SHENZHEN, China, Aug. 14, 2019 (GLOBE NEWSWIRE) -- Taoping Inc. (NASDAQ: TAOP), a leading provider of internet-based smart display screens, and a new-media ecosystem that enable targeted advertising and online retails, today announced that it has entered into a contract for sales of 6,500 Taoping smart display screens. Signed with Yunnan Taoping IoT Limited (“Yunnan Taoping”), the contract is expected to generate sales and service revenue to TAOP of about $1.85 million. With this contract, Yunnan Taoping will achieve full coverage of 16 districts (36 cities) in Yunnan province.
Since its inception in 2017, Yunnan Taoping has established market presences in 14 districts in Yunnan province and has achieved profitability with advertising revenues. It is expected that Yunnan Taoping will expand coverage to all 16 districts in the province and increase penetration in each district with Taoping smart display screens by end of 2019. The accomplishment of Yunnan Taoping, one of our earliest partners and customers, strengthens our conviction in growing Taoping Network with a focus on expansion into 3rd, 4th, and 5th tier cities.
TAOP is currently building up a new media ecosystem comprising of three intertwined networks: A network of city partners (“Taoping Alliance members”), an IoT network of Taoping smart display screens (“Taoping Network”), and an online network of Taoping e-Stores with contents in sync with Taoping Network. Currently, the members of Taoping Alliance have increased to 153, with the coverage of twenty-six provinces out of thirty-four provincial-level administrative units in China and three members overseas (Toronto, Asia, and Singapore). There are over 100,000 Taoping screens placed near elevators and other high traffic areas in 153 cities within Taoping Network. Screen owners, advertisers, and consumers can access contents in Taoping Network online with Taoping Apps. TAOP enhances traditional out of home advertising media, with online store promotion, consumer interaction, and retail function of Taoping e-Stores. The ecosystem not only showcases brands with vibrant static messages and impactful videos in Taoping Network and online Taoping e-Stores, but also increases conversion through consumer interactions and better targeting.
“We are glad to see our partner’s growing business in Yunnan province. Our goal for next few years is to expand Taoping Network to 1000 cities in China. As we are encouraging partners to join us in Taoping Alliance, we are providing technical operations of Taoping Network and Taoping e-Stores for free and without sharing any advertisement revenues and transaction revenues yet. Though this approach impacts our profitability negatively short term, we believe we’ll have a bright future once we build Taoping Network to 1000 cities and become a prominent new media for 3rd, 4th, and 5th tier cities, ” said Mr. Jianghuai Lin, the Chairman and CEO of TAOP.
About Taoping Inc.
Taoping Inc. (formerly known as China Information Technology, Inc.) (TAOP), is a leading provider of smart display terminals for targeted advertising and online retails. The Company provides the integrated end-to-end digital advertising solutions enabling customers to distribute and manage ads on cloud-based ad display screens. Connecting owners of Taoping screens, advertisers and consumers, it builds up a resource sharing "Smart IoT Screen Network- Taoping App - Taoping Go (e-Store)" media ecosystem to ultimately achieve the mission "our technology makes advertising and branding affordable and effective for everyone." To learn more, please visit http://www.taop.com/.
Safe Harbor Statement
This press release may contain certain "forward-looking statements" relating to the business of Taoping Inc., and its subsidiaries and other consolidated entities. All statements, other than statements of historical fact included herein, are "forward-looking statements" in nature within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements, often identified by the use of forward-looking terminologies such as "believes", "expects" or similar expressions, involve known and unknown risks and uncertainties. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company’s actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the Company’s periodic reports that are filed with the Securities and Exchange Commission and available on its website (http://www.sec.gov). All forward-looking statements attributable to the Company and its subsidiaries and other consolidated entities or persons acting on their behalf are expressly qualified in their entirety by these factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.
For further information, please contact:
Taoping Inc.
Chang Qiu
Email: chang_qiu@taoping.cn
or
Dragon Gate Investment Partners LLC
Tel: +1(646)-801-2803
Email: taop@dgipl.com