Taoping Awarded RMB16.2 Million Contract to Provide AI Servers to Fuzhou Shenpeng Technology

SHENZHEN, China, Dec. 11, 2023 /PRNewswire/ -- Taoping Inc. (Nasdaq: TAOP, the "Company"), today announced the Company was awarded a RMB16.2 million contract to provide AI servers to Fuzhou Shenpeng Technology Co. Ltd. The Company expects to recognize the revenue from this contract by the first quarter of 2024.

Taoping has seen an uplift in its AI-related business as it benefits from the broader market growth and adoption across industries and end markets. In addition to providing essential AI servers, Taoping developed an integrated cloud-based solution that harnesses the power and flexibility of AI alongside the Company's robust new Cloud Nest AI platform. This proprietary intelligent data collection and analysis solution was designed to help customers uncover and accelerate valuable opportunities for smart operations and enhanced business management.

Taoping's Chairman and CEO, Mr. Lin Jianghuai, commented, "The rapid advancement and widespread adoption of AI are propelling forward at an astonishing pace. This presents transformative prospects across a wide array of industries, urging management teams to take notice and decide whether to evaluate and take advantage of these technological advances or risk potentially falling behind. Taoping dedicates significant resources to developing our AI product suite, which ranges from essential AI servers to our robust Cloud Nest AI platform, a platform that aims to provide customers with a powerful solution for intelligent data collection and analysis as they seek efficient ways to adopt AI solutions over the near term that can provide long-term benefits. As a result, we expect AI to become an even more meaningful contributor to our growth and profitability over the coming years."

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. For more information about Taoping, please visit www.taop.com. You can also follow us on X.

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SOURCE Taoping Inc.