Taoping Signs Smart Terminal Contract Valued Over US$1 Million; Announces Strategic Cooperation to Accelerate Market Penetration
SHENZHEN, China, May 30, 2024 /PRNewswire/ -- Taoping Inc. (Nasdaq: TAOP, the "Company"), a developer of innovative smart cloud platform services and solutions, new media and artificial intelligence solutions, today announced receipt of a new AI-powered Smart Terminal contract valued over US$1 million. The Company concurrently entered a strategic cooperation agreement with Zhenjiang Fengchao Information Technology Co., Ltd. ("Zhenjiang Fengchao Technology" or "ZFT") to accelerate market penetration of Taoping's cutting-edge AI-powered Smart Terminals.
Taoping's recently launched enhanced AI-powered Smart Terminals leverage high-end video displays to seamlessly integrate AI technology. This facilitates rapid interaction, data collection, analysis, and more, thereby optimizing the user experience. Initially targeting advertisers, these enhanced terminals enable autonomous generation of diverse advertising content, including text-to-image, posters, and video ads. Such capability aligns with tailored promotional strategies, offering extensive customization options. Moreover, this functionality allows the terminals to engage audiences naturally and instantly, significantly enhancing the efficacy of advertising media within Taoping's ecosystem.
Under the strategic cooperation agreement, ZFT will assist Taoping in boosting sales of its upgraded AI-powered Smart Terminals. Initially, ZFT will concentrate its efforts on cities including Zhenjiang, Changzhou, Yangzhou, and Xuzhou in Jiangsu Province.
Mr. Xu Qiang, General Manager of ZFT, said: "With over 20 years of experience in the real estate sector, I am highly optimistic about the potential of AI technology in transforming real estate marketing. In our collaboration with Taoping, we will utilize our professional resources and actively promote the deployment of Taoping's AI Smart Terminals across the real estate industry."
Mr. Xu continued, "Having collaborated on numerous successful real estate projects throughout Jiangsu Province and managing nearly 1,000 real estate agency stores, we are confident in the significant opportunity to assist in the implementation of Taoping's cutting-edge AI-powered Smart Terminals."
Mr. Lin Jianghuai, Chairman and CEO of Taoping, said: "I am very pleased to partner with ZFT. In addition to offering enhanced AI-powered Smart Terminals, Taoping will continue to provide AI technical services through a subscription model. We are committed to supporting our partners in accelerating the development of innovative applications, including AI-enhanced interactive displays and AI-driven digital marketing for real estate. With general artificial intelligence technology continues to advance and commercialize, our proprietary Cloud Nest AI system will enable various AI-driven scenarios."
"We are confident that our efforts will drive sustainable revenue growth, expand gross margin, increase profitability, and enhance shareholder value for all Taoping's stakeholders. In the next phase of our expansion, we aim to accelerate the deployment of our enhanced AI-powered Smart Terminals across more regions and scenarios nationwide."
About Zhenjiang Fengchao Technology:
Zhenjiang Fengchao Information Technology Co., Ltd. is a premier real estate marketing planning company in Zhenjiang. The company's core management team boasts nearly 20 years of experience in real estate marketing and is composed of marketing elites who have been deeply involved in the real estate market for many years. This team includes a diverse array of internal and external talents, ensuring comprehensive expertise. Since its inception, the company has leveraged its professional resource to rapidly expand its operations to cities such as Changzhou, Yangzhou, and Xuzhou, focusing on channel marketing, integration, and self-development business. It boasts nearly a thousand cooperative intermediary stores in Zhenjiang, Changzhou, Yangzhou, and Xuzhou. Additionally, the data accumulation and conversion capabilities of its self-development business team are recognized as market-leading.
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.
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 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 the Company undertakes no obligation to publicly update or revise any forward-looking statements, other than as required by applicable law.
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