SHENZHEN, China, April 18,
2023 /PRNewswire/ -- Taoping Inc. (NASDAQ: TAOP, the
"Company" or "Taoping") today announced the Company has entered
into a long-term strategic cooperation agreement ("Agreement") with
Wuxuan County, Guangxi Province,
with a potential market opportunity of US$80
million valuation for off-grid wastewater treatment solution
alone. Under the Agreement, Taoping expects to provide customized
intelligent, Cloud-based product solutions, including its exciting
new Blue Box off-grid wastewater treatment solution, IoT Smart Rest
Station, fully autonomous street sweeper and smart large screen
displays. Wuxuan County is an important tourism city with an
estimated 458,600 residents. By gaining access to Taoping's modular
solutions, Wuxuan County's residents will be able to benefit from
improved efficiency, convenience, and cost-effectiveness in various
aspects of their daily lives. This follows news of Taoping's April
agreement to provide similar services to China's Zhaoyuan City, which has more than
500,000 estimated residents.
According to Mr. Lin Jianghuai, Chairman and CEO of Taoping, "We
are proud to provide support to Wuxuan County and contribute to its
local economy through the provision of environmentally friendly and
smart city solutions. This agreement reflects the huge potential
for Taoping to further expand our business and take advantage of
the growing global market for our innovative, scalable solutions.
Taoping's end-to-end, modular, cloud-based solutions are
well-positioned to meet the diverse and evolving needs of rural
areas, which are crucial areas of focus for China's government-supported initiatives in
2023, including rural economic and environmental development. As
Taoping continues to execute our growth plan, we are gaining
momentum in these areas and are poised to benefit from the
long-term opportunities they present."
"Taoping anticipates making further announcements in the coming
quarters as we convert ongoing discussions into formal agreements.
Our portfolio of modular solutions provides us with a strong
competitive edge, as we can design and implement environmentally
friendly systems that can expand to accommodate population growth.
Additionally, we have invested in Internet of Things (IoT) and
advanced smart technology products, including performance
monitoring, which can help reduce the cost of installation and
maintenance, while improving overall system efficiency. With these
advantages, we believe we are just scratching the surface of
Taoping's potential and we are well-positioned to continue growing
and expanding our sought after offerings in the future."
As part of the Agreement, both parties will also work together
on low-carbon environmental protection, urban renewal, rural
ecological revitalization, and other related projects. Leveraging
its strong technological reserves and advanced supporting
technologies such as AI and IoT, Taoping will provide Wuxuan County
with smart city renewal solutions and technical support, and
implement environmental governance projects such as wastewater,
waste gas, and garbage treatment. Based on the concept of efficient
and low-carbon environmental governance, the Company has combined
its digital and intelligent innovative technology products,
including its IoT Smart Rest Station with fully autonomous street
sweeper and its new off-grid wastewater treatment solution, which
will effectively improve the overall public service and
environmental protection level for both urban and rural areas.
About Taoping Inc.
Taoping Inc. (Nasdaq: TAOP) has a long history of successfully
leveraging technology in the development of innovative solutions to
help customers in both the private and public sectors to more
effectively communicate and market to their desired targets. The
Company has built a far-reaching city partner ecosystem and
comprehensive portfolio of high-value, high-traffic areas for its
products, which are aligned together with Taoping's smart cloud
platform, cloud services and solutions, new media and artificial
intelligence. To learn more, please visit www.taop.com.
Safe Harbor Statement
This press release contains "forward-looking statements" that
involve substantial risks and uncertainties. All statements other
than statements of historical facts contained in this press
release, such as statements regarding our estimated future results
of operations and financial position, our strategy and plans, and
our objectives or goals, are forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933, as amended
and Section 21E of the Securities Exchange Act of 1934, as amended.
We have attempted to identify forward-looking statements by
terminology including "anticipates," "believes," "can," "continue,"
"could," "estimates," "expects," "intends," "may," "plans,"
"potential," "predicts," "should," or "will" or the negative of
these terms or other comparable terminology. Our actual results may
differ materially or perhaps significantly from those discussed
herein, or implied by, these forward-looking statements.
There are a significant number of factors that could cause actual
results to differ materially from statements made in this press
release, including: our potential inability to achieve or sustain
profitability or reasonably predict our future results due to our
limited operating history of providing smart cloud services, the
effects of the global Covid-19 pandemic, the emergence of
additional competing technologies, changes in domestic and foreign
laws, regulations and taxes, uncertainties related to China's legal system and economic, political
and social events in China, the
volatility of the securities markets; and other risks including,
but not limited to, those that we discussed or referred to in the
Company's disclosure documents filed with the U.S. Securities and
Exchange Commission (the "SEC") available on the SEC's website at
www.sec.gov, including the Company's most recent Annual Report on
Form 20-F as well as in our other reports filed or furnished from
time to time with the SEC. The forward-looking statements included
in this press release are made as of the date of this press release
and TAOP undertakes no obligation to publicly update or revise any
forward-looking statements, other than as required by applicable
law.
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SOURCE Taoping Inc.
