BEIJING, Aug. 22, 2018 /PRNewswire/ -- Luokung
Technology Corp. (formerly known Kingtone Wirelessinfo Solution
Holding Ltd, Nasdaq: KONE) (the "Company"), a company
incorporated in British Virgin
Islands ("BVI"), today announced that it has completed the
transactions contemplated by the Asset Exchange Agreement ("AEA")
with C Media Limited ("C Media") entered into on January 25, 2018, and has changed its name to
Luokung Technology Corp., effective August
20, 2018.
On January 25, 2018, the Company
executed the AEA with C Media, pursuant to which the Company agreed
to purchase all of the capital stock and equity interests of LK
Technology Ltd., together with its wholly-owned subsidiaries MMB
Limited and Mobile Media (China)
Limited and all their respective subsidiaries, from C Media in
exchange for (i) 185,412,599 ordinary shares of the Company, par
value $0.01 per share, (ii) 1,000,000
preferred shares of the Company and (iii) all of the issued and
outstanding capital stock or equity interests of the Company's
subsidiary, Topsky Info-Tech Holdings Pte Ltd., and its
wholly-owned subsidiary Xi'an Softech Co., Ltd., including all
entities effectively controlled by Xi'an Softech Co., Ltd. through
contractual arrangements and variable business entities (the
"Transaction"). The Transaction was closed on August 17, 2018.
Upon the closing of the Transaction, the Company, through its
wholly-owned subsidiary LK Technology Ltd. ("LK Technology"),
gained the rights to deploy Wi-Fi systems on approximately 700
trains in China, including 290
trains in which Wi-Fi systems have already been installed and are
currently in operation. The Company also received all rights
associated with the core mobile application of technologies held by
LK Technology, the Luokung online entertainment and social platform
( the "Luokuang platform"), including APP, a series of supporting
software for servers, and Wi-Fi hardware and equipment on the
trains. The Luokuang platform incorporates technology covered by 5
patents and about 10 software copyrights, and will serve as a
content and service distribution platform tailored for particular
travel stages and featuring geographic location and social
interaction. The content and services distributed by the Luokuang
platform include information, entertainment, travel, e-commerce,
OTO, advertisement and marketing features.
On August 20, 2018, the Company
completed the change of its name with the BVI Registry of Corporate
Affairs to Luokung Technology Corp.
In addition, on August 6, 2018,
the Company received approval from Nasdaq in connection with the
listing of ordinary shares of Luokung Technology Corp. on The
Nasdaq Capital Market. The Company has reserved trading symbol LKCO
with Nasdaq.
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 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 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 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
Email: kyao@equityny.com
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SOURCE Luokung Technology Corp.
