HONG
KONG, Oct. 11, 2022 /PRNewswire/ -- Taoping Inc.
(NASDAQ: TAOP, the "Company" or "TAOP") today announced the Company
has achieved a record high user engagement level with its smart
elevator program in Tianjin. The
program, which is focused on smart elevator modernization and
maintenance, now covers more than 8,000 elevators, reaching an
estimated 7% local market share in Tianjin, including residential, office and
government buildings, the Binhai New Area government, Xiyingmen
Sub-district Office Building, Binhai New Area Financial Media
Center, Tianjin Municipal Engineering Design and Research
Institute, Tianjin Binhai One Hotel, Nankai University, Tianjin Eye
Hospital, and more.
Mr. Lin Jianghuai, Chairman and CEO of Taoping, said, "We are
very pleased to see the breakthrough progress of our smart elevator
program in Tianjin. We have
quickly gained an estimated 7% local market share, which we believe
can reach 10% to 15% over the coming years. With more and more
offices requiring workers return to in-person work, we are seeing
an acceleration in demand for smart elevator modernization and
maintenance."
Mr. Lin Jianghuai, continued, "Simply put, workers don't want to
set foot in an old elevator that scares them with its slow speed
and antiquity. The current generation lives on mobile phones and
expects the same comfortable, environmentally friendly experience
whether in an elevator, plane or car. This represents a significant
opportunity for Taoping to leverage our expertise and partner
relationships to drive profitable revenue growth. We believe the
relationships we have established over the years in building our
digital advertising business give us a competitive advantage. We
know the properties and site managers. As a trusted partner, our
customers are very happy to expand their relationships with us,
making this an ideal greenfield opportunity for us to accelerate
our growth and build shareholder value."
Relying on IoT, big data, and other technologies, Taoping's
smart elevator program integrates software and hardware with its
cloud platform for on-demand, elevator/escalator maintenance. By
monitoring and processing elevator operation status and data in
real-time, the proprietary system helps maintenance departments
optimize repairs, upgrades and preventative maintenance schedules.
As a digital ecological enterprise focusing on new community
services, Taoping is executing the smart elevator/escalator program
in Tianjin as part of its
strategic cooperation agreement with Shenzhen Zhihui Yunti IoT Co.,
Ltd.
The Company plans to further leverage the Taoping Alliance
national sales networks and its proven track record in Tianjin City to drive expanded use of the
application throughout China. As a
result, the smart elevator program is expected to be another
important catalyst for Taoping's future cloud service revenue
growth.
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
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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
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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.