Taoping Announces Major Cooperation with the Mengla County of Yunan Province; Expected Project Value of US$82.5 Million by 2027

Rhea-AI Summary

Taoping Inc. (TAOP) has signed a non-binding strategic cooperation framework agreement with the Government of Mengla County, Yunnan Province for agricultural development. The project involves developing a 3,500-acre agricultural planting base in Mengla County, with a total investment of US$27.5 million over three years. By 2027, the project is expected to generate an annual output value of US$82.5 million.

The collaboration will integrate Taoping's advanced technologies, including IoT, big data, and AI, to enhance production efficiency. The Mengla County government will provide support in land transfers, technology, and resource allocation, while helping establish partnerships with neighboring countries.

The project aims to create a comprehensive modern agricultural system, incorporating advanced planting, agricultural technologies, high-tech enterprise incubation, and agricultural ecological tourism.

Positive

• Expected annual output value of US$82.5 million by 2027
• Secured government partnership for 3,500-acre agricultural development
• Total investment commitment of US$27.5 million over three years
• Government support in land transfers and resource allocation

Negative

• Agreement is non-binding, presenting execution risk
• Significant capital investment required (US$27.5 million)
• Project revenue generation delayed until 2027

SHENZHEN, China, Feb. 10, 2025 /PRNewswire/ -- Taoping Inc. (Nasdaq: TAOP, the "Company"), a provider of innovative smart cloud platform services and solutions, today revealed that it has entered into a non-binding strategic cooperation framework agreement with the Government of Mengla County, Yunnan Province. The agreement outlines plans for extensive collaboration in the modern agricultural industry, with the objective of boosting regional economic growth.

According to the agreement, the project aims to invest in developing an agricultural planting base in Mengla County, Xishuangbanna Prefecture, Yunnan Province. Over the next three years, the partners plan to expand the base to 3,500 acres, with a total investment of RMB 200 million (US$27.5 million). By 2027, the project is expected to generate an annual output value of RMB 600 million (US$82.5 million).

The cooperation aims to combine the strengths of each party to establish a model for the growth of the modern agricultural sector. To meet its ambitious goals, the project will incorporate advanced technologies from the Company, such as the Internet of Things, big data, and artificial intelligence, to enhance production and operational efficiency. The Company was chosen for this significant partnership due to its strong brand and reliable platform capabilities, which can boost the Mengla County region's competitiveness and brand value. The Government of Mengla County will offer substantial support in areas like land transfers, advanced technology, and resource allocation. They will also assist businesses in fostering partnerships with neighboring countries and help them scale operations through land transfer and efficient management.

Mr. Jianghuai Lin, Chairman and CEO of the Company, said: "Mengla County boasts exceptional natural resources and an advantageous location, making it ideal for the development, implementation, and long-term operation of a modern agricultural system. We are excited to combine resources from all involved parties to create a comprehensive modern agricultural industrial system. This will include advanced agricultural planting, the efficient application of agricultural technologies, the incubation of high-tech enterprises, and agricultural ecological tourism." 

"This agreement is one of the largest in the Company's history, highlighting the strength of our technology, the value of our experience, and the long-term potential of the opportunities ahead. We are committed to making this project a model for the modern agricultural industry and are eager to contribute to the successful promotion of agricultural modernization and rural revitalization in Mengla County."

About Mengla County, Yunnan Province

Mengla County is located in the southeastern part of Yunnan Province, China, bordering Laos to the south. It is part of the Xishuangbanna Dai Autonomous Prefecture and is known for its tropical rainforest, rich biodiversity, and ethnic diversity, with significant Dai, Hani, and Yi populations. The county is home to parts of the Xishuangbanna National Nature Reserve, which protects endangered species like Asian elephants and gibbons. Mengla serves as an important trade hub between China and Laos, with the Mohan border crossing being a key point for cross-border commerce. The region's economy is driven by tourism, agriculture (notably tea and rubber plantations), and trade.

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 http://en.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, the effects of the global Covid-19 pandemic or other health crisis, 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 expected value of TAOP's Mengla County agricultural project by 2027?

The project is expected to generate an annual output value of US$82.5 million (RMB 600 million) by 2027.

How many acres will TAOP's agricultural base in Mengla County cover?

The agricultural planting base will expand to 3,500 acres over the next three years.

What is the total investment required for TAOP's Mengla County project?

The total investment for the project is RMB 200 million (US$27.5 million) over three years.

What technologies will TAOP implement in the Mengla County agricultural project?

TAOP will implement Internet of Things (IoT), big data, and artificial intelligence technologies to enhance production and operational efficiency.

What support will the Mengla County government provide to TAOP's agricultural project?

The government will provide support in land transfers, advanced technology, resource allocation, and help foster partnerships with neighboring countries.