Taoping Wins RMB 11.1 Million Contract

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May 01, 2023, 09:00 ET

SHENZHEN, China, May 1, 2023 /PRNewswire/ -- Taoping Inc. (NASDAQ: TAOP, the "Company" or "Taoping"), today announced that it won an RMB 11.1 million (approximately US$1.6 million) contract from Beijing Huida Dianjian Technology Co., Ltd. ("Huida"). Under the agreement, Taoping will supply its innovative Smart Rest Stations, autonomous street sweepers, and other related products and services. Initial deliveries are expected to commence over the next few weeks, with the full order being completed over the coming quarters.

This latest contract win opens a new regional market for Taoping and further demonstrates the revenue potential for the Company's innovative Smart Rest Station products and services. The contract is structured along the same lines as earlier agreements for Taoping's next-generation Smart Rest Station, integrated with its fully autonomous street sweepers, as well as supporting servers, logistics, installation, and commissioning services. Huida is a Beijing-based high-tech company engaged in computer system and industrial automation development and applications.

Mr. Lin Jianghuai, Chairman and CEO of Taoping, said: "We are excited to announce this new contract with Huida, which underscores the momentum we are building with customers as the value of our integrated Smart Rest Station solutions becomes more widely recognized. There is clearly a great need for more effective, cleaner, cost effective and modern solution. By leveraging our extensive technology expertise and national network relationships, we are able to offer customers a superior solution. For example, Taoping's fully autonomous street sweeper was designed with advanced route learning capabilities, advanced anti-collision technology, and strong battery life. When integrated with our modular Smart Rest Station, we are able to significantly enhance the efficiency of urban infrastructure and environmental protection efforts in China's most important cities."

Mr. Lin continued, " Taoping has reached another significant achievement with this new contract, which will help the company to increase its market share. As we continue to execute our growth strategy, we expect to obtain more contracts and further broaden Taoping's revenue base in in the rapidly growing smart city sector. By offering a comprehensive range of innovative and scalable products and services, Taoping is well-positioned to fulfill a growing share of the increasing opportunities for smart city technologies and infrastructure improvements in China."

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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