SHENZHEN, June 11, 2021 (GLOBE NEWSWIRE) -- Taoping Inc. (NASDAQ: TAOP, the Company), a provider of blockchain technology and smart cloud services, announces today that it has entered into a strategic cooperation framework agreement (the Agreement) with Zhenjiang Economic and Technological Development Zone (ZETDZ) for TAOPs East China expansion project (the East China Expansion Project).
SHENZHEN, June 11, 2021 (GLOBE NEWSWIRE) -- Taoping Inc. (NASDAQ: TAOP, the “Company”), a provider of blockchain technology and smart cloud services, announces today that it has entered into a strategic cooperation framework agreement (the “Agreement”) with Zhenjiang Economic and Technological Development Zone (“ZETDZ”) for TAOP’s East China expansion project (the “East China Expansion Project”).
Pursuant to the Agreement, TAOP will set up a wholly-owned subsidiary in ZETDZ with planned registered capital of $30 million. ZETDZ will provide support in project construction, coordination, and operation within the scope of support policies, and will fully assist in the operation and development of TAOP's East China Expansion Project.
As an advanced manufacturing base in the Yangtze River Delta, ZETDZ has a total area of 84.5 square miles. Enjoying an excellent geographical and strategic position at the intersection of the Yangtze River and the Beijing Hangzhou Grand Canal, ZETDZ has unique advantages in location, transportation and industrial facilities, logistics, and human resource.
TAOP’s East China Expansion Project mainly includes:
- Establishing the Taoping G cloud data center, mainly serving East China, providing customers with efficient cloud rendering, cloud desktop, cloud gaming and other cloud application services;
- Conducting R&D, production and sales of Taoping digital servers; and
- Launching the Taoping Digital Culture East China Operation Center to expand digital businesses in cloud application services, international education, and new media.
“The cooperation with ZETDZ on our East China Expansion Project marks another significant step in the deployment of Taoping’s GPU cloud computing power after the launch of Taoping G Cloud Data Center in Dongguan and Hong Kong,” said Mr. Jianghuai Lin, the Chairman and CEO of TAOP. “Establishing a strong presence in East China will accelerate the development of our cloud application and digital business in East China market and the adoption of TAOP smart cloud ecosystem.”
About Taoping Inc.
Taoping Inc. (TAOP) is an integrated group of technology and financial companies with business in Mainland China, Hong Kong, North America and other overseas countries. Relying on its unique strengths in cloud technology and chip supply chain, TAOP provides solutions and cloud services to industries such as film and television production, education, new media, artificial intelligence and asset management. The Company is dedicated to the research and application of blockchain technology as well as investment and management of financial assets at home and abroad. To learn more, please visit http://www.taop.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.
For further information, please contact:
Dragon Gate Investment Partners LLC