SHENZHEN, China, Dec. 11,
2023 /PRNewswire/ -- Taoping Inc. (Nasdaq: TAOP, the
"Company"), today announced the Company was awarded a RMB16.2 million contract to provide AI servers to
Fuzhou Shenpeng Technology Co. Ltd. The Company expects to
recognize the revenue from this contract by the first quarter of
2024.
Taoping has seen an uplift in its AI-related business as it
benefits from the broader market growth and adoption across
industries and end markets. In addition to providing essential AI
servers, Taoping developed an integrated cloud-based solution that
harnesses the power and flexibility of AI alongside the Company's
robust new Cloud Nest AI platform. This proprietary intelligent
data collection and analysis solution was designed to help
customers uncover and accelerate valuable opportunities for smart
operations and enhanced business management.
Taoping's Chairman and CEO, Mr. Lin
Jianghuai, commented, "The rapid advancement and widespread
adoption of AI are propelling forward at an astonishing pace. This
presents transformative prospects across a wide array of
industries, urging management teams to take notice and decide
whether to evaluate and take advantage of these technological
advances or risk potentially falling behind. Taoping dedicates
significant resources to developing our AI product suite, which
ranges from essential AI servers to our robust Cloud Nest AI
platform, a platform that aims to provide customers with a powerful
solution for intelligent data collection and analysis as they seek
efficient ways to adopt AI solutions over the near term that can
provide long-term benefits. As a result, we expect AI to become an
even more meaningful contributor to our growth and profitability
over the coming years."
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.
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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
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"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.