China Information Technology Board of Directors Approves Change in Domicile to British Virgin Islands
SHENZHEN, China, June 21, 2012 /PRNewswire-Asia-FirstCall/ -- China Information Technology, Inc. (Nasdaq: CNIT), a leading provider of information technologies and display technologies based in China, today announced that its Board of Directors has unanimously approved the redomestication of the Company from the State of Nevada to the British Virgin Islands. A wholly-owned subsidiary of the Company, China Information Technology, Inc., a British Virgin Islands company, or CNIT BVI, today filed a registration statement on Form F-4 relating to the redomestication transaction and the inclusion of a proposal to approve this transaction at the Company's next annual stockholders meeting.
It is the Board's belief that the redomestication will make CNIT BVI's shares more attractive to non-U.S. investors and ultimately broaden its shareholder base. The redomestication would allow the Company to dual-list its shares on the Hong Kong Stock Exchange but it does not mandate that the dual-listing will occur. The redomestication is also expected to allow the Company to qualify as a "foreign private issuer" under the rules and regulations of the Securities and Exchange Commission, or the SEC, and thereby reduce its operational, administrative, legal and accounting costs. After the redomestication, assuming it is approved by the Company's stockholders, the Company is expected to continue to trade on the NASDAQ Stock Market.
Additional Information about the Redomestication and Where to Find It
In connection with the proposed redomestication, CNIT BVI has prepared a registration statement containing a proxy statement/prospectus that is filed with the SEC. When completed, a definitive proxy statement/prospectus and a form of proxy will be mailed or otherwise made available to the stockholders of the Company in accordance with SEC rules, regulations and staff policies, seeking their approval of the transaction. Stockholders are urged to read the proxy statement/prospectus regarding the proposed acquisition carefully and in its entirety (when available) because it will contain important information about the proposed redomestication. Stockholders can obtain, without charge, a copy of the proxy statement/prospectus and other relevant documents filed with the SEC from the SEC's website at http://www.sec.gov. Stockholders will also be able to obtain, without charge, a copy of the proxy statement/prospectus and other relevant documents (when available) by directing a request by e-mail to IR@chinacnit.com.
The Company and its directors and officers may be deemed to be participants in the solicitation of proxies from the Company's stockholders with respect to the proposed redomestication. Information about the Company's directors and executive officers and their ownership of the Company's common stock will be set forth in the definitive proxy statement/prospectus when filed with the SEC. Stockholders may obtain additional information regarding the interests of the Company and its directors and executive officers in the proposed redomestication, which may be different than those of the Company's stockholders generally, by reading the definitive proxy statement/prospectus and other relevant documents regarding the proposed redomestication when filed with the SEC.
About China Information Technology, Inc.
China Information Technology, Inc., through its subsidiaries and other consolidated entities, specializes in geographic information systems (GIS), digital public security technology (DPST), and hospital information systems (HIS), as well as high-end digital display products and solutions in China. Headquartered in Shenzhen, China, the Company's integrated solutions include specialized software, hardware, systems integration, and related services to help its customers improve efficiency in information management. To learn more about the Company, please visit its corporate website at 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 subsidiary companies. All statements, other than statements of historical fact included herein, are "forward-looking statements". These forward-looking statements, often identified by the use of forward-looking terminology 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 or persons acting on its 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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SOURCE China Information Technology, Inc.