HONG KONG, March 02, 2022 (GLOBE NEWSWIRE) — Taoping Inc. (NASDAQ: TAOP, the “Company” or “TAOP”), a provider of blockchain technology and smart cloud services, announced today that the Company has entered into a strategic cooperation agreement (“Agreement”) with Shenzhen Zhihui Yunti IoT Co., Ltd. (“Zhihui Yunti”) to jointly address the market needs of the elevator modernization and maintenance.
Pursuant to the Agreement, which has a term of three years, TAOP is responsible for the market development of the elevator modernization and maintenance project through its Taoping Alliance network. Zhihui Yunti is responsible for providing elevator cloud, elevator IoT and elevator ecosystem products and technical support, as well as for the operation and management after product installation.
According to ResearchInChina, the total number of elevators in operation in China reached nearly six million by the end of 2021. The market size of elevator modernization and maintenance is expected to reach $8.2 billion by the end of 2022. Through this collaboration, TAOP and Zhihui Yunti can leverage respective resources to promote smart elevator management projects and seize the market opportunity.
“As TAOP’s digital advertising business was started from smart screens in elevators, we do understand the challenges in maintenance for traditional elevators,” said Mr. Jianghuai Lin, Chairman and CEO of TAOP. “By utilizing IoT and related technologies, smart elevators solutions can now monitor performance, make real-time maintenance decisions, provide updated status, and report in advance. We are excited to work with Zhihui Yunti to allow more people to have access to the service and create value for the communities and our shareholders.”
about Shenzhen Zhihui Yunti IoT Co., Ltd.
Established in 2016, Shenzhen Zhihui Yunti IoT Co., Ltd. is an elevator modernization and maintenance service provider with expertise in elevator management based on the Internet of Things, big data, cloud computing, and artificial intelligence technologies. Currently, Zhihui Yunti’s service network covers over 130 locations in multiple cities, ensuring the safe use of elevators for about 10 million people every day.
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
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Any forward-looking statements contained in this press release are only estimates or predictions of future events based on information currently available to our management and management’s current beliefs about the potential outcome of future events. Whether these future events will occur as management anticipates, whether we will achieve our business objectives, and whether our revenues, operating results, or financial condition will improve in future periods are subject to numerous risks. 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 US 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. You should read these factors and the other cautionary statements made in this press release. If one or more of these factors materialize, or if any underlying assumptions prove incorrect, our actual results, performance or achievements may vary materially from any future results, performance or achievements expressed or implied by these forward-looking statements. 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.
For further information, please contact:
Dragon Gate Investment Partners LLC