SHENZHEN, China, Jan. 14, 2011 /PRNewswire-Asia-FirstCall/ -- China Information Technology, Inc. (Nasdaq: CNIT), a leading total solutions provider of geographic information systems (GIS), digital public security technology (DPST) and digital hospital information systems (DHIS) in China, today announced that its newly signed contracts in the fourth quarter of 2010 were valued at $39.6 million, bringing the total contracts amount signed in 2010 to $151.5 million, an increase of 35.8% compared to the year of 2009.
The Company's fourth quarter contract wins came from 25 provinces and provincial cities in China. Some of the important contracts secured included:
- $3 million under China's National PGIS Standardization Project, to install its core PGIS platform in Jincheng (Shanxi Province), Guangzhou and Foshan (Guangdong Province), Nanning (Guangxi Province), and Henan Province;
- $1.5 million to supply digital large-screen products to customers in the Chinese coal mining industry;
- $1.1 million for a GIS project at the Zhongshan City Medical Rescue Center;
- $0.9 million for a First Responder Platform for the Yunfu City 110 Command Center;
- $0.6 million for the Hospital Information System (HIS) upgrade at the Shenzhen Longgang Hospital.
Mr. Jiang Huai Lin, Chairman and CEO of the Company, commented, "We are pleased to announce significant contract wins for the fourth quarter of 2010. Our company's role in important public and private sector projects throughout the country remains strong, as we continue to be recognized for innovative and reliable software and information technology solutions. We are confident our core products, including PGIS, HIS and GIS offerings, will enhance the efficiency and safety for these mission-critical projects. We also expect the new contracts will lead to important future opportunities for us in follow-on projects and other maintenance work.
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 digital hospital information systems (DHIS), with the goal of being the largest GIS software provider 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 Security Technology, Inc., and its subsidiary companies. All statements, other than statements of historical fact included herein are "forward-looking statements" including: the significance of the fourth quarter 2010 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; the Company's growth prospects, 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.