BEIJING, May 13, 2019 /PRNewswire/ -- Luokung Technology Corp. (LKCO) ("Luokung" or the "Company"), a leading global spatial-temporal big-data technology company and a leading interactive location-based services company in China, today announced that it has signed a stock purchase agreement to acquire 67.36% of Beijing BotBrain AI Technology Ltd and BOTBRAIN AI LIMITED (collectively "BotBrain ").
The Company will invest RMB 20 million to BotBrain and will issue 804,162 ordinary shares at USD $7 per share to the former institution investors of BotBrain to obtain 67.36% (the "Acquisition"). The 32.64% share equity of BotBrain will be remained by Mr. Xueyu Lu, the founder and CEO of BotBrain, along with BotBrain 's core team members. After the Acquisition, Mr. Lu will continue as CEO of BotBrain AI.
BotBrain was established in January 2016, and it has been becoming an advanced provider for intelligent content solutions in China. It's artificial intelligence algorithms and technology are applied in Chinese semantic analysis, intelligent voice interaction, knowledge graph learning, personalized contents recommendation and other related big data analysis.
There are two independent business brands in BotBrain. "Max" content brain is an AI content management and operation platform, which provides AI solutions based on its content services. "BotBrain Zhiyu" is an AI knowledge learning assistant system.
BotBrain has been serving many well-known enterprises based in China, including People's Daily Overseas, ChinaNews, Kaishu Story, Baby Tree, Baofeng, Bank of China, State Grid, FAW, CreditEase, Facebank and Kingsoft Cloud etc., which involve various industries including media, mobile internet, banking, automobile, financial services, retails and energy.
BotBrain has started the cooperation with the Company in technology supports prior the Acquisition, it provides intelligent geographic information algorithms service for us, and Its technology of semantic analysis, knowledge graph and personalized contents recommendation significantly supports the LBS service of Luokung. After the Acquisition, BotBrain will put more investment in the research of intelligent spatial temporal data algorithm and application. BotBrain will provide critical intelligent technologies and application experiences to support our LBS business, personalized full-vector map, and enable us to improve the services we provide to mobile Internet industry and users. Therefore, the Company's LBS business platform is able to gain a greater competitive advantage.
The founder and CEO of BotBrain, Mr. Lu Xueyu processes more than 40 patents relating to the contents intelligence service algorithms. Mr. Lu has more than 13 years experiences in big data and AI industry, he has had an in-depth comprehension and long-term practice in big data, AI and personalized recommendation and Mr. Lu is one of the earliest practitioners in this field in China. Mr. Lu worked in Tencent, Alibaba Youku and Xiaomi and was responsible for the construction and management of big data and artificial intelligence teams, gained many successful implementation experiences for the establishment of big data and recommendation systems. In 2006 in Tencent, Mr. Lu took the lead in using artificial intelligence technology in virus discovery, effectively helped Tencent to protect nearly 1 billion QQ users' account information security. In Youku, Mr. Lu served as technical director and set up the big data and personalized recommendation system for videos, the system was able to proceed more than 100 billion data daily, it was the system with the highest recommendation accuracy in the field of video websites at that time. During the time in Xiaomi, Mr. Lu was the technical director and was in charge of Xiaomi's data workshop, he was also responsible for the Xiaomi ecological big data business.
About Luokung Technology Corp.
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 completed DaaS, SaaS and PaaS 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, Internet Application Map, Satellite Remote Sensing Data and Real-time trajectory.
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.