Taoping Accelerates AI Business Growth with New Order for AI-Powered Smart Terminals

Rhea-AI Summary

Taoping Inc. (Nasdaq: TAOP) has secured a new order for its enhanced AI-powered Smart Terminals from Lu'an Wanjiang Advertising Media Co., The order, valued at up to US$600,000, will see the terminals installed in various locations across Lu'an City. This expansion aligns with Taoping's strategy to capitalize on the growing demand for AI-based products in advertising and media markets.

The company will also provide technical services based on its Cloud Nest AI system to support Lu'an Media in leveraging AI for advertising marketing. Taoping aims to expand its presence in Lu'an and other cities in Anhui Province through this partnership. The Chinese advertising terminal market is projected to exceed 10 billion RMB by 2026, driven by technological advancements and smart city initiatives.

Positive

• Secured new order for AI-powered Smart Terminals worth up to US$600,000
• Expanding presence in Lu'an City and potentially other cities in Anhui Province
• Leveraging growing demand for AI-based products in advertising and media markets
• Providing additional technical services based on Cloud Nest AI system

Negative

• None.

News Market Reaction

-5.80%

1 alert

-5.80% News Effect

On the day this news was published, TAOP declined 5.80%, reflecting a notable negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

SHENZHEN, China, July 18, 2024 /PRNewswire/ -- Taoping Inc. (Nasdaq: TAOP, the "Company"), a developer of innovative smart cloud platform services and solutions, new media and artificial intelligence solutions, today announced a further expansion of its AI business with a new order for the Company's enhanced AI-powered Smart Terminals, which offer a powerful combination of efficiency, customization, and engagement, making them a compelling choice for businesses looking to optimize their operations and enhance customer interactions.

Mr. Lin Jianghuai, Chairman and CEO of Taoping, said: "This is another major customer win, as we benefit from increased demand for our enhanced AI-based products and solutions, in advertising, media and other important markets. We are well positioned to benefit from this accelerating, technology driven trend. We plan to more aggressively pursue new large-scale opportunities driven by the latest technology trends that can positively impact our revenue growth and build shareholder value."

The latest order is from Lu'an Wanjiang Advertising Media Co., Ltd. ("Lu'an Media"). Lu'an Media will initially purchase Taoping's enhanced AI-powered Smart Terminals valued up to approximately US$600,000, which will be installed in hundreds of local supermarkets, office buildings, residential communities and other scenarios in Lu'an City. In addition to enhanced AI-powered Smart Terminals, Taoping will support Lu'an Media with one-stop technical services based on Taoping's popular Cloud Nest AI system help Lu'an Media leverage a new "AI + advertising marketing" scenario application.

Taoping and Lu'an Media plan to deepen their cooperative relationship by leveraging Taoping's national city-partner network and other resource advantages, and focus on expanding the implementation and application of enhanced AI-powered Smart Terminals in Lu'an and other cities in Anhui Province.

According to ChinaIRN.com, the size of the advertising terminal market in China will exceed 10 billion RMB by 2026, driven by the upgrading of advertising terminals and accelerated construction of smart cities. Applications based on big data and artificial intelligence, including touch technologies, voice and face recognition, and dynamic capture are becoming more prolific in retail environments.

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 on X.

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 the Company 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.

FAQ

What is the value of Taoping's new order for AI-powered Smart Terminals?

Taoping's new order for AI-powered Smart Terminals is valued at up to approximately US$600,000.

Who placed the order for Taoping's AI-powered Smart Terminals?

The order was placed by Lu'an Wanjiang Advertising Media Co., (Lu'an Media).

Where will Taoping's AI-powered Smart Terminals be installed?

The terminals will be installed in hundreds of local supermarkets, office buildings, residential communities, and other scenarios in Lu'an City.

What is the projected size of the advertising terminal market in China by 2026?

According to ChinaIRN.com, the size of the advertising terminal market in China is expected to exceed 10 billion RMB by 2026.