Taoping to Expand Cloud Platform for Smart Elevator Upgrades and Enhancements

Taoping to Expand Cloud Platform for Smart Elevator Upgrades and Enhancements

HONG KONG, Sept. 20, 2022 /PRNewswire/ -- Taoping Inc. (NASDAQ: TAOP, the "Company" or "TAOP") today announced it plans to expand its Cloud platform for smart elevator upgrades and enhancements, including even more specialized applications, as it continues to diversify its revenue base, leveraging the Company's valuable property owner relationships and market insight developed in the buildout of its site-based digital advertising platform. Taoping will cooperate with Otis and other leading elevator brands in sales, promotion, and integration as the adoption smart elevators and integration of IoT with Taoping's Cloud platform in commercial buildings continues to expand.

Taoping's strategic focus on development of the smart elevator market and the upgrade of elevators (both software and hardware) is being led by catalysts including demand to improve user experience, integration of IoT, reduction of energy use and costs, and the need to increase safety and security. This revenue stream builds on Taoping's two core competencies, the Taoping national sales network, and its compatible, highly scalable cloud platform, making it a valued partner by many other smart-community customers and solution providers.

The elevator market size surpassed $99.3 billion in 2021 and is poised to witness over 3% CAGR from 2022 to 2028. Rising commercial construction activities will positively influence the industry growth. (source: Global Market Insights) China is the world's largest producer and consumer of elevators, accounting for more than 60% of the world's production and consumption. By the end of 2021, the number of elevators in China reached 8.799 million units, which is huge and still shows a trend of rapid growth. (source: State Administration for Market Regulation)

Mr. Lin Jianghuai, Chairman and CEO of Taoping, said: "This is another very exciting development for us that expands the applications of our growing Cloud platform and opens additional new revenue streams to us. With more and more companies returning to work, the reopening opportunity is gaining momentum. We made the strategic decision to expand in this direction given the attractiveness of the market, our existing relationships with building owners and our track record. Our work in building out our digital community and advertising platform gave us valuable market experience and insight into what features property owners value."

"Smart elevators are transforming the way people move. In addition to providing infotainment and IoT, smart elevators are revolutionizing the flow of traffic, materially reducing energy usage and noise, increasing safety, speed, ease of use and dramatically improving the user experience. It is imperative that service be conducted on a regimented schedule with trusted partners, like Taoping, and our industry leading partners. From a business standpoint, this is a totally additive revenue stream for us, typically with longer term contracts, which we expect will meaningfully increase our visibility as we continue to execute on our ambitious plans for growth and building shareholder value."

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 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. Related Stocks: NASDAQ:TAOP
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