TAOP Signs Strategic Cooperation Agreement to Address Elevator Modernization and Maintenance Market

HONGKONG, March 02, 2022 (GLOBE NEWSWIRE) -- Taoping Inc. (NASDAQ: TAOP, the “Company” or “TAOP”), a provider of blockchain technology and smart cloud services, announced today that the Company has entered into a strategic cooperation agreement (“Agreement”) with Shenzhen Zhihui Yunti IoT Co., Ltd. (“Zhihui Yunti”) to jointly address the market needs of the elevator modernization and maintenance.

Pursuant to the Agreement, which has a term of three years, TAOP is responsible for the market development of the elevator modernization and maintenance project through its Taoping Alliance network. Zhihui Yunti is responsible for providing elevator cloud, elevator IoT and elevator ecosystem products and technical support, as well as for the operation and management after product installation.

According to ResearchInChina, the total number of elevators in operation in China reached nearly six million by the end of 2021. The market size of elevator modernization and maintenance is expected to reach $8.2 billion by the end of 2022. Through this collaboration, TAOP and Zhihui Yunti can leverage respective resources to promote smart elevator management projects and seize the market opportunity.

“As TAOP’s digital advertising business was started from smart screens in elevators, we do understand the challenges in maintenance for traditional elevators,” said Mr. Jianghuai Lin, Chairman and CEO of TAOP. “By utilizing IoT and related technologies, smart elevators solutions can now monitor performance, make real-time maintenance decisions, provide updated status, and report in advance. We are excited to work with Zhihui Yunti to allow more people to have access to the service and create value for the communities and our shareholders.”

About Shenzhen Zhihui Yunti IoT Co., Ltd.
Established in 2016, Shenzhen Zhihui Yunti IoT Co., Ltd. is an elevator modernization and maintenance service provider with expertise in elevator management based on the Internet of Things, big data, cloud computing, and artificial intelligence technologies. Currently, Zhihui Yunti’s service network covers over 130 locations in multiple cities, ensuring the safe use of elevators for about 10 million people every day.

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 http://www.taop.com/.

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For further information, please contact:

Taoping Inc.
Chang Qiu
Email: chang_qiu@taoping.cn

Dragon Gate Investment Partners LLC
Tel: +1(646)-801-2803
Email: taop@dgipl.com