TAOP Signs LOI to Acquire Majority Ownership of Fujian Taoping IoT Technology Limited

Taoping Inc.

Hong Kong, February 17, 2022 (GLOBE NEWSWIRE) – Taoping Inc. (NASDAQ: TAOP, “Company” or “TAOP”), a provider of blockchain technology and smart cloud services, today announced that it has signed a letter of intent (“LOI”) with shareholders of Fujian Taoping IoT Technology Limited (“Fujian Taoping”) to acquire at least 51% owned by Fujian Taoping.

According to the LOI, the purchase price, which will be determined by the parties after the completion of due diligence Fujian Taoping, will be paid in the form of ordinary shares of TAOP. LOI will be automatically terminated if no final agreements are concluded between the parties by December 31, 2022.

Founded in May 2017, Fujian Taoping has so far served more than 2,000 customers. As of February 2022, Fujian Taoping Autonomous and Investment Districts cover seven major cities in Fujian Province, including Fuzhou, Quanzhou, Zhangzhou, Nanping, Putian, Sanming and Longyang. At present, the Fujian Taoping network has a total of 8,899 smart screens, covering more than 700 luxury residential areas, commercial centers and office buildings. This laid a good foundation for the further expansion of smart community service in the local area.

It is expected that after the closure of the acquisition, Fujian Taoping will become an important part of the East China Operational Center Taoping Digital Culture. Continuing to grow its current business, Fujian Taoping plans to take advantage of existing channels to expand the business of smart chargers, smart stations, large screen displays, and to create an integrated digital services ecosystem.

“Following the acquisition of Zhenjiang Taoping last month, the proposed acquisition is expected to further strengthen our position in the new media and smart public services market in East China,” said Mr. Jianhuai Lin, Chairman and CEO. TAOP. “We believe this acquisition will accelerate our digital services business and create value for communities and our shareholders.”

About Taoping Inc.
Taoping Inc. (TAOP) is a provider of blockchain technology and smart cloud services. The company researches and applies blockchain technology and digital assets, and continues to improve computing power and create value for the encrypted digital currency industry. Building on its self-developed smart cloud platform, TAOP also provides solutions and cloud services for industries such as new media and artificial intelligence. To learn more, visit http://www.taop.com/.

Safe Harbor Statement

This press release contains “forward-looking statements” that involve significant risks and uncertainties. All statements, except statements of historical facts contained in this press release, including statements regarding our future performance and financial position, strategies and plans, and our expectations regarding future operations, are statements that look at the future within the meaning of Section 27A. The Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. We attempted to identify forward-looking statements using terminology including “expected”, “believe”, “may”, “continue”, “possible”, “assessments”, “awaits”, “intends”, “possible”, “plans” “,” Potential “,” predicts “,” should “or” will “or the negative nature of these terms or other comparative terminology. Our actual results may differ materially or possibly significantly from those discussed here, or implied from these forward-looking statements.

Any forward-looking statements contained in this press release are only estimates or predictions of future events based on information currently available to our management and management’s current beliefs regarding possible future outcomes. Whether these events will occur in the future, as management believes, whether we will achieve our business goals, and whether our revenues, performance or financial condition will improve in future periods, are subject to many risks. There are a number of factors that can cause actual results to differ materially from statements made in this press release, including: our potential inability to achieve or maintain profitability or reasonably predict our future results due to our limited history on the provision of blockchain technology and smart cloud services, the aftermath of the global Covid-19 pandemic, the emergence of additional competing technologies, changes in domestic and foreign law, regulations and taxes, uncertainty related to China’s legal system and economic, political and social developments in China , volatility of securities markets; and other risks, including but not limited to, those we have discussed or referred to in the Company’s Disclosure Documents submitted to the U.S. Securities and Exchange Commission (“SEC”), available on the SEC website at www. sec.gov, including the Company’s Latest Annual Report on Form 20-F, as well as other of our reports that are submitted or submitted to the SEC from time to time. You should read these factors and other cautionary statements made in this press release. If one or more of these factors materialize, or if any underlying assumptions prove to be incorrect, our actual results, performance or achievements may differ materially from any future results, performance or achievements expressed or implied in these forward-looking statements. Statements of the future included in this press release are made on the date of this press release, and TAOP undertakes no obligation to publicly update or revise any forward-looking statements, except as required by applicable law.

For more 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

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