TAOP Signs LOI to Acquire 51% of Zhenjiang Taoping IoT Technology Limited
July 28 2021 - 8:00AM
Taoping Inc. (NASDAQ: TAOP, the “Company” or “TAOP”), a provider of
blockchain technology and smart cloud services, today announced
that it has entered into a letter of intent (the “LOI”) with the
shareholders of Zhenjiang Taoping IoT Technology Limited
(“Zhenjiang Taoping”) to acquire not less than 51% of the ownership
of Zhenjiang Taoping.
Established in June 2018, Zhenjiang Taoping has
become a leading and influential new media platform in Zhenjiang
after more than three years of rapid development. With Taoping
smart screens in commercial centers, office buildings, and
residential areas, Zhenjiang Taoping has reached average daily
viewership traffic of more than 250,000. As a TAOP Alliance member,
it provides customized intelligent marketing services for brand
customers in various industries.
On June 29, 2021, the Company entered into an
investment agreement with Zhenjiang Economic and Technological
Development Zone (“ZETDZ”) for TAOP’s East China expansion project.
After the closing of the acquisition, Zhenjiang Taoping is expected
to become an important part of Taoping Digital Culture East China
Operation Center to expand digital businesses in cloud application
services and new media in East China.
Pursuant to the LOI, the purchase price, to be
determined by the parties after the completion of due diligence,
will be paid in the form of ordinary shares of TAOP. The LOI will
be terminated if no definitive agreements are entered into among
the parties before December 31, 2021.
“Signing this LOI is another key strategic step
for TAOP, as the proposed acquisition is expected to accelerate our
East China expansion project,” said Mr. Jianghuai Lin, Chairman and
CEO of TAOP, “We believe this transaction would bring value for our
shareholders and optimize TAOP’s business structure.”
About Taoping
Inc.
Taoping Inc. (TAOP) is an integrated group of
technology and financial companies with business in Mainland China,
Hong Kong, 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:
Taoping Inc.Chang
QiuEmail: chang_qiu@taoping.cn http://www.taop.com/or
Dragon Gate Investment Partners LLCTel:
+1(646)-801-2803Email: taop@dgipl.com
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