SHENZHEN, China, Oct. 31,
2023 /PRNewswire/ -- Taoping Inc. (Nasdaq: TAOP, the
"Company"), today announced the Company was awarded a RMB10 million contract to provide cloud-based
advertising services to Shenzhen Zhaoyou Tech Co. Ltd. Taoping
expects to recognize the full RMB10
million in revenue in 1Q 2024.
Today's announcement follows October's news of Taoping's nearly
100% year-over-year increase in contract revenue value through the
first nine months of 2023 for the Company's cloud-based product and
software and advertising businesses. During the nine-month period,
the Company entered into contracts totaling RMB191 million (approximately US$26.55 million), the revenues from which the
Company expects to recognize within fiscal year 2023.
On being awarded the RMB10 million
contract to provide cloud-based advertising services to Shenzhen
Zhaoyou, Mr. Lin Jianghuai, Chairman and CEO of Taoping, said: "We
have been gearing up for larger cloud-based service contracts after
making investments in our portfolio, infrastructure and team. We
are excited to support Shenzhen Zhaoyou and look forward to
Shenzhen Zhaoyou becoming another showcase customer for us as we
continue to grow and expand our customer base and our cloud-based
services. Our continued momentum entering the final months of 2023
places us in a position of strength to execute strategies and drive
further growth in 2024."
Taoping noted it continues to benefit from high demand for its
city partner ecosystem and comprehensive portfolio of core
high-value, high-traffic area software development and advertising
business solutions, which continues to drive growth as it
leverages the Company's powerful new Cloud Nest AI system and
intelligent Cloud platform.
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 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 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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SOURCE Taoping Inc.