Taoping Inc. reports developments in smart cloud platform services, smart city IoT technologies, and related products and services in China. Company news commonly covers AI-enabled platform services, smart elevator infrastructure, predictive diagnostics, automated rescue capabilities, and contracts handled through Skyladder businesses acquired by the company.
Updates also include operating and financial results, recurring revenue initiatives, smart agriculture cooperation and supply arrangements, material agreements, capital-structure matters, headquarters and operating footprint changes, and Nasdaq listing-compliance status for TAOP ordinary shares.
Taoping Inc. (NASDAQ: TAOP) has announced a letter of intent to acquire a majority stake in Yunnan Taoping IoT Limited, increasing its ownership from 40% to at least 51%. Yunnan Taoping, established in 2017, has become a key new media platform in Yunnan, providing intelligent marketing services. This acquisition aims to solidify TAOP's position in Southwest China’s new media industry and create new revenue streams. The deal's final terms will depend on due diligence and could be completed before March 31, 2022, although uncertainties remain regarding its consummation.
Taoping Inc. (NASDAQ: TAOP) has announced a strategic cooperation agreement with Shenzhen IntelStrat Technology Co., Ltd. The three-year agreement aims to enhance blockchain adoption and includes establishing a data service center, expanding market share in enterprise blockchain, and creating a blockchain industry fund. IntelStrat, established in 2016, has supported over 100 enterprises with blockchain solutions. TAOP's CEO emphasized the potential of blockchain technology to address real-world business challenges through this collaboration.
Taoping Inc. (NASDAQ: TAOP) has signed a letter of intent to acquire at least 51% of Zhenjiang Taoping IoT Technology Limited. This strategic move aims to enhance TAOP's East China expansion project, leveraging Zhenjiang Taoping's successful new media platform, which boasts over 250,000 daily viewers. The acquisition price will be determined post-due diligence and will be settled in ordinary shares of TAOP. The LOI will lapse if no definitive agreement is reached by December 31, 2021.
On July 12, 2021, Taoping Inc. (NASDAQ: TAOP) announced a securities purchase agreement with investors to sell 1.2 million ordinary shares at $4.15 per share, aiming for gross proceeds of $4.98 million. Additionally, the company will issue warrants for 360,000 shares at an exercise price of $4.56, valid for 36 months. The funds will be allocated for working capital and general corporate purposes. This transaction complies with the company's shelf registration statement effective since February 11, 2019.
Taoping Inc. (TAOP) recently announced the promotion of Huan Li to Chief Marketing Officer, enhancing its marketing leadership. Since joining in March, Li has exhibited strong market development skills. The company expects to generate advertising revenues from its acquisition of Taoping New Media, effective June 2021. TAOP attended the China Outdoor Communication Conference, winning an award for innovation in advertising. The firm is also progressing with its acquisition of Render Lake and expanding its G Cloud Data Centers, while remaining unaffected by China's digital asset mining ban.
Taoping Inc. (NASDAQ: TAOP) has announced a strategic cooperation framework agreement with Zhenjiang Economic and Technological Development Zone (ZETDZ) to support its East China Expansion Project. TAOP plans to establish a wholly-owned subsidiary with registered capital of $30 million. ZETDZ will assist in project construction and operational support. The project includes setting up the Taoping G cloud data center and developing Taoping digital servers. This initiative aims to enhance TAOP's market presence in East China and accelerate its cloud application and digital business growth.
Taoping (NASDAQ: TAOP) has launched two new high-performance digital servers, GY3070Pro and GY2060S, designed for cloud computing and big data applications. These servers, integrated with Taoping's smart cloud management platform, boast low power consumption, low cost, and high performance. The company anticipates $15 million in external sales for its digital server business in 2021. This strategic move is expected to enhance Taoping's G cloud computing ecosystem and provide customers with flexible deployment options for high-speed computing solutions.
Taoping Inc. (NASDAQ: TAOP) announced it received the "2021 Science and Technology Innovation and Invention Achievement" Award at the 18th China Scientists Forum held on May 24, 2021. The forum, promoting enterprise science and technology development, featured COO Zhixiong Huang discussing AI and the company's smart cloud ecosystem. TAOP's innovative smart cloud platform, powered by its G cloud data center, supports various industries in digital transformation. The recognition positions TAOP as a key partner in the digital landscape for enterprises.
Taoping Inc. (NASDAQ: TAOP) has established a majority-owned subsidiary, Taoping Digital Assets (Hong Kong) Limited, aimed at enhancing its global competitiveness and supply chain. The new subsidiary will manage the Hong Kong Data Center and support the company's five business divisions. Mr. Chi To Ip, an expert in IT and digital asset project management with over 20 years of experience, has been appointed as president. This strategic move is part of TAOP's broader global expansion plan, reinforcing its commitment to growth in the digital asset sector.
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