Taoping Announces Strategic Framework Contract Valued at US$3 Million

HONG KONG, Oct. 6, 2022 /PRNewswire/ -- Taoping Inc. (Nasdaq: TAOP, the "Company" or "TAOP"), today announced that it entered into a strategic framework contract with an estimated value at US$3 million. Under the agreement, over the next six months the Company will leverage Taoping's smart cloud platform and the cloud-based ad terminal network of Taoping Alliance to provide digital advertising services to Shenzhen Taitao Electronic Technology Co., Ltd., an electronic component solutions provider headquartered in Shenzhen, China.

Mr. Lin Jianghuai, Chairman and CEO of Taoping said, "We are very excited to be regaining business momentum led by the recovery of the new media and advertising business in China. This agreement is a direct recognition of our proven track record and extensive success to date in the buildout and overwhelmingly positive response from customers."

"We look forward to the acceleration of our buildout strategy as we continue to help customers to leverage our technological advantages in the field of new media information platforms. By making full use of the competitive advantages of our different partners, we are able to provide comprehensive solutions to customers that improve efficiencies and reduce operating costs. Accelerating and expanding the promotion and implementation of Taoping's new media and information integration solutions will help further raise our brand visibility and drive growth, as we benefit from rapidly recovering demand amid the ongoing economic reopening in the post-epidemic era. By continuing to develop the two core advantages of Taoping's more than 200 city alliance network and Taoping intelligent cloud platform, we expect to increase our profitable revenue growth and promote the vigorous development of Taoping's digital ecological business."

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/.

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, including statements regarding our future results of operations and financial position, strategy and plans, and our expectations for future operations, 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 blockchain technology and 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.