Taoping Inc.

03/29/2021 | Press release | Distributed by Public on 03/29/2021 06:17

TAOP Signs Strategic Cooperation Framework Agreement with Shanghai Guanghua Education and Wuhu Sasan

SHENZHEN, Mar. 29, 2021 -- Taoping Inc. (NASDAQ: TAOP, the "Company"), a provider of Internet-based smart display screens, and a new-media ecosystem that enables targeted advertising and online retail, announces today that it has entered into a strategic cooperation framework agreement with Shanghai Guanghua Education Investment Management Co., Ltd. ("Shanghai Guanghua Education") and Wuhu Sasan Education Management Co., Ltd. ("Wuhu Sasan"), a majority-owned subsidiary of Shanghai Guanghua Education for a term of three years.

Established in 1999, Shanghai Guanghua Education is an education technology service provider engaged in education technology system development, education course content development, education business investment, consulting and management, and sales of technological equipment and stationery. Its main customers are the private schools under the Guanghua brand located in Wuxi city, Hefei city, Ningbo city, and Kunming city. Founded in 2019, Wuhu Sasan is engaged in education management, education project research, education course content development, education software development, educational activities planning and sales of teaching supplies.

As part of the agreement, TAOP and Wuhu Sasan intend to form a joint venture company in Wuhu city, China. TAOP and Wuhu Sasan will own 51 percent and 49 percent equity interests in the joint venture, respectively. The business of the joint venture company is expected to be part of TAOP's newly created Digital Culture Business Division.

The joint venture plans to:

Digitalize the high-quality educational resources of Shanghai Guanghua Education and Wuhu Sasan through TAOP's smart cloud platform.

Provide online education through TAOP's smart cloud platform.

Work together on study abroad and Project-Based Learning (PBL) programs.

Co-develop cloud rendering business backed by TAOP's smart cloud.

Explore potential cooperation in the fields of cloud computing, cloud desktop and non-fungible token (NFT).

"While distance learning became the top 2020 education technology trend, we see a constantly growing demand for high-quality education technology service," said Mr. Jianghuai Lin, the Chairman and CEO of TAOP. "By applying technologies such as cloud rendering to our education platform, we'll be able to build a platform with outstanding features and increase the accessibility and quality of education. We believe the joint venture will be well positioned to bring new learning experience to our communities of over 200 cities in China."