Taoping Secures Another RMB 10 Million Smart Rest Station Contract

SHENZHEN, China, June 6, 2023 /PRNewswire/ -- Taoping Inc. (NASDAQ: TAOP, the "Company" or "Taoping"), today announced that the Company secured another RMB 10 million (approximately US$1.4 million) contract to supply its innovative Smart Rest Stations, autonomous cleaning robots, and other related products and services to Shenzhen Huaqi Technology Co., Ltd. (Huaqi). The latest RMB 10 million contract with Huaqi follows May 1, 2023 news of Taoping's RMB 11 million contract from Beijing Huida Dianjian Technology Co., Ltd., and reflects the increased business momentum the Company is benefitting from.

Founded in 2016, Huaqi is a high-tech company engaged in generative AI visual related products and services. Under the agreement, initial deliveries to Huaqi are expected to commence over the next few weeks, with the full order being completed over the coming quarters.

This latest contract win underscores the increased demand and long-term potential for the Taoping'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 cleaning robots, as well as supporting servers, logistics, installation, and commissioning services. By offering a comprehensive range of innovative and scalable products and services, Taoping believes it is well-positioned to fulfill a growing share of the increasing opportunities for smart city technologies and infrastructure improvements in China.

Mr. Lin Jianghuai, Chairman and CEO of Taoping, said: "We are thrilled to announce our latest partnership with Huaqi, which further validates the growing recognition and demand for our innovative and end-to-end Smart Rest Station solutions. There is an urgent need for more efficient, eco-friendly, and cost-effective solutions, and we are proud to deliver just that. In addition to helping to significantly enhance the efficiency of urban infrastructure and environmental protection initiatives in some of China's most critical cities, by partnering together we help increase the economic robustness and desirability for businesses and residents. This in turn, helps create significant value."

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 via LinkedIn, Twitter or YouTube.

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.