TAOP Signs LOI to Acquire Majority Ownership of Yunnan Taoping IoT Limited to Expand Southwest China Market
August 06 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
majority shareholder of Yunnan Taoping IoT Limited (“Yunnan
Taoping”) to acquire additional equity interests and increase its
ownership of Yunnan Taoping to no less than 51%. Currently TAOP’s
variable interest entity, Taoping New Media Co., Ltd., owns about
40% of Yunnan Taoping.
Established in July 2017, Yunnan Taoping has
become a leading and influential new media platform in Yunnan
province after four years of rapid development. As a TAOP Alliance
member, it provides customized intelligent marketing and Taoping
e-Store services for brand customers in various industries. After
the closing of the acquisition, Yunnan Taoping is expected to
become the Southwest Operation Center of the Company to expand
digital businesses in cloud application services and new media in
the region.
Pursuant to the LOI, the purchase price, to be
determined by the two 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
between the parties before March 31, 2022. There is no guarantee
that the transaction contemplated under the LOI will be consummated
as planned or at all.
“The proposed acquisition is expected to
strengthen our leading position in the new-media industry in
Southwest China and add new revenue streams to TAOP,” said Mr.
Jianghuai Lin, Chairman and CEO of TAOP, “Since its establishment
in 2017, Taoping Alliance has grown to an influential nationwide
advertising network with over 200 city partners. As more and more
cities achieve profitability, we will continue to acquire good
performing companies in Taoping network to solidify the
relationship and enhance our competitiveness in the new-media and
smart cloud services industry.”
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.cnhttp://www.taop.com/or
Dragon Gate Investment Partners LLCTel:
+1(646)-801-2803Email: taop@dgipl.com
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