Taoping Smart Elevator Modernization and Maintenance Program Now Covers 8,000 Elevators in Tianjin

HONG KONG, Oct. 11, 2022 /PRNewswire/ -- Taoping Inc. (NASDAQ: TAOP, the "Company" or "TAOP") today announced the Company has achieved a record high user engagement level with its smart elevator program in Tianjin. The program, which is focused on smart elevator modernization and maintenance, now covers more than 8,000 elevators, reaching an estimated 7% local market share in Tianjin, including residential, office and government buildings, the Binhai New Area government, Xiyingmen Sub-district Office Building, Binhai New Area Financial Media Center, Tianjin Municipal Engineering Design and Research Institute, Tianjin Binhai One Hotel, Nankai University, Tianjin Eye Hospital, and more.

Mr. Lin Jianghuai, Chairman and CEO of Taoping, said, "We are very pleased to see the breakthrough progress of our smart elevator program in Tianjin. We have quickly gained an estimated 7% local market share, which we believe can reach 10% to 15% over the coming years. With more and more offices requiring workers return to in-person work, we are seeing an acceleration in demand for smart elevator modernization and maintenance."

Mr. Lin Jianghuai, continued, "Simply put, workers don't want to set foot in an old elevator that scares them with its slow speed and antiquity. The current generation lives on mobile phones and expects the same comfortable, environmentally friendly experience whether in an elevator, plane or car. This represents a significant opportunity for Taoping to leverage our expertise and partner relationships to drive profitable revenue growth. We believe the relationships we have established over the years in building our digital advertising business give us a competitive advantage. We know the properties and site managers. As a trusted partner, our customers are very happy to expand their relationships with us, making this an ideal greenfield opportunity for us to accelerate our growth and build shareholder value."

Relying on IoT, big data, and other technologies, Taoping's smart elevator program integrates software and hardware with its cloud platform for on-demand, elevator/escalator maintenance. By monitoring and processing elevator operation status and data in real-time, the proprietary system helps maintenance departments optimize repairs, upgrades and preventative maintenance schedules. As a digital ecological enterprise focusing on new community services, Taoping is executing the smart elevator/escalator program in Tianjin as part of its strategic cooperation agreement with Shenzhen Zhihui Yunti IoT Co., Ltd.

The Company plans to further leverage the Taoping Alliance national sales networks and its proven track record in Tianjin City to drive expanded use of the application throughout China. As a result, the smart elevator program is expected to be another important catalyst for Taoping's future cloud service revenue growth.

About Taoping Inc.

Taoping Inc. (NASDAQ: TAOP) is a blockchain technology and smart cloud services provider. The Company is dedicated to the research and application of blockchain technology and digital assets, and continues to improve computing power and create value for the encrypted digital currency industry. Relying on its self-developed smart cloud platform, TAOP also provides solutions and cloud services to industries such as smart community, new media and artificial intelligence. To learn more, please visit http://www.taop.com/.

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SOURCE Taoping Inc.