Taoping Announces 3-year Strategic Cooperation with ZhongShengShi Expected to Generate More than US$14 Million

Companies to Jointly Promote Accelerated Adoption of Taoping's New Smart Rest Station Product and Large Screen Display Products

HONG KONG, Nov. 17, 2022 /PRNewswire/ -- Taoping Inc. (NASDAQ: TAOP, the "Company" or "Taoping") today announced the Company signed a three-year strategic cooperation agreement with ZhongShengShi Co., Ltd. ("ZhongShengShi") and expected to generate more than US $14 million for Taoping over the term of the agreement. The two companies will jointly promote the accelerated adoption of Taoping's new smart rest station and large screen display products across China.

Taoping's recently launched smart rest station product combines technology, portability, flexibility and cleanliness to boost smart city development. Taoping's new product integrates its three core businesses: intelligent cloud service, advertising media operation and smart business display systems, to create an all-new smart rest station product with modular and mobile space features. Taoping and ZhongShengShi will work together to drive penetration of Taoping's new smart rest stations at high-tech industrial parks, manufacturing bases and other high traffic areas nationwide.

Taoping's smart rest station combines multiple functional rooms suitable for clean, routine usage of individuals and families with different needs and scenarios. With its unique and novel appearance, as well as its flexible and rich function area layouts, the Company believes the smart rest station is quickly winning the favor of Taoping's partners and the market.

Mr. Lin Jianghuai, Chairman and CEO of Taoping, said, "We are excited to be partnering with ZhongShengShi, as we combine our compelling new product with another strong partner, able to further strengthen our capabilities and resources as we accelerate adoption across China. We look forward to the mutual benefit to be gained by leveraging ZhongShengShi's operating expertise and the platform it has built through its investments in domestic high-tech industrial parks and manufacturing bases, commercial office areas and government-supported business growth cooperations."

Mr. Lin continued, "The addition of ZhongShengShi as another important partner underscores the extensive market potential of Taoping's smart rest station product given how customizable it is and the extensive improvements it offers over traditional products. Longer term, we expect to build further shareholder value as we successfully execute on our integrated business model, which combines equipment sales, module space leasing, display solutions, outdoor advertising and other products, in order to provide our partners with a highly valuable, nationwide, end-to-end solution."

About ZhongShengShi Co., Ltd.

Headquartered in Shenzhen, ZhongShengShi Co., Ltd. is a high-tech enterprise in the whole industry chain integrating R&D, production and sales of high-end intelligent products. The products include intelligent AI robots, communication products, tablet computers, intelligent wearables and other electronic and digital products. The group is equipped with R&D center, intelligent manufacturing center, sales center, whole industry chain division, etc. At the same time, it develops investment and operation of industrial parks and incubation services for high-tech industries. There are more than 30 production bases with a total area of more than 300,000 square meters, mainly distributed in the Pearl River Delta, with an annual output value of nearly RMB 5 billion, a tax contribution of nearly RMB 100 million, and more than 1800 employees nationwide.

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 www.taop.com.

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 blockchain technology and 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 TAOP 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.