China Information Technology, Inc. Announces First Half-year 2014 Results
SHENZHEN, China, Aug. 20, 2014 /PRNewswire/ -- China Information Technology, Inc. (the "Company") (Nasdaq: CNIT), a leading provider of internet-based platforms, products and services in China, today announced its financial results for the six month period ended June 30, 2014.
First Half-Year 2014 Financial Highlights
- Revenue decreased 19.6% to $30.0 million compared to the first six months of 2013
- Gross margin increased significantly to 39.3%, up from 20.6% a year ago
- Net income attributable to the Company was $31,000, compared with a net loss of $50.5 million for the first six months of 2013
- Excluding non-cash items, adjusted net income increased to $1.6 million, from an adjusted net loss of $5.2 million for the first six months of 2013
- Fully diluted net income attributable to the Company per share was break-even, an increase from fully diluted net loss attributable to the Company per share of $1.87 for the six months ended June 30, 2013
- Excluding non-cash items, adjusted net income per share was $0.06, compared to an adjusted net loss per share of $0.19 for the prior year's period
Mr. Jiang Huai Lin, Chairman and Chief Executive Officer of the Company, commented, "Our transition to a cloud-based business model driven by our proprietary Cloud-App-Terminal (CAT) technology is progressing well. We are already experiencing improved margins and the revenue from our internet-based software business which grew significantly during the period. Our Cloud Platform is comprised of robust sector-specific applications and we will continue to innovate and introduce new cloud-based applications to meet the growing market demand for mobile internet and Internet-of-Things."
"Our early-mover advantage in the vertically integrated CAT model has paved the way for us to penetrate many sectors. This cloud-based platform and its variety of applications enable end-users in education, healthcare, consumer goods, property management, and community services sectors to improve efficiencies and save costs with a one-stop online platform. Users can manage all of their services through a single interface with one log-in, centralized storage, one-click payment and a standardized e-Commerce shopping cart. Our goal is to create a cross-platform, cloud-based eco-system where users, products and services are fully integrated."
"As we move forward with our transition and continue to restructure our business units, we are focused on increasing market share, posting faster growth in new business segments, producing stronger margins and generating stronger cash-flow. We look forward to a further improved 2014."
First Half-Year 2014 Results
The Company reported financial and operating information in the following two segments:
(1) |
Information Technology, or IT, segment — The IT segment includes revenues from products and services surrounding a variety of our software core competencies, primarily including Geographic Information Systems (GIS), Digital Public Security Technology (DPST) and Digital Hospital Information Systems (DHIS). IT segment revenues are generated from the sales of software and system integration services, as well as hardware other than display products. |
(2) |
Internet-based Technology, or IBT, segment — The IBT segment includes revenues from products and services surrounding our internet-based cloud platform and applications primarily comprising of Cloud-based Education Platform (CEP), Information Distribution Platform (IDP), Online Ad Exchange Platform (OAEP), and display terminals. IBT segment revenues are generated from sales of hardware and total solutions of hardware integrated with proprietary software and content, as well as services. |
Revenue
A breakdown of revenue, percentage of revenue and percentage of gross margin by segment is as follow:
Six Months Ended June 30, 2014 |
Six Months Ended June 30, 2013 |
||||||||||
Revenue |
% of |
Gross |
Revenue |
% of |
Gross |
||||||
IT Business |
$17,366,980 |
57.9% |
44.6% |
$12,205,206 |
32.7% |
27.4% |
|||||
Internet-based Business |
$12,609,188 |
42.1% |
32.0% |
$25,077,866 |
67.3% |
17.3% |
|||||
Total |
$29,976,168 |
100% |
39.3% |
$37,283,072 |
100% |
20.6% |
For the six months ended June 30, 2014, revenue was $30.0 million, compared with $37.3 million for the six months ended June 30, 2013, a decrease of $7.3 million, or 19.6%. The change in total revenue was primarily due to the effective optimization within the Company's internet-based business unit by shifting from hardware sales to cloud-based software and platform services, which resulted in significant revenue reduction but substantial gross margin expansion. The revenue from IT business also grew from $12.2 million a year ago to $17.4 million in the first six months of 2014, as a few large IT infrastructure projects completed and, subsequently, the related revenue was recognized in the period.
The following table shows revenue, percentage of revenue and gross margin by category:
Six Months Ended June 30, 2014 |
Six Months Ended June 30, 2013 |
|||||
Revenue |
% of |
Gross |
Revenue |
% of |
Gross |
|
Products |
$10,916,881 |
36.4% |
21.5% |
$25,210,925 |
67.6% |
18.3% |
Software |
11,414,618 |
38.1% |
65.5% |
7,225,853 |
19.4% |
27.7% |
System integration |
6,885,972 |
23.0% |
29.2% |
3,988,882 |
10.7% |
24.8% |
Others |
758,697 |
2.5% |
-6.4% |
857,412 |
2.3% |
10.0% |
Total |
$29,976,168 |
100% |
39.3% |
$37,283,072 |
100% |
20.6% |
The Company's product sales decreased by $14.3 million, or 56.7%, to $10.9 million for the six months ended June 30, 2014, compared with $25.2 million in the same period of 2013. Hardware product sales constituted 36.4% of total revenue during the six month period ended June 30, 2014, compared with 67.6% during the same period in 2013. The decrease in product sales was attributable to the Company's new strategy on shifting from hardware sales to cloud-based software and platform services, As a result of the transition, the overall gross margin also increased from 20.6% a year ago to 39.3% in the first six months of 2014.
Software sales increased by $4.2 million, or 58.0%, to $11.4 million for the six months ended June 30, 2014, from $7.2 million for the same period in 2013. Software sales increased to 38.1% of total revenue, from 19.4% during the same period in the prior year. The change was primarily due to the increased sales of new cloud-based platform products and information systems.
Sales of system integration services increased by $2.9 million, or 72.6%, to $6.9 million for the six months ended June 30, 2014, from $4.0 million for the same period in 2013. This increase was primarily due to the sales of new large system integration solutions engagements in connection with some large IT infrastructure projects. As a percentage of revenue, system integration sales increased from 10.7% during the six months ended June 30, 2013 to 23.0% during the six months ended June 30, 2014.
Other revenue decreased by $99,000, or 11.5%, from $0.9 million in the six months ended June 30, 2013 to $0.8 million in the same period of 2014. This decrease was mainly due to a decrease in maintenance services during the current period.
Cost of Revenue and Gross Profit
Cost of revenue decreased by $11.4 million, or 38.5%, to $18.2 million for the six months ended June 30, 2014, as compared with $29.6 million for the six months ended June 30, 2013. As a percentage of revenue, cost of revenue decreased to 60.7% during the six months ended June 30, 2014, from 79.4% in the same period of 2013. As a result, gross margin was 39.3% for the six months ended June 30, 2014, a significant increase from 20.6% in the same period of 2013.
The increase in the overall gross margin primarily resulted from the Company's strategic shift from a traditional IT business to an internet-based technology business, which commands higher margins.
Administrative Expenses
Administrative expenses decreased by $37.4 million, or 83.9%, to $7.2 million for the six months ended June 30, 2014, from $44.6 million for the same period of 2013. The significant decrease in administrative expenses was primarily due to a $34.7 million decrease in provision for doubtful accounts receivables.
Research and Development Expenses
Research and development expenses decreased by $0.5 million, or 33.2%, to $1.0 million for the six months ended June 30, 2014, from $1.5 million for the same period of 2013. As a percentage of revenue, research and development expenses accounted for approximately 3.2% of total revenue for the six months ended June 30, 2014, compared with 3.9% for the same period in 2013.
Selling Expenses
Selling expenses decreased by $61,000, or 1.5%, to $4.0 million for the six months ended June 30, 2014, from $4.1 million for the same period of 2013. As a percentage of revenue, selling expenses accounted for approximately 13.4% of total revenue for the six months ended June 30, 2014, compared with 11.0% for the same period in 2013. The increase in percentage of revenue was due to the decrease in revenue outpaced the decrease in selling expenses.
Impairment of property, plant and equipment
Impairment of property, plant and equipment was $9.1 million for the six months ended June 30, 2013 as compared with nil for the six months ended June 30, 2014, reflecting the declining market value of certain purchased GIS-related software in light of the protracted challenging environment in the software contracting segment for Chinese government projects.
Net Income and Adjusted Net Income
Net income was $31,000 for the six months ended June 30, 2014, compared to a net loss of $50.5 million for the same period in 2013. Fully diluted net income per share was break-even, compared with a fully diluted net loss per share of $1.87, in the six months ended June 30, 2013. Excluding non-cash items mainly in the categories of provision for losses on accounts receivables, impairment of property, plant, equipment, and stock-based compensation, adjusted net income for the period was $1.6 million, compared with an adjusted net loss of $5.2 million in the first six months of 2013. Adjusted net income per share was $0.06 for the six months ended June 30, 2014, compared with adjusted net loss per share of $0.19 for the six months ended June 30, 2013.
Cash and Cash Equivalents
As of June 30, 2014, the Company had $5.4 million in cash and cash equivalents and $11.0 million in restricted cash. For the six month period ended June 30, 2014, net cash used in operating activities was $4.7 million, as compared with net cash used in operating activities of $13.5 million in the same period of last year.
About Non-GAAP Financial Measures
This press release contains non-GAAP financial measures for earnings that exclude non-cash charges. The Company believes that these non-GAAP financial measures are useful to investors because they exclude non-cash charges that management excludes when it internally evaluates the performance of the Company's business and makes operating decisions, including internal budgeting, and performance measurement, as these measures provide a consistent method of comparison to historical periods. Moreover, management believes these non-GAAP measures reflect the essential operating activities of the Company. Accordingly, management excludes the expense arising from certain non-cash charges when making operational decisions. The Company also believes that providing the non-GAAP measures that management uses to its investors is useful to investors for a number of reasons. The non-GAAP measures provide a consistent basis for investors to understand the Company's financial performance in comparison to historical periods. In addition, it allows investors to evaluate the Company's performance using the same methodology and information as that used by the Company's management. Non-GAAP measures are subject to inherent limitations because they do not include all of the expenses included under GAAP and because they involve the exercise of judgment of which charges are excluded from the non-GAAP financial measure. However, the Company's management compensates for these limitations by providing the relevant disclosure of the items excluded.
The following table presents the non-GAAP financial measures contained in this press release and the most directly comparable GAAP measures and provides a reconciliation of the non-GAAP measures to the most directly comparable GAAP measures.
Six Months Ended June 30, 2014 Reconciliation of Net Income Attributable to the Company and EPS |
||||
Six Months |
Six Months |
|||
Ended |
Ended |
|||
June, 30 2014 |
June, 30 2013 |
|||
Net Income (Loss) Attributable to the Company |
$ |
30,649 |
$ |
(50,516,426) |
Amortization of intangible assets |
466,220 |
489,228 |
||
Provision for losses on accounts receivable |
1,014,262 |
35,680,106 |
||
Impairment of property, plant, equipment and other long lived assets |
37,615 |
9,122,945 |
||
Stock-based expenses |
98,782 |
- |
||
Adjusted Net Income (Loss) |
$ |
1,647,528 |
$ |
(5,224,147) |
Weighted Average Number of Shares Outstanding |
||||
Basic |
27,865,021 |
27,007,608 |
||
Diluted |
27,865,021 |
27,007,608 |
||
Adjusted Earnings (Loss) per share |
||||
Basic |
$ |
0.06 |
$ |
(0.19) |
Diluted |
$ |
0.06 |
$ |
(0.19) |
About China Information Technology, Inc.
Headquartered in Shenzhen, China, China Information Technology, Inc., through its subsidiaries and other consolidated entities, provides the CNIT Cloud Platform based on its proprietary Cloud-App-Terminal (CAT) model. The Company's cloud-based products include Cloud-based Education Platform (CEP), Information Distribution Platform (IDP), Online Ad Exchange Platform (OAEP), etc. The Company's integrated hardware, software, and cloud-based services serve a variety of customers in the fields of government, education, healthcare, financial, commercial, communication and individual consumers. 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" 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 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.
For further information, please contact:
China Information Technology, Inc.
Tiffany Pan
Tel: +86 755 8370 4767
Email: [email protected]
http://www.chinacnit.com
Grayling
Investor Relations
Tel: +1.646.284.9474
Email: [email protected]
CHINA INFORMATION TECHNOLOGY, INC. |
||||||||||||||
June 30 |
December 31 |
|||||||||||||
2014 |
2013 |
|||||||||||||
(unaudited) |
||||||||||||||
ASSETS |
||||||||||||||
CURRENT ASSETS |
||||||||||||||
Cash and cash equivalents |
$ |
5,406,699 |
$ |
11,083,592 |
||||||||||
Restricted cash |
11,047,912 |
10,345,825 |
||||||||||||
Accounts receivable, net of allowance for doubtful |
32,919,812 |
22,716,298 |
||||||||||||
Bills receivable |
406,638 |
1,097,025 |
||||||||||||
Advances to suppliers |
6,546,553 |
8,331,149 |
||||||||||||
Amounts due from related parties |
488,391 |
508,355 |
||||||||||||
Inventories |
14,543,458 |
15,655,723 |
||||||||||||
Other receivables and prepaid expenses |
14,927,587 |
10,975,335 |
||||||||||||
Deferred tax assets |
542,842 |
498,459 |
||||||||||||
TOTAL CURRENT ASSETS |
86,829,892 |
81,211,761 |
||||||||||||
Deposit for purchase of land use rights |
18,141,482 |
18,237,303 |
||||||||||||
Long-term investments |
2,641,875 |
2,661,385 |
||||||||||||
Property, plant and equipment, net |
30,415,128 |
31,531,027 |
||||||||||||
Land use rights, net |
12,969,987 |
13,222,442 |
||||||||||||
Intangible assets, net |
14,491,762 |
14,307,939 |
||||||||||||
Goodwill |
27,487,936 |
27,719,869 |
||||||||||||
Deferred tax assets |
1,077,608 |
347,264 |
||||||||||||
TOTAL ASSETS |
$ |
194,055,670 |
$ |
189,238,990 |
||||||||||
LIABILITIES AND EQUITY |
||||||||||||||
CURRENT LIABILITIES |
||||||||||||||
Short-term bank loans |
$ |
56,737,622 |
$ |
58,948,332 |
||||||||||
Accounts payable |
18,418,513 |
17,857,866 |
||||||||||||
Bills payable |
33,278,899 |
26,549,982 |
||||||||||||
Advances from customers |
2,745,035 |
4,623,283 |
||||||||||||
Accrued payroll and benefits |
2,325,728 |
2,845,977 |
||||||||||||
Amounts due to related parties |
862,643 |
900,350 |
||||||||||||
Other payables and accrued expenses |
12,955,955 |
12,544,571 |
||||||||||||
Income tax payable |
3,837,694 |
3,720,807 |
||||||||||||
TOTAL CURRENT LIABILITIES |
131,162,089 |
127,991,168 |
||||||||||||
Long-term bank loans |
264,106 |
312,547 |
||||||||||||
Amounts due to related parties, long-term portion |
- |
13,129 |
||||||||||||
Deferred tax liabilities |
578,178 |
742,696 |
||||||||||||
TOTAL LIABILITIES |
$ |
132,004,373 |
$ |
129,059,540 |
||||||||||
COMMITMENTS AND CONTINGENCIES |
||||||||||||||
Common stock, par $0.01; shares issued and outstanding: 725,000 shares |
$ |
2,175,000 |
$ |
2,175,000 |
||||||||||
EQUITY |
||||||||||||||
Common stock, par $0.01; authorized capital 100,000,000 shares; shares issued and outstanding, 2014:29,975,420 shares; 2013:28,641,528 shares |
$ |
317,336 |
$ |
309,076 |
||||||||||
Treasury stock,2014: 717,448;2013: 1,225,311 shares |
(4,290,000) |
(4,814,775) |
||||||||||||
Additional paid-in capital |
120,377,948 |
115,668,644 |
||||||||||||
Reserve |
14,629,369 |
14,629,369 |
||||||||||||
Accumulated deficit Retained |
(113,521,900) |
(113,513,766) |
||||||||||||
Accumulated other comprehensive income |
24,750,115 |
25,070,226 |
||||||||||||
Total equity of the Company |
42,262,868 |
37,348,774 |
||||||||||||
Non-controlling interest |
17,613,429 |
20,655,676 |
||||||||||||
Total equity |
59,876,297 |
58,004,450 |
||||||||||||
TOTAL LIABILITIES AND EQUITY |
$ |
194,055,670 |
$ |
189,238,990 |
||||||||||
CHINA INFORMATION TECHNOLOGY, INC.
|
||||||||||
Six Months Ended June 30,
|
Six Months Ended June 30,
|
|||||||||
2014 |
2013 |
|||||||||
Revenue – Products |
$ |
10,916,881 |
$ |
25,210,925 |
||||||
Revenue – Software |
11,414,618 |
7,225,853 |
||||||||
Revenue - System integration |
6,885,972 |
3,988,882 |
||||||||
Revenue – Others |
758,697 |
857,412 |
||||||||
TOTAL REVENUE |
29,976,168 |
37,283,072 |
||||||||
Cost - Products sold |
8,575,669 |
20,604,248 |
||||||||
Cost - Software sold |
3,941,523 |
5,222,113 |
||||||||
Cost - System integration |
4,872,634 |
2,999,223 |
||||||||
Cost – Others |
806,930 |
771,986 |
||||||||
TOTAL COST |
18,196,756 |
29,597,570 |
||||||||
GROSS PROFIT |
11,779,412 |
7,685,502 |
||||||||
Administrative expenses |
7,209,614 |
44,647,394 |
||||||||
Research and development expenses |
973,596 |
1,458,136 |
||||||||
Selling expenses |
4,031,732 |
4,092,764 |
||||||||
Impairment of property, plant and equipment |
- |
9,122,945 |
||||||||
LOSS FROM OPERATIONS |
(435,530) |
(51,635,737) |
||||||||
Subsidy income |
1,281,608 |
866,798 |
||||||||
Other income, net |
435,817 |
657,381 |
||||||||
Interest income |
245,994 |
173,037 |
||||||||
Interest expense |
(2,536,690) |
(2,642,502) |
||||||||
LOSS BEFORE INCOME TAXES |
(1,008,801) |
(52,581,023) |
||||||||
Income tax benefit (expense) |
511,208 |
(411,550) |
||||||||
NET LOSS |
(497,593) |
(52,992,573) |
||||||||
Less: Net loss attributable to the non-controlling interest |
528,242 |
2,476,147 |
||||||||
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY |
$ |
30,649 |
$ |
(50,516,426) |
||||||
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING |
||||||||||
Basic |
27,865,021 |
27,007,608 |
||||||||
Diluted |
27,865,021 |
27,007,608 |
||||||||
EARNINGS (LOSS) PER SHARE-BASIC AND DILUTED |
||||||||||
Basic |
$ |
* |
$ |
(1.87) |
||||||
Diluted |
$ |
* |
$ |
(1.87) |
||||||
* Amount is less than $0.01 per share |
CHINA INFORMATION TECHNOLOGY, INC.
|
||||||||||
Six Months Ended |
Six Months Ended |
|||||||||
June 30, |
June 30, |
|||||||||
2014 |
2013 |
|||||||||
Net loss |
$ |
(497,593) |
$ |
(52,992,573) |
||||||
Other comprehensive income: |
||||||||||
Foreign currency translation (loss) gain |
(403,224) |
2,794,303 |
||||||||
Comprehensive loss |
(900,817) |
(50,198,270) |
||||||||
Comprehensive loss attributable to the non-controlling interest |
611,355 |
2,269,106 |
||||||||
Comprehensive loss attributable to the Company |
$ |
(289,462) |
$ |
(47,929,164) |
CHINA INFORMATION TECHNOLOGY, INC.
|
|||||||||||
Six Months |
Six Months |
||||||||||
Ended |
Ended |
||||||||||
June 30, 2014 |
June 30, 2013 |
||||||||||
OPERATING ACTIVITIES |
|||||||||||
Net loss |
$ |
(497,593) |
$ |
(52,992,573) |
|||||||
Adjustments to reconcile net loss to net cash used in operating activities: |
|||||||||||
Impairment of intangible assets |
37,615 |
- |
|||||||||
Provision for losses on accounts receivable |
1,014,262 |
35,680,106 |
|||||||||
Depreciation |
1,141,391 |
4,929,656 |
|||||||||
Amortization of intangible assets and land use rights |
1,020,474 |
1,211,730 |
|||||||||
Stock-based expenses |
98,782 |
- |
|||||||||
Gain on disposal of property and equipment, net |
(20,401) |
- |
|||||||||
Impairment of property, plant and equipment, net |
- |
9,122,945 |
|||||||||
Provision (recovery) for inventory allowance |
12,794 |
(1,433,684) |
|||||||||
Change in deferred income tax |
(942,313) |
351,802 |
|||||||||
Changes in operating assets and liabilities |
|||||||||||
Increase in restricted cash |
(1,290,868) |
(6,325,755) |
|||||||||
(Increase)decrease in accounts receivable |
(10,293,759) |
377,404 |
|||||||||
Decrease in advances to suppliers |
1,773,433 |
724,276 |
|||||||||
Increase in other receivables and prepaid expenses |
(4,346,491) |
(2,774,225) |
|||||||||
Decrease(increase) in inventories |
984,636 |
(1,514,168) |
|||||||||
Increase (decrease) in accounts payable and bills payable |
7,633,826 |
(6,559,336) |
|||||||||
(Decrease)increase in advances from customers |
(1,848,899) |
1,122,859 |
|||||||||
(Decrease)increase in amounts due to/from related parties |
(72,954) |
841,430 |
|||||||||
Increase in accrued expenses and other liabilities |
800,104 |
4,061,813 |
|||||||||
Increase (decrease) in income tax payable |
143,794 |
(342,935) |
|||||||||
Net cash used in operating activities |
(4,652,167) |
(13,518,655) |
|||||||||
INVESTING ACTIVITIES |
|||||||||||
Proceeds from sales of property and equipment |
20,411 |
16,992 |
|||||||||
Purchases of property, plant and equipment |
(285,572) |
(138,228) |
|||||||||
Capitalized and purchased software development costs |
(1,187,378) |
(1,355,726) |
|||||||||
Deposit refunded for land-use-rights |
- |
1,458,730 |
|||||||||
Investment in Zhongtian and GEO |
(698,152) |
- |
|||||||||
Net cash used in investing activities |
(2,150,691) |
(18,232) |
|||||||||
FINANCING ACTIVITIES |
|||||||||||
Borrowings under short-term loans |
53,370,861 |
67,900,348 |
|||||||||
Repayment of short-term loans |
(55,160,129) |
(55,817,665) |
|||||||||
Repayment of long-term loans |
(46,670) |
(17,788) |
|||||||||
Purchase of treasury stock |
(1,290,000) |
- |
|||||||||
Decrease (increase)in restricted cash in relation to bank borrowings |
511,026 |
(1,261,026) |
|||||||||
Common stock issued for cash |
3,683,028 |
||||||||||
Net cash provided by financing activities |
1,068,116 |
10,803,869 |
|||||||||
Effect of exchange rate changes on cash and cash equivalents |
57,849 |
42,406 |
|||||||||
NET DECREASE IN CASH AND CASH EQUIVALENTS |
(5,676,893) |
(2,690,612) |
|||||||||
CASH AND CASH EQUIVALENTS, BEGINNING |
11,083,592 |
10,747,998 |
|||||||||
CASH AND CASH EQUIVALENTS, ENDING |
$ |
5,406,699 |
$ |
8,057,386 |
|||||||
Supplemental disclosure of significant non-cash transactions:
In 2014, the Company issued 439,503 shares of its common stock with a market value of $1,784,382 to minority shareholders of Zhongtian and Geo in exchange for 4.53% and 16.27%, respectively, of Zhongtian and Geo.
SOURCE China Information Technology, Inc.
WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM?
Newsrooms &
Influencers
Digital Media
Outlets
Journalists
Opted In
Share this article