" and "SuperEngine". "Luokuang" is a mobile application to provide B2C services and "SuperEngine" provides B2B and B2G services in connection with Spatial-Temporal big data. The Company's mobile application LuoKuang, provides location- based interaction services for users based on the world's first non-slicing, full-vector and full-function mobile internet map, it also provides SDK embedded services to third-party mobile application providers based on its full-vector and non-slicing mobile internet map. The Company provides SaaS services in relation to spatial-temporal big data internet and internet of things relying on its proprietary patented spatial-temporal cloud indexing technology, in fields including but not limited to HD Map, 3D Map, Satellite Remote Sensing Data and Real-time trajectory.
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