SHENZHEN, China, June 04, 2018 (GLOBE NEWSWIRE) -- Taoping, Inc. (Nasdaq: TAOP), a leading provider of internet-based ad distribution and ad display terminal sharing systems in China, announced that it has entered into contracts for the sales of 5,000 TAOP cloud-based elevator ad terminals to be installed in office buildings and residential communities throughout Wuhan, the most populous city in Central China.
Signed with Wuhan Taoping Media Limited (“Wuhan Taoping”), the contract is expected to generate sales and service revenue to TAOP of about $1.6 million. Today’s news is the 31st in a series of announcements since May of 2017 on TAOP’s sales of its cloud-based ad terminals. Each transaction is expected to generate recurring service and commission revenue from customers' use of the Company’s Yunfa advertising distribution system and Taoping Net/ App ad screen sharing platform.
Wuhan Taoping has recently joined the Taoping Alliance, a nationwide advertising resource sharing platform jointly founded by TAOP and Shenzhen Taoping New-Media Limited, as the forty-fifth member. Since its establishment in May 2017, the members of Taoping Alliance have increased to the coverage of over twenty-three provinces and provincial cities throughout China.
“We are glad to have Wuhan Taoping joined the Taoping Alliance,” said Mr. Jianghuai Lin, the Chairman and CEO of TAOP, “Wuhan is known as 'China's Thoroughfare', as a major transportation hub, it has dozens of railways, roads and expressways passing through the city and connecting to other major cities.The expansion of Taoping Alliance’s network into Wuhan indicates that TAOP's penetration in central China is coming to the next level.”
Mr. Lin reiterated that by 2018, the Company expects to sell an additional 120,000 cloud-based ad terminals with market penetration in 100 cities with coverage for 200 million people throughout China.
About Taoping Inc.
Taoping Inc. (formerly known as China Information Technology, Inc.) is a leading cloud-based ad terminal and service provider of digital advertising distribution network and new media resource sharing platform in the Out-of-Home advertising market of China. The Company provides the integrated end-to-end digital advertising solutions enabling customers to distribute and manage ads on the ad display terminals. Connecting cloud-based ad terminal owners, advertisers and consumers, it builds up a resource sharing “Smart IoT Terminal - Taoping Net/App – Taoping Selection” 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.chinacnit.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.