China Information Technology, Inc. Won WeMedia Platform and Public InfoCloud Contracts
SHENZHEN, China, May 6, 2014 /PRNewswire/ -- China Information Technology, Inc. ("CNIT" or the "Company") (Nasdaq: CNIT), a leading provider of integrated cloud-based solutions including Internet-of-Things ("IoT"), public InfoCloud, WeMedia platform, Smart City and other Internet-related services in China, today announced the Company won important contracts in its core WeMedia and Public InfoCloud businesses with a total value of approximately $3.0 million, customers of which include Hunan Province Tobacco Company, Zhengzhou Dmall E-commerce and Guizhou Duogou E-commerce. As of today, customers of the Company's WeMedia platform are from various industries and areas including education, banking, tobacco, weather forecast, e-commerce, real-estate, hotel, restaurant, entertainment, train business, hospital, government and community.
Under each contract, the Company would provide a comprehensive commercial-use WeMedia platform (the "Platform") comprising of CNIT's proprietary Public InfoCloud (www.pubds.com) and smart cloud display P-TV/P-Box, which enables the online exchange of advertising products and new-media resources, and promotes commodity information's smart distribution and demonstration. Moreover, the Platform facilitates commercial users' O2O (Online-to-Offline) transaction of advertising products from PCs/smart phones to display panels. In addition to initial sales of display terminal hardware (P-TV and P-Box) and software (cloud platform), CNIT WeMedia platform and Public InfoCloud will allow the Company to receive recurring annual service fees ranging from $30-$50 per terminal, depending on various customer needs. The Company expects that the pervasiveness and scalability of Public InfoClould will enable its fast penetration into the sizable market of commercial terminal users throughout China, which may generate substantial recurring revenues for the Company.
Mr. Jiang Huai Lin, Chairman and Chief Executive Officer of the Company, commented, "We are excited about our contract wins in the tobacco and e-commerce industries, which demonstrates the strong brand recognition and reputation of our core WeMedia platform and Public InfoCloud products. We believe our new "Internet-based products and services" business model will become a solid momentum to achieve sustainable growth with high earnings for the Company."
About China Information Technology, Inc.
Headquartered in Shenzhen, China, China Information Technology, Inc., through its subsidiaries and other consolidated entities, provides smart city and cloud-based business solutions in China. The Company's cloud-based products include WeMedia platform, Smart EduCloud and Public InfoCloud; Smart City solutions include smart urban planning/management, smart medical, smart transportation, smart power grid, etc. The Company's integrated hardware, software, and cloud-based services serve a variety of customers in the fields of government, education, medical, 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 includes certain statements that are not descriptions of historical facts, but 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.
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SOURCE China Information Technology, Inc.