In a press release on Wednesday morning, August 22, 2018, Kingtone Wirelessinfo Solution Holding Ltd. (NASDAQ:KONE) announced the completion of their Asset Exchange Agreement with C Media Limited. In addition to the asset agreement, Kingtone Wirelessinfo also had their official name change to Luokung Technology Corp on August 20th, 2018.
KONE was up to highs of 33% pre-market with the price around $9.50 a share, but it has settled down to $7.10 a share.
Luokung Technology is a leader in the mobile services and technology space, known for their work in the railway Wi-Fi market. Additionally, Luokung Technology places Wi-Fi systems on passenger trains offering a free use in exchange for them signing up on their app. From here Luokong also markets offerings that travelers traditionally look for such as entertainment services during the traveling phase of the trip and social services during the visiting part of the trip.
As of the end of 2017, the Luokong Platform had about 38 million total users. Currently, Luokong Technology’s platform is operating in 290 passenger trains with roughly 200 million passenger trips a year.
With their recent Asset Exchange agreement, Luokong Technology has now acquired 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.”
Once the systems are in place, Luokong plans to incorporate their 5 patents and 10 software copyrights to provide a top-notch traveling experience for users. Luokong notes that the platform will be used as a content and service distribution platform tailored for particular travel stages and featuring geographic location and social interaction.”
Additionally, the company received approval from Nasdaq to reserve the trading symbol LKCO for the new name.