Benzinga | Mar 31, 2021 11:32AM EDT

Taoping To Acquire Majority Stake In Render Lake Tech For $1.5M, Rolls Out NFT Business Division

* Digital advertising solutions provider Taoping Inc (NASDAQ: TAOP) inked a share purchase agreement to acquire a 51% stake in Genie Global Limited subsidiary and cloud infrastructure service provider, Render Lake Tech Ltd for a purchase price of $1.53 million based on the valuation of 0.14 shares.

* Render Lake provides wide-ranging cloud solutions and develops cloud desktop, cloud rendering, cloud computing, NFT (Non-Fungible Token), and cloud gaming businesses through its Trusted Partner Network (TPN)-compliant data centers.

* TAOP also announced the launch of the NFT Business Division.

* Cloud computing, blockchain, overseas capital market veteran, and former Grand Shores Technology Co-CEO Qian Wang was appointed as TAOP CIO, NFT Business Division director, and Render Lake GM.

* TAOP held cash and cash equivalent of $0.5 million as of June 30, 2020.

* Price action: TAOP shares traded higher by 4.4% at $10.5 the premarket session on the last check Wednesday.