HONG
KONG, Sept. 20, 2022 /PRNewswire/
-- Taoping Inc. (NASDAQ: TAOP, the "Company" or "TAOP") today
announced it plans to expand its Cloud platform for smart elevator
upgrades and enhancements, including even more specialized
applications, as it continues to diversify its revenue base,
leveraging the Company's valuable property owner relationships and
market insight developed in the buildout of its site-based digital
advertising platform. Taoping will cooperate with Otis and other
leading elevator brands in sales, promotion, and integration as the
adoption smart elevators and integration of IoT with Taoping's
Cloud platform in commercial buildings continues to expand.
Taoping's strategic focus on development of the smart elevator
market and the upgrade of elevators (both software and hardware) is
being led by catalysts including demand to improve user experience,
integration of IoT, reduction of energy use and costs, and the need
to increase safety and security. This revenue stream builds on
Taoping's two core competencies, the Taoping national sales
network, and its compatible, highly scalable cloud platform, making
it a valued partner by many other smart-community customers and
solution providers.
The elevator market size surpassed $99.3
billion in 2021 and is poised to witness over 3% CAGR from
2022 to 2028. Rising commercial construction activities will
positively influence the industry growth. (source: Global Market
Insights) China is the world's
largest producer and consumer of elevators, accounting for more
than 60% of the world's production and consumption. By the end of
2021, the number of elevators in China reached 8.799 million units, which is
huge and still shows a trend of rapid growth. (source: State
Administration for Market Regulation)
Mr. Lin Jianghuai, Chairman and CEO of Taoping, said: "This is
another very exciting development for us that expands the
applications of our growing Cloud platform and opens additional new
revenue streams to us. With more and more companies returning to
work, the reopening opportunity is gaining momentum. We made the
strategic decision to expand in this direction given the
attractiveness of the market, our existing relationships with
building owners and our track record. Our work in building out our
digital community and advertising platform gave us valuable market
experience and insight into what features property owners
value."
"Smart elevators are transforming the way people move. In
addition to providing infotainment and IoT, smart elevators are
revolutionizing the flow of traffic, materially reducing energy
usage and noise, increasing safety, speed, ease of use and
dramatically improving the user experience. It is imperative that
service be conducted on a regimented schedule with trusted
partners, like Taoping, and our industry leading partners. From a
business standpoint, this is a totally additive revenue stream for
us, typically with longer term contracts, which we expect will
meaningfully increase our visibility as we continue to execute on
our ambitious plans for growth and building shareholder value."
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
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.