China Information Technology Inc. Announces Newly Signed Contracts During the Third Quarter of 2011
SHENZHEN, China, Oct. 17, 2011 /PRNewswire-Asia-FirstCall/ -- China Information Technology, Inc. (Nasdaq: CNIT), a leading provider of information technologies and display technologies based in China, today announced that it signed $24.6 million in new contracts during the third quarter of 2011. The Company's core IT business segment contributed 44%, or $10.8 million, of the total contract wins, while its Digital Display segment contributed 56%, or $13.8 million.
The Company's third quarter contract wins came from 28 provinces and provincial cities in China. Some of the important contracts secured include:
- $1.35 million for work with the City Authority of Pingshan New Zone in Shenzhen. Under the contract, CNIT is expected to provide a custom, integrated application platform for digital city management, as well as system integration software;
- $0.8 million to create a digital vehicle service monitoring and support system for the Shenzhen Public Security Bureau;
- $0.73 million to create a digital city management system, including a specialized database, for the Chenzhou Municipal Bureau of Urban Management and Administration;
- $0.6 million to supply CNIT-brand 60" and 65" All-in-One touch screen displays to Shandong Province Education Technology Equipment Co., Ltd; and,
- $0.47 million to supply CNIT-brand 63" All-in-One touch screen displays to Suzhou Xinpujie Intelligent Technology Co., Ltd.
Mr. Jiang Huai Lin, Chairman and CEO of the Company, commented, "We saw a decline in the total value of our third quarter contracts, as compared to the same period one year ago. This was the result of a continued slow-down in many government projects following China's implementation of monetary tightening measures at the start of 2011. Still, we remain positive on the long-term outlook for our IT segment, and believe there will be meaningful opportunities for us in the near future. Our Display Technologies segment contributed 56% of total contract value this quarter, supporting our earlier decision to focus on and expand this segment of our business."
About China Information Technology, Inc.
China Information Technology, Inc., through its subsidiaries and other consolidated entities, specializes in information technologies and display technologies. Headquartered in Shenzhen, China, the Company's integrated solutions include specialized software, hardware, systems integration, and related services. 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" including statements regarding: the significance of the third quarter 2011 contract wins to the Company's business and the Company's ability to successfully fulfill its obligations under the contracts; the general ability of the Company to achieve its commercial objectives, including the Company's plan to sustain growth while creating shareholder value; the outlook for the Company's information technologies segment and future opportunities; the business strategy, plans and objectives of the Company and its subsidiaries; and any other statements of non-historical information. These forward-looking statements are 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.
SOURCE China Information Technology, Inc.