Taoping Awarded RMB15 Million Cloud-Based Data Analytics Services Contract; Expands Reach to Mining Industry

Rhea-AI Summary

Taoping Inc. (Nasdaq: TAOP) awarded RMB15 million contract for cloud-based data analytics services to Shenzhen Chuangzhi Tiancheng Tech Co Ltd. in Northwest China, expanding reach into mining industry with new Cloud Nest AI system.

Positive

• Taoping Inc. awarded a significant RMB15 million contract, showcasing the company's powerful capabilities in cloud-based data analytics solutions.
• The contract represents the first application of Taoping's new Cloud Nest AI system and intelligent cloud platform solutions in the mining industry, indicating potential for further expansion.

Negative

• None.

SHENZHEN, China, Nov. 8, 2023 /PRNewswire/ -- Taoping Inc. (Nasdaq: TAOP, the "Company"), today announced the Company was awarded a RMB15 million contract to provide integrated, cloud-based data analytics services to Shenzhen Chuangzhi Tiancheng Tech Co Ltd. to facilitate the intelligent operation and management of its mining project located in Northwest China, while greatly improving operating efficiency and safety.

Taoping's integrated cloud-based solution leverages AI and the Company's proprietary intelligent data collection and analysis platform to uncover and accelerate opportunities for intelligent operations and business management. This latest win for Taoping also expands the Company's reach, representing the first application of the Company's powerful new Cloud Nest AI system and intelligent cloud platform solutions in the mining industry.

In response to the Company being awarded the RMB15 million contract, Taoping's Chairman and CEO, Mr. Lin Jianghuai, commented, "This is another exciting win for us, further exemplifying the consistent and powerful capabilities of our cloud-based data analytics solutions to help customers drive increased operating efficiencies and strengthen returns on investment. The consistency and quality of our data analytics impressed Shenzhen Chuangzhi Tiancheng Tech and resulted in the exploration of opportunities to incorporate our solutions into its mining project. This also opens the door for Taoping to further expand our footprint throughout the broader natural resources industry and help businesses address the critical need for improved management of scarce natural resources with the power and intelligence of Taoping's AI-driven cloud-based data analytics solutions."

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.

FAQ

What contract did Taoping Inc. (Nasdaq: TAOP) secure?

Taoping Inc. secured a RMB15 million contract to provide cloud-based data analytics services to Shenzhen Chuangzhi Tiancheng Tech Co Ltd. for their mining project in Northwest China.

What technology does Taoping Inc. leverage in its cloud-based solution?

Taoping Inc. leverages AI and its proprietary intelligent data collection and analysis platform in its cloud-based solution.

Who commented on the contract awarded to Taoping Inc.?

Mr. Lin Jianghuai, Chairman and CEO of Taoping Inc., commented on the awarded contract, expressing excitement and highlighting the company's consistent and powerful capabilities in cloud-based data analytics solutions.