Benzinga | Jun 11, 2021 08:03AM EDT

Taoping Reports Strategic Cooperation Deal For East China Expansion Project

Taoping Inc. (NASDAQ:TAOP, the &ldquo, Company&rdquo, ))), 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."