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Taoping Signs 3 Year Strategic Cooperation Agreement with DoWatch Technology; Companies to Jointly Work to Expand Adoption of Taoping's Smart Rest Stations at National Tourist Attractions and Other Areas

HONG KONG, Nov. 9, 2022 /PRNewswire/ -- Taoping Inc. (NASDAQ: TAOP, the "Company" or "Taoping") today announced that the company has signed a three-year strategic cooperation agreement with Shenzhen Qianhai DoWatch Technology Co., LTD. ("DoWatch Technology"), to jointly expand Taoping's smart rest stations to national tourist attractions and other areas.

(PRNewsfoto/Taoping Inc.)
(PRNewsfoto/Taoping Inc.)

During the term of the agreement, DoWatch Technology will leverage its own channel advantages to promote the installation and operation of Taoping's new smart rest stations at popular national tourist attractions, theme parks and other high traffic areas, with an estimated contract value of approximately USD $4.0 million. The parties plan to enter into separate purchase agreements prior to the installation of these stations.

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.

Mr. Lin Jianghuai, Chairman and CEO of Taoping, said, "We are excited to be working with DoWatch Technology in this strategic cooperation, given its impressive penetration of the national tourism market, with an established presence at more than 800 tourist areas across the country. We believe the cooperation between Taoping and DoWatch Technology will help to accelerate adoption of Taoping's smart rest station at major tourist attractions and related areas across the country. In addition, the two sides will cooperate in advertising media resources to further expand and improve the company's new digital business format built around offline experiences."

Taoping's new smart rest station combines prefabricated public toilets with 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 smart rest station is quickly winning the favor of Taoping's partners and the market. Adopting the Company's state-of-the-art smart rest station product, with its highly sanitary, energy efficient and humanized design, can solve widespread toilet construction problems, high-cost consumables, and disposal, to improve overall quality and experience, and better ensure compliance with environmental protection standards.

Mr. Lin continued, "Our goal is to help improve the quality of life for people in high-traffic areas that are often quite challenged. The lack of clean, attractive and functional rest stations is a real problem and one the government has included in its priority areas to address. Taoping took a lot of time to develop our smart rest station product and used feedback to refine the look and features. We are excited to have a modular product in production that boasts lower cost of ownership and operation, with a faster installation and overall higher quality user experience."

About Shenzhen Qianhai DoWatch Technology Co., LTD.

Shenzhen Qianhai DoWatch Technology Co., Ltd. is a high-tech company mainly engaged in the research of Internet of Things application & related products. The R&D team of the company has more than ten years of rich experience and research achievements in electronic information, communication control, sensor application, industrial design and product integration. In particular, in the field of intelligent sightseeing telescope products, which is the first mobile scanning code payment in China, it has more than 40 intellectual property rights and patents, leading in technology accumulation and innovation, and has been identified as "National high-tech Enterprise" and "Shenzhen High-tech Enterprise". At present, the smart sightseeing telescope project has more than 400 domestic cooperative scenic spots, and has been launched in Vietnam, Thailand and other Southeast Asian countries.

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/.

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.