Taoping Enters into Strategic Cooperation with Jiangsu SuLiXin

Rhea-AI Summary

Taoping Inc. (NASDAQ: TAOP) has signed a three-year strategic cooperation agreement with Jiangsu SuLiXin Cultural Creative Group. Under this agreement, SuLiXin will purchase at least RMB 30 million (approximately US$4.2 million) worth of display terminals and services from Taoping. Both companies will also collaborate on digital multimedia exhibition hall projects across China. Taoping aims to leverage its established network to enhance SuLiXin's cultural projects, signaling growth potential in the digital display sector.

Positive

• Secured a three-year agreement worth at least RMB 30 million with Jiangsu SuLiXin.
• Positioned as the main supplier for SuLiXin's digital multimedia exhibition hall projects in China.
• Plans to leverage its city partners network to promote SuLiXin's exhibition projects.

Negative

• None.

HONG KONG, Oct. 18, 2022 /PRNewswire/ -- Taoping Inc. (Nasdaq: TAOP, the "Company" or "TAOP") today announced that its wholly owned subsidiary, Taoping Digital Tech. (Jiangsu) Co., Ltd. entered into a three-year strategic cooperation agreement with Jiangsu SuLiXin Cultural Creative Group Co., Ltd.  ("SuLiXin"). Under the agreement, SuLiXin will purchase display terminals and services from Taoping, with the two companies also agreeing to jointly develop larger scale digital multimedia exhibition hall projects across China.  Specifically, SuLiXin plans to purchase at least RMB 30 million (US$4.2 million) of equipment from Taoping during the term of the agreement.

According to the agreement, Taoping will be recognized as a strategic partner to SuLiXin and the main supplier of DLP, LCD, LED and other large display screens required for its larger scale, digital multimedia exhibition hall projects. Taoping has agreed to leverage the channel advantages of its proprietary city partners network to actively help promote the development of SuLiXin's various other cultural exhibition hall project businesses in the national market, especially in East China. 

Mr. Lin Jianghuai, Chairman and CEO of Taoping, said: "Taoping and SuliXin know each other well, having successfully worked together previously on other projects in Jiangsu Province. We are excited to be formally expanding our relationship and view this agreement as an important milestone for both companies, where we can build on our respective advantages to our mutual benefit. As the earliest enterprise involved in large-screen display manufacturing and system integration in China, Taoping's proprietary internally developed large-screen displays have been welcomed by customers for a long time for their best in class performance and customization. With more than 1,000 successful installations, Taoping has an excellent track record in a wide range of customer environments, ranging from supermarkets, office buildings and media boards, to hospitals, electronics, airports and more."

Mr. Lin Jianghuai continued: "Relying on our national channel of city partners and the leading intelligent cloud platform as a solid platform to build on, we believe that the Company's smart displays can be installed more quickly in digital multimedia exhibition hall projects giving us an important advantage as we look to empower customers by promoting digital commercial display technology efficiently and helping multimedia exhibition halls move more quickly to digitalization, while continuing to grow our profitable revenue streams."

About SuLiXin:

As a "famous trademark of Jiangsu Province" enterprise, SuLiXin has the integrated license of national exhibition hall design and construction, national exhibition hall engineering enterprise license, Jiangsu building decoration engineering professional contracting license and other qualifications. SuLiXin has focused on the design and construction of cultural and creative and scientific exhibition halls, with rich experience in creative design and construction in cultural museums, memorial halls, theme halls, enterprise halls, cultural theme parks, and more.

About Taoping Inc.

Taoping Inc. (NASDAQ: TAOP) is a blockchain technology and smart cloud services provider. The Company is dedicated to the research and application of blockchain technology and digital assets, and continues to improve computing power and create value for the encrypted digital currency industry. Relying on its self-developed smart cloud platform, TAOP also provides solutions and cloud services to industries such as smart community, new media and artificial intelligence. To learn more, please visit http://www.taop.com/.

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 blockchain technology and 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 TAOP 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 is Taoping Inc.'s latest strategic partnership?

Taoping Inc. announced a three-year strategic cooperation agreement with Jiangsu SuLiXin Cultural Creative Group on October 18, 2022.

How much is the agreement between Taoping and SuLiXin worth?

The agreement is valued at a minimum of RMB 30 million (approximately US$4.2 million) for display terminals and services.

What projects will Taoping and SuLiXin collaborate on?

Taoping and SuLiXin will work together on larger scale digital multimedia exhibition hall projects across China.

What role will Taoping play in SuLiXin's projects?

Taoping will serve as the main supplier of large display screens and is recognized as a strategic partner to SuLiXin.

When was the cooperation agreement announced?

The cooperation agreement was announced on October 18, 2022.

What does the strategic agreement mean for Taoping's future?

The agreement signals potential growth in Taoping's revenue streams by expanding its market presence in digital displays.