Taoping Awarded RMB16.2 Million Contract to Provide AI Servers to Fuzhou Shenpeng Technology

Rhea-AI Summary

Taoping Inc. (Nasdaq: TAOP) has been 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 experienced growth in its AI-related business due to the broader market growth and adoption across industries and end markets. In addition to providing AI servers, Taoping developed an integrated cloud-based solution, the Cloud Nest AI platform, to help customers uncover valuable opportunities for smart operations and enhanced business management.

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. 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 recently?

Taoping Inc. (Nasdaq: TAOP) secured a RMB16.2 million contract to provide AI servers to Fuzhou Shenpeng Technology Co. Ltd.

When does Taoping Inc. (Nasdaq: TAOP) expect to recognize the revenue from the recent contract?

Taoping Inc. (Nasdaq: TAOP) expects to recognize the revenue from the recent contract by the first quarter of 2024.

What new solution did Taoping Inc. (Nasdaq: TAOP) develop alongside providing AI servers?

Taoping Inc. (Nasdaq: TAOP) developed the Cloud Nest AI platform, an integrated cloud-based solution to help customers uncover valuable opportunities for smart operations and enhanced business management.

Who commented on the advancements and adoption of AI within Taoping Inc. (Nasdaq: TAOP)?

Mr. Lin Jianghuai, Chairman and CEO of Taoping Inc. (Nasdaq: TAOP), commented on the rapid advancement and widespread adoption of AI.

What does Mr. Lin Jianghuai expect for AI in Taoping Inc. (Nasdaq: TAOP) over the coming years?

Mr. Lin Jianghuai expects AI to become an even more meaningful contributor to Taoping Inc.'s (Nasdaq: TAOP) growth and profitability over the coming years.