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SHENZHEN, China, June 20, 2023 /PRNewswire/ -- Taoping Inc. (NASDAQ: TAOP, the "Company" or "Taoping"), today announced the launch of the Company's AI-aided innovative new, rapid, off-grid wastewater treatment solutions designed to bring "Clean Water for a Cleaner World". The lower cost, portable wastewater treatment solutions represent a watershed moment in the global effort for a cleaner environment, and will be integrated with Taoping's intelligent operation and maintenance system aided by the Company's powerful new Cloud Nest AI system and intelligent Cloud platform to significantly increase operations and cost efficiencies of maintenance management.
Underserved rural markets will be a top priority for Taoping's new off-grid wastewater treatment solutions. The market size for wastewater treatment for the rural areas of China is estimated to be approximately RMB 300 billion in 2023, with a CAGR of 10% over the next 5 years. (source: Zhongtou Consultant)
The off-grid wastewater treatment solutions market refers to the market for wastewater treatment systems that operate without being connected to the grid. These systems are typically used in remote or rural areas where traditional wastewater treatment infrastructure is not available. The off-grid wastewater treatment solutions market is expected to grow in the coming years, driven by increasing demand from developing countries and remote areas.
Mr. Lin Jianghuai, Chairman and CEO of Taoping, said: "There is growing demand for off-grid wastewater treatment solutions due to several factors, including increasing population growth, urbanization, and environmental concerns. Additionally, the cost of traditional wastewater treatment infrastructure can be prohibitively expensive in remote areas, making off-grid solutions an attractive alternative. Taoping's purpose built wastewater treatment solutions provide a portable, on-site solution with lower upfront and maintenance costs, that leverages the advantages of traditional solutions, while offering highly compelling performance, Cloud-based monitoring, maintenance and cost advantages. More importantly, the Company's intelligent operation and maintenance system aided by Taoping's powerful new Cloud Nest AI system and intelligent Cloud platform can increase operations and cost efficiencies of maintenance management, truly realizing the automatic operation of sewage treatment facilities in low- and medium-density urban and rural residential areas, which we expect will make this a preferred choice that is more attractive to the market."
Mr. Lin continued: "We are very excited about the long-term opportunities for Taoping's wastewater treatment solutions. We are committed to helping customers and communities create a more sustainable future with Clean Water for a Cleaner World. We are taking a cyclical approach to managing wastewater that emphasizes the effectiveness of our innovative new wastewater treatment solutions, as we reinforce our commitment to both environmental sustainability and efficient wastewater management. We will continue to promote the deep integration of AI technology and sewage treatment products to build a new wastewater environment management integration platform with low cost, hassle free construction, intelligent operation and maintenance, convenient operation, and reduced cost of clear ownership to form valuable brand assets and drive the Company's revenue growth."
Off-grid wastewater treatment refers to the method of onsite wastewater treatment in the smallest unit of wastewater source as far as possible in the middle and low population density residential areas. For example, in individual farmers, B&Bs, villas, public toilets, schools, hospitals, hotels, residential communities, parks, urban villages, temporary construction sites, islands and other sources of domestic wastewater treatment after discharge or reuse standards. Taopping's off-grid wastewater treatment solutions are able to treat wastewater from a single source or multiple sources.
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 via LinkedIn, Twitter or YouTube.
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 TAOP undertakes no obligation to publicly update or revise any forward-looking statements, other than as required by applicable law.
