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CLPS Incorporation Announces Developing New Smart Cockpit Product to Drive Intelligent Transformation in the Automotive Industry

HONG KONG, May 26, 2023 /PRNewswire/ -- CLPS Incorporation (the "Company" or "CLPS") (Nasdaq: CLPS), today announced that its majority-owned subsidiary, JAJI (Shanghai) Co., Ltd. ("JAJI"), has commenced the development of a new smart cockpit product designed to enhance the driving safety of intelligent vehicles. The product and its associated solution are expected to be officially launched by the end of 2023.

Recently, the pace of intelligent advancement within the automobile industry has accelerated significantly. As a crucial element in gauging the core competitiveness of intelligent vehicles, the smart cockpit has emerged as a key focus in the future direction of automobile development. According to a report by IHS Markit, a global market research agency, it is projected that China's smart cockpit market penetration rate will exceed 75% by 2025, with the global market size reaching $68.1 billion by 2030[1]. In terms of consumer demand, users prioritize travel safety performance, which includes real-time health monitoring and abnormal alarm applications.

Drawing on its service experience and intelligent vehicle industry assessments, JAJI will introduce a smart cockpit product tailored to the safety requirements of intelligent vehicle manufacturers. The product's primary objective is to enable intelligent transformation through the monitoring of driver health. An optimally designed steering wheel will serve as the main input method, facilitating the acquisition of multi-sensor data on the driver's vital sign parameters such as blood oxygen saturation, heart rate, and body temperature, among others. This data will be processed through data conduction, analysis, multi-screen output, vehicle seat integration, and other features to create a comprehensive set of intelligent vehicle cockpit solutions. By continuously detecting and providing feedback on the driver's physical condition, the product will deliver real-time health warnings and enhance driving safety.

To develop this new product, JAJI has collaborated with the scientific research team at Tongji University, one of China's top universities. Leveraging their respective strengths in software algorithms and hardware manufacturing, both parties aim to drive the innovative application of cutting-edge intelligent technologies within the automotive industry.

Mr. Oscar Yuan, General Manager of JAJI, said, "The smart cockpit serves as a critical human-machine interface in the realm of automotive intelligence. Through this product, we look forward to creating a novel driving experience for users and expanding the possibilities of intelligent vehicles in the future. CLPS intends to file a patent application for this product through JAJI and plans to collaborate with domestic auto manufacturers to achieve industrialization."

Mr. Raymond Lin, Chief Executive Officer of CLPS, commented, "The development of this new smart cockpit product demonstrates that JAJI has not only accumulated substantial market experience and client resources in the intelligent vehicle industry but also possesses significant research and development capabilities. This health monitoring-based smart cockpit solution holds tremendous application potential. We aspire to utilize this breakthrough to further enhance our technical services, research, and development capabilities, thus contributing to the intelligent development of our clients in the automotive industry."

[1] IHS Markit: Intelligent Cockpit Market & Technology Trends Study (2021)

About CLPS Incorporation

Headquartered in Hong Kong, CLPS Incorporation (the "Company") (Nasdaq: CLPS) is a global leading information technology ("IT"), consulting and solutions service provider focusing on the banking, insurance and financial sectors. The Company serves as an IT solutions provider to a growing network of clients in the global financial industry, including large financial institutions in the US, Europe, Australia, Southeast Asia and Hong Kong, and their PRC-based IT centers. The Company maintains 19 delivery and/or research & development centers to serve different customers in various geographic locations. Mainland China centers are located in Shanghai, Beijing, Dalian, Tianjin, Xi'an, Chengdu, Guangzhou, Shenzhen, Hangzhou, and Hainan. The remaining nine global centers are located in Hong Kong SAR, USA, Japan, Singapore, Australia, Malaysia, India, the Philippines and Vietnam. For further information regarding the Company, please visit: https://ir.clpsglobal.com/, or follow CLPS on Facebook, InstagramLinkedIn, Twitter, and YouTube.

Forward-Looking Statements

Certain of the statements made in this press release are "forward-looking statements" within the meaning and protections of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include statements with respect to the Company's beliefs, plans, objectives, goals, expectations, anticipations, assumptions, estimates, intentions, and future performance. Known and unknown risks, uncertainties and other factors, which may be beyond the Company's control, may cause the actual results and performance of the Company to be materially different from such forward-looking statements. All such statements attributable to us are expressly qualified in their entirety by this cautionary notice, including, without limitation, those risks and uncertainties related to the Company's expectations of the Company's future growth, performance and results of operations, the Company's ability to capitalize on various commercial, M&A, technology and other related opportunities and initiatives, as well as the risks and uncertainties described in the Company's most recently filed SEC reports and filings. Such reports are available upon request from the Company, or from the Securities and Exchange Commission, including through the SEC's Internet website at http://www.sec.gov. We have no obligation and do not undertake to update, revise or correct any of the forward-looking statements after the date hereof, or after the respective dates on which any such statements otherwise are made.

Contact:

CLPS Incorporation
Rhon Galicha
Investor Relations Office 
Phone: +86-182-2192-5378
Email: ir@clpsglobal.com

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