Luokung Launches "Carbon Peaking and Carbon Neutrality" Data Service with More than US$70 Million in Forecasted Revenue

BEIJING,Dec. 28,2022 -- Luokung Technology Corp. (NASDAQ: LKCO) ("Luokung" or the "Company"),a leading spatial-temporal intelligent big data services company and provider of interactive location-based services ("LBS") in China,today announced that itsoperating affiliate,Luokung Remote Sensing Technology Co.,Ltd. ("Luokung Remote Sensing") has signed agreements with the government of PingYuan county,MeiZhou city in Guangdong province to provide carbon sink project development and carbon emission and carbon neutrality data services covering the entire county,including but not limited to the fields of forestry,agriculture,grasslands,wetlands,clean energy and industry. Luokung's carbon peaking and carbon neutrality ("dual carbon") data service model,which includes the PingYuanproject,has been replicated inseveralcounties across the country. Forecasting based on existing contracts,we project that over 10 million tons of carbon assets will be traded on the market in the next five years,with revenue of more than US$70 million for the company.

Facilitated by the multi-source heterogeneous spatial-temporal big data processing capabilities,intelligent real-time remote sensing service technology and advanced self-developed algorithms integrating with dynamic remote sensing data,Luokung has formed its "dual carbon" data service platform with coverage of multi-fields,multi-timelines and multi-space lines,enabling local governments to establish cost-efficient,accurate and effective systems for carbon sink accounting,carbon emission monitoring and natural resources investigation and monitoring,enabling the Company to participate in the carbon assets trading market under the VCS/CCER protocols. The Company expects its new product to meet the needs of local governments to achieve positive outcomes for natural resource conservation and economic development.

Mr. Xuesong Song,Luokung's Chairman and CEO,stated: "We are pleased to announce that one of Luokung's business sectors,carbon neutrality and natural resources management,has made significant progress. With the active expansion in this area in the last six months,the Company has served many counties across the country as a "dual carbon" data service provider,which we believe is a testament of the market's trust and recognition of Luokung's capabilities in carbon neutrality and natural resource management data services. There are nearly 3,000 counties in China,which represents a tremendous market potential for further expansion. Luokung is prepared to build upon the positive momentum and plans to continue to take an active role in net zero emissions and sustainable development.

About Luokung Technology Corp.

Luokung Technology Corp. is a leading spatial-temporal intelligent big data services company,as well as a leading provider of LBS for various industries in China. Backed by its proprietary technologies and expertise in multi-sourced intelligent spatial-temporal big data,Luokung has established city-level and industry-level holographic spatial-temporal digital twin systems and actively serves industries including smart transportation (autonomous driving,smart highway and vehicle-road collaboration),natural resource asset management (carbon neutral and environmental protection remote sensing data service),and LBS smart industry applications (mobile Internet LBS,smart travel,smart logistics,new infrastructure,smart cities,emergency rescue,among others). The Company routinely provides important updates on its website: https://www.luokung.com.

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

This press release contains certain forward-looking statements. Forward-looking statements include,but are not limited to,statements regarding our or our management's expectations,hopes,beliefs,intentions or strategies regarding the future and other statements that are other than statements of historical fact. In addition,any statements that refer to projections,forecasts or other characterizations of future events or circumstances,including any underlying assumptions,are forward-looking statements. The words "anticipate","believe","continue","could","estimate","expect","intend","may","might","plan","probable","potential","should","would" and similar expressions may identify forward-looking statements,but the absence of these words does not mean that a statement is not forward-looking.

The forward-looking statements in this press release are based upon various assumptions,many of which are based,in turn,upon further assumptions,including without limitation,management's examination and analysis of the existing law,rules and regulations and other data available from third parties. Although we believe that these assumptions were reasonable when made,because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control,we cannot assure you the statement herein will be accurate. As a result,you are cautioned not to rely on any forward-looking statements.

View original content:https://www.prnewswire.com/news-releases/luokung-launches-carbon-peaking-and-carbon-neutrality-data-service-with-more-than-us70-million-in-forecasted-revenue-301710510.html