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SHENZHEN, China, April 18, 2023 /PRNewswire/ -- Taoping Inc. (NASDAQ: TAOP, the "Company" or "Taoping") today announced the Company has entered into a long-term strategic cooperation agreement ("Agreement") with Wuxuan County, Guangxi Province, with a potential market opportunity of US$80 million valuation for off-grid wastewater treatment solution alone. Under the Agreement, Taoping expects to provide customized intelligent, Cloud-based product solutions, including its exciting new Blue Box off-grid wastewater treatment solution, IoT Smart Rest Station, fully autonomous street sweeper and smart large screen displays. Wuxuan County is an important tourism city with an estimated 458,600 residents. By gaining access to Taoping's modular solutions, Wuxuan County's residents will be able to benefit from improved efficiency, convenience, and cost-effectiveness in various aspects of their daily lives. This follows news of Taoping's April agreement to provide similar services to China's Zhaoyuan City, which has more than 500,000 estimated residents.
According to Mr. Lin Jianghuai, Chairman and CEO of Taoping, "We are proud to provide support to Wuxuan County and contribute to its local economy through the provision of environmentally friendly and smart city solutions. This agreement reflects the huge potential for Taoping to further expand our business and take advantage of the growing global market for our innovative, scalable solutions. Taoping's end-to-end, modular, cloud-based solutions are well-positioned to meet the diverse and evolving needs of rural areas, which are crucial areas of focus for China's government-supported initiatives in 2023, including rural economic and environmental development. As Taoping continues to execute our growth plan, we are gaining momentum in these areas and are poised to benefit from the long-term opportunities they present."
"Taoping anticipates making further announcements in the coming quarters as we convert ongoing discussions into formal agreements. Our portfolio of modular solutions provides us with a strong competitive edge, as we can design and implement environmentally friendly systems that can expand to accommodate population growth. Additionally, we have invested in Internet of Things (IoT) and advanced smart technology products, including performance monitoring, which can help reduce the cost of installation and maintenance, while improving overall system efficiency. With these advantages, we believe we are just scratching the surface of Taoping's potential and we are well-positioned to continue growing and expanding our sought after offerings in the future."
As part of the Agreement, both parties will also work together on low-carbon environmental protection, urban renewal, rural ecological revitalization, and other related projects. Leveraging its strong technological reserves and advanced supporting technologies such as AI and IoT, Taoping will provide Wuxuan County with smart city renewal solutions and technical support, and implement environmental governance projects such as wastewater, waste gas, and garbage treatment. Based on the concept of efficient and low-carbon environmental governance, the Company has combined its digital and intelligent innovative technology products, including its IoT Smart Rest Station with fully autonomous street sweeper and its new off-grid wastewater treatment solution, which will effectively improve the overall public service and environmental protection level for both urban and rural areas.
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. To learn more, please visit 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 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.
