TAOP Signs Strategic Cooperation Framework Agreement with Shanghai Guanghua Education and Wuhu Sasan
Taoping Inc. (NASDAQ: TAOP) has announced a strategic cooperation framework agreement with Shanghai Guanghua Education and Wuhu Sasan Education. This three-year partnership aims to establish a joint venture in Wuhu, China, where TAOP will hold 51% equity. The joint venture will focus on digitalizing educational resources and providing online education through TAOP's smart cloud platform. Additionally, they plan to collaborate on study abroad programs and explore cloud computing opportunities. This initiative is expected to enhance the quality and accessibility of education in over 200 Chinese cities.
- Formation of a joint venture with Wuhu Sasan for digital education, enhancing TAOP's market position.
- TAOP's 51% ownership in the joint venture indicates a strong control over future operations.
- Potential collaboration in cloud computing and NFT fields may open new revenue streams.
- None.
SHENZHEN, March 29, 2021 (GLOBE NEWSWIRE) -- Taoping Inc. (NASDAQ: TAOP, the “Company”), a provider of Internet-based smart display screens, and a new-media ecosystem that enables targeted advertising and online retail, announces today that it has entered into a strategic cooperation framework agreement with Shanghai Guanghua Education Investment Management Co., Ltd. (“Shanghai Guanghua Education”) and Wuhu Sasan Education Management Co., Ltd. (“Wuhu Sasan”), a majority-owned subsidiary of Shanghai Guanghua Education for a term of three years.
Established in 1999, Shanghai Guanghua Education is an education technology service provider engaged in education technology system development, education course content development, education business investment, consulting and management, and sales of technological equipment and stationery. Its main customers are the private schools under the Guanghua brand located in Wuxi city, Hefei city, Ningbo city, and Kunming city. Founded in 2019, Wuhu Sasan is engaged in education management, education project research, education course content development, education software development, educational activities planning and sales of teaching supplies.
As part of the agreement, TAOP and Wuhu Sasan intend to form a joint venture company in Wuhu city, China. TAOP and Wuhu Sasan will own 51 percent and 49 percent equity interests in the joint venture, respectively. The business of the joint venture company is expected to be part of TAOP’s newly created Digital Culture Business Division.
The joint venture plans to:
- Digitalize the high-quality educational resources of Shanghai Guanghua Education and Wuhu Sasan through TAOP’s smart cloud platform.
- Provide online education through TAOP’s smart cloud platform.
- Work together on study abroad and Project-Based Learning (PBL) programs.
- Co-develop cloud rendering business backed by TAOP’s smart cloud.
- Explore potential cooperation in the fields of cloud computing, cloud desktop and non-fungible token (NFT).
“While distance learning became the top 2020 education technology trend, we see a constantly growing demand for high-quality education technology service,” said Mr. Jianghuai Lin, the Chairman and CEO of TAOP. “By applying technologies such as cloud rendering to our education platform, we’ll be able to build a platform with outstanding features and increase the accessibility and quality of education. We believe the joint venture will be well positioned to bring new learning experience to our communities of over 200 cities in China.”
About Taoping Inc.
Taoping Inc. (TAOP), is a leading provider of smart display terminals and solutions for targeted advertising and online retails. The Company provides the integrated end-to-end digital advertising solutions enabling customers to distribute and manage ads on cloud-based ad display screens. Connecting owners of Taoping screens, advertisers and consumers, it builds up a resource sharing "Smart IoT Screen Network- Taoping App - Taoping Go (e-Store)" media ecosystem to ultimately achieve the mission "our technology makes advertising and branding affordable and effective for everyone." To learn more, please visit http://www.taop.com/.
Safe Harbor Statement
This press release may contain certain "forward-looking statements" relating to the business of Taoping Inc., and its subsidiaries and other consolidated entities. All statements, other than statements of historical fact included herein, are "forward-looking statements" in nature within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements, often identified by the use of forward-looking terminologies such as "believes", "expects" or similar expressions, involve known and unknown risks and uncertainties. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company’s actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the Company’s periodic reports that are filed with the Securities and Exchange Commission and available on its website (http://www.sec.gov). All forward-looking statements attributable to the Company and its subsidiaries and other consolidated entities or persons acting on their behalf are expressly qualified in their entirety by these factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.
For further information, please contact:
Taoping Inc.
Chang Qiu
Email: chang_qiu@taoping.cn
http://www.taop.com/
or
Dragon Gate Investment Partners LLC
Tel: +1(646)-801-2803
Email: taop@dgipl.com
FAQ
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