SHENZHEN, China, November 24, 2014 /PRNewswire/ — China Information Technology, Inc. (the "Company" or "CNIT") (Nasdaq GS: CNIT), a leading provider of integrated cloud-based platform, exchange, and big data solutions to the Chinese new media industry, today announced that the Company has won contracts to install 10,000 units of its cloud-based new media elevator terminals in Jiangxi province. For the first 4,000 units, the Company will receive one-time sales income for the physical terminals as well as reoccurring monthly platform service fees. For the remaining 6,000 terminals, the Company will receive recurring monthly fees that include terminal rental and platform service fees. The installations are expected to be completed by the end of 2015.
Mr. Jianghuai Lin, Chairman and CEO of CNIT, stated, "We are excited to extend the penetration of our new media services into Nanchang, Jiujiang, Shangrao and other major cities in Jiangxi Province. Our new media terminals will be installed on elevators inside high-traffic commercial, residential and government buildings, targeting audiences with high disposable incomes. Our success in winning these contracts attests to the robustness of our elevator platform and the superior design and functionalities of our cloud-based new media terminals. We plan to roll out our elevator communications and safety solution in more cities nationwide."
Through the CNIT Cloud-App-Terminal elevator platform, the Company’s cloud-based new media terminals display both advertising and public information on 21.5-inch wall mounted vertical displays with high-definition digital output. The multi-functional system enables advertising agencies to remotely manage all of its content. Integrated with surveillance cameras and data collectors, the same terminals receive and transmit technical data on elevator operation to property management, elevator safety supervision and maintenance bureaus on a real-time basis.
About China Information Technology, Inc.
China Information Technology, Inc. (NASDAQ: CNIT) is on a mission to make advertising accessible and affordable for businesses of all sizes. CNIT is a leading provider of integrated cloud-based platform, exchange, and big data solutions to the Chinese new media industry. Its Internet ecosystem enables all participants of the new media community to efficiently promote brands, disseminate knowledge, and exchange resources. Through continuous innovation, CNIT is leveraging its proprietary Cloud-Application-Terminal technology to level the competitive landscape in the new media industry and deliver value for its shareholders, employees, customers, and the community. To learn more, please visit http://www.chinacnit.com.
Safe Harbor Statement
This press release may contain certain "forward-looking statements" relating to the business of China Information Technology, 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.
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