MingZhu Logistics signs LOI to acquire driverless IP portfolio

MingZhu Logistics announced it has signed a non-binding letter of intent to acquire driverless auto technologies and intellectual property portfolio valued between $80M-$90M. The sellers are The Carbonomi Trust and CYF Limited. The company plans to conduct further due diligence on the IP portfolio and negotiate a definitive agreement. However, neither party is under any obligation to enter into or continue negotiations regarding a definitive agreement relating to the transaction. The potential acquisition is part of Mingzhu’s previously announced strategic plan, under which the company announced its intention to expand and diversify its transportation and logistics business as part of a long-term growth strategy. This includes working to accelerate growth through its organic operating businesses and through the addition of complementary businesses that it believes can be leveraged to further accelerate growth and increase overall operating efficiencies. Upon completion of the contemplated acquisition, the company is planning on further expanding its business focus to include 1) Generative AI Large Language Model based copilot software for drivers and its operating platform, 2) Artificial General Intelligence based driverless technology and related operating platforms for off road closed scenarios, including mines, ports, agriculture, construction, forklifts, engineering equipment, robots and more. The development efforts for these technologies and execution of the go-to-market strategy is expected to be led by qualified project managers and engineers mainly from the UK, Japan and the U.S.