Taoping Smart Elevator Modernization and Maintenance Program Now Covers 8,000 Elevators in Tianjin

Rhea-AI Summary

Taoping Inc. (NASDAQ: TAOP) has announced its smart elevator program in Tianjin has achieved record user engagement, covering over 8,000 elevators and capturing approximately 7% of the local market share. The program integrates IoT and big data technologies for optimized maintenance services. Chairman Lin Jianghuai anticipates growth to 10-15% market share as demand for modernized elevators increases. The initiative is part of a strategic partnership aimed at expanding operations throughout China, potentially driving significant revenue growth for the company.

Positive

• Achieved over 8,000 elevators under smart elevator program in Tianjin, representing an estimated 7% local market share.
• Chairman expects market share to increase to 10-15% in coming years.
• Integration of IoT and big data enhances maintenance service efficiency.

Negative

• None.

HONG KONG, Oct. 11, 2022 /PRNewswire/ -- Taoping Inc. (NASDAQ: TAOP, the "Company" or "TAOP") today announced the Company has achieved a record high user engagement level with its smart elevator program in Tianjin. The program, which is focused on smart elevator modernization and maintenance, now covers more than 8,000 elevators, reaching an estimated 7% local market share in Tianjin, including residential, office and government buildings, the Binhai New Area government, Xiyingmen Sub-district Office Building, Binhai New Area Financial Media Center, Tianjin Municipal Engineering Design and Research Institute, Tianjin Binhai One Hotel, Nankai University, Tianjin Eye Hospital, and more.

Mr. Lin Jianghuai, Chairman and CEO of Taoping, said, "We are very pleased to see the breakthrough progress of our smart elevator program in Tianjin. We have quickly gained an estimated 7% local market share, which we believe can reach 10% to 15% over the coming years. With more and more offices requiring workers return to in-person work, we are seeing an acceleration in demand for smart elevator modernization and maintenance."

Mr. Lin Jianghuai, continued, "Simply put, workers don't want to set foot in an old elevator that scares them with its slow speed and antiquity. The current generation lives on mobile phones and expects the same comfortable, environmentally friendly experience whether in an elevator, plane or car. This represents a significant opportunity for Taoping to leverage our expertise and partner relationships to drive profitable revenue growth. We believe the relationships we have established over the years in building our digital advertising business give us a competitive advantage. We know the properties and site managers. As a trusted partner, our customers are very happy to expand their relationships with us, making this an ideal greenfield opportunity for us to accelerate our growth and build shareholder value."

Relying on IoT, big data, and other technologies, Taoping's smart elevator program integrates software and hardware with its cloud platform for on-demand, elevator/escalator maintenance. By monitoring and processing elevator operation status and data in real-time, the proprietary system helps maintenance departments optimize repairs, upgrades and preventative maintenance schedules. As a digital ecological enterprise focusing on new community services, Taoping is executing the smart elevator/escalator program in Tianjin as part of its strategic cooperation agreement with Shenzhen Zhihui Yunti IoT Co., Ltd.

The Company plans to further leverage the Taoping Alliance national sales networks and its proven track record in Tianjin City to drive expanded use of the application throughout China. As a result, the smart elevator program is expected to be another important catalyst for Taoping's future cloud service revenue growth.

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, including statements regarding our future results of operations and financial position, strategy and plans, and our expectations for future operations, 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 smart elevator program in Tianjin?

Taoping Inc.'s smart elevator program in Tianjin focuses on modernization and maintenance of over 8,000 elevators, achieving a 7% local market share.

What market share does Taoping aim for with its elevator program?

Taoping aims to increase its market share from the current 7% to between 10% and 15% in the coming years.

What technologies are used in Taoping's smart elevator program?

The smart elevator program utilizes IoT and big data technologies to optimize maintenance and operational efficiency.

How does Taoping plan to expand its elevator services in China?

Taoping plans to leverage its national sales networks and relationships established in Tianjin to expand its elevator services throughout China.

What are the potential revenue implications of the smart elevator program for Taoping?

The smart elevator program is expected to drive significant cloud service revenue growth for Taoping.