SHENZHEN, China, Oct. 12, 2023 /PRNewswire/ -- Taoping Inc. (Nasdaq: TAOP, the "Company"), today reported a nearly 100% year-over-year increase in the Company's contract revenue value for its cloud-based product, software and advertising businesses in the first nine months of 2023. The Company entered into contracts totaling RMB 191 million (approximately US$26.55 million) during the first nine months of 2023, the revenues from which the Company expects to recognize within fiscal year 2023.

The surge in growth follows the 95% year-over-year increase in contract revenue value reported for the first six months of 2023. High demand for Taoping's city partner ecosystem and comprehensive portfolio of core high-value, high-traffic area software development and advertising business solutions continues to drive growth and leverage the Company's powerful new Cloud Nest AI system and intelligent Cloud platform.

Mr. Lin Jianghuai, Chairman and CEO of Taoping, said: "After the Company's record start to 2023, we had high expectations for our business in the post-pandemic environment. Travel and interest in outdoor activities are once again popular, causing governments and private enterprises to further increase spending and accelerate development timelines to accommodate the higher demand on facilities and public spaces. For Taoping, our commitment to expanding our integrated solutions ecosystem enables us to now capture a greater share of these expanded growth opportunities. We expect this momentum to continue through 2023 as we focus on profitable revenue growth and maximizing the return on the many new products and solutions we successfully launched over the past few quarters."

"We are particularly excited about the many growth opportunities for our off-grid wastewater solutions, given the critical need for smaller, easy-to-install, and highly effective yet more economical solutions like Taoping's, and our leading-edge Smart City solutions, which seamlessly integrate with our AI-driven intelligent Cloud platform. Given Taoping's strong year-to-date growth and outlook, we believe our share price is undervalued and does not fully reflect Taoping's fundamentals, impressive portfolio pipeline and the underlying value of our ecosystem of integrated solutions. We believe our continued focus on strategy execution and delivery of improved financial results will drive greater value for investors and lead to a higher share price that more accurately reflects the Company's long-term intrinsic value."

About Taoping Inc.

Taoping Inc. (Nasdaq: TAOP) has a long history of successfully leveraging technology in the development of innovative solutions to help customers in both the private and public sectors to more effectively communicate and market to their desired targets. The Company has built a far-reaching city partner ecosystem and comprehensive portfolio of high-value, high-traffic areas for its products, which are aligned together with Taoping's smart cloud platform, cloud services and solutions, new media and artificial intelligence. For more information about Taoping, please visit www.taop.com. You can also follow us on X.

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 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 the Company undertakes no obligation to publicly update or revise any forward-looking statements, other than as required by applicable law.