HONG
KONG, Aug. 23, 2022 /PRNewswire/ -- Taoping Inc.
(NASDAQ: TAOP, the "Company" or "TAOP"), a provider of blockchain
technology and smart cloud services, today announced it plans to
accelerate the expansion of its e-bike charger network into 50
cities in China by the end of
2022. Taoping is leveraging its trusted brand, extensive partner
network and safe chargers, which are used today in major cities
including Shenzhen, Guangzhou, Shenyang, Quanzhou, Zhenjiang, Nanyang,
Meizhou, and Maoming, among others. The Company has already
received in excess of 320,000 orders for its e-bike charging
solution, which it developed in strategic cooperation with Shenzhen
Zhicheng Chuangtou New Energy Co., Ltd., a company focuses on the
construction, operation and service of the infrastructure for smart
cities.
Mr. Lin Jianghuai, Chairman and CEO of Taoping, said, "We are
seeing explosive growth in the e-bike market, with China's total e-bikers expected to far outpace
other countries. The rapid growth is being led by the push for
environmentally friendly, energy secure sources of transportation.
Growth accelerated even faster around COVID, with gyms and other
exercise venues closed. Taoping is positioned to seize an even
greater share of the lucrative e-bike charging opportunity given
the existing footprint of our national partner networks, the faster
speed of our proprietary chargers and our trusted band.
Underpinning everything is our unwavering commitment to safety –
from production through daily operation – which further
differentiates Taoping and gives our e-bike chargers a premium as
the sought after charging solution."
The Taoping Alliance is focused on further expanding its
platform in key markets by building on the Company's close
relationships with local governments, local communities, and
property operators, to speed installation of its e-bike chargers in
urban and suburban settings, office buildings, shopping malls and
more. In Zhenjiang, Jiangsu
province, for example, more than 200 of the Company's e-bike
chargers have already been installed at the Zhenjiang National University Science Park, Zhenjiang New
Area New Energy Industrial Park, Xuelin Ya County Community, Wujun
New Residence Community, Hongda Commodity Mall, and many other
locations.
The number of electric bicycles in China has grown to more than 340 million
currently, with an expected 5% CAGR over the next five years.
(source: China Bicycle Association). But the charging
infrastructure was estimated to reach just 10.5 million electric
bicycle charging piles, with a CAGR of 8.12% at the end of 2021.
(source: Zhongyan.com). Despite the obvious growth rate, there is
still a significant gap between charging facilities and the number
of electric bicycles. Taoping is actively working to reduce the
significant gap between charging facilities and the number of
electric bicycles.
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.
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SOURCE Taoping Inc.