Taoping Announces Long-term Strategic Cooperation Agreement with Zhaoyuan City

HONG KONG, March 29, 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 Zhaoyuan City, Shandong Province. Under the Agreement, Taoping expects to provide customized intelligent product solutions, including its IoT Smart Rest Station, fully autonomous street sweeper, smart large screen displays, and Blue Box off-grid wastewater treatment solution. Zhaoyuan City plans to provide the Company with multiple channels of support and preferential policies. 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. Zhaoyuan City, located in East China, is an important industrial and agricultural city, with more than 500,000 residents.

Leveraging its strong technological reserves and advanced supporting technologies such as AI and IoT, Taoping will provide Zhaoyuan City 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.

Mr. Lin Jianghuai, Chairman and CEO of Taoping, said: "We expect this agreement to serve as the blueprint for other cities trying to modernize their infrastructure and adopt forward thinking, environmentally friendly systems. We are excited because this long-term strategic agreement was structured to leverage our many IoT and advanced smart technology products to create a powerful, integrated solution. Importantly, we share the goal of advancing the digital ecological development strategy of smart cities to provide a more sustainable environment and a better quality of life for all residents."

Mr. Lin continued, "Taoping is uniquely positioned to capture growing market share in the large and expanding global market for environmentally friendly and smart city solutions. Our track record of successfully developing IoT and integrated solutions is adding to our momentum as we leverage our long-term relationships with our national city partners. We remain committed to ESG, adhering to innovative development ideas, working together with governments, and promoting the development of China's low-carbon environmental protection cause, as we focus on unlocking value for all investors."

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.

SOURCE Taoping Inc.