SHENZHEN, China, Oct. 14 /PRNewswire-Asia-FirstCall/ -- China Information Technology, Inc. (Nasdaq: CNIT), a leading total solutions provider of Geographic Information Systems (GIS), digital public security and hospital information systems in China, today announced that its newly signed contracts in the third quarter of 2010, valued at $42 million, resulted in a record high for the Company and represents an increase of 40% compared to the 2009 third quarter. Management expects that the majority of these contracts will be recognized as revenue in 2010.
The Company won contracts from clients in 25 provinces and provincial cities throughout China. Some important contracts secured in the third quarter included:
-- $15 million for a security system for the 2011 Summer Universiade (Shenzhen); -- $1.3 million for a Digital City Project for the Haikou City Planning Bureau, Hainan Province; -- $1.3 million for a Police-use GIS for the Tianjin City Public Security Bureau; -- $0.97 million for a First Responder Coordination System for the Haikou City Firefighting Bureau, Hainan Province; -- $0.58 million for a Hospital Information System for the Zhanjiang Maternal and Child Health Hospital; and -- $0.50 million for a Hospital Information System for the Dongguan People's Hospital.
Mr. Jiang Huai Lin, Chairman and CEO of the Company, commented, "We are pleased with the continued growth of our performance alongside our portfolio of high-tech products and solutions. We believe that this quarter's new contracts further demonstrate our commitment to expanding our market share in China's high-growth GIS and HIS space. We expect to continue this trend through our extensive product offerings and superior brand name."
About China Information Technology, Inc.
China Information Technology, Inc., through its subsidiaries and other consolidated entities, specializes in Geographic Information System ("GIS"), digital public security and hospital information systems, with the goal of being the largest GIS software provider in China. Headquartered in Shenzhen, China, the Company's total solutions include specialized software, hardware, systems integration, and related services organized into three business segments - Geographic Information Systems ("GIS"), Digital Information Security Technology ("DIST"), and Digital Hospital Information Systems ("DHIS"). 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 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, including its plan to continue expansion of its market share in China's high-growth GIS and HIS space through its extensive product offerings and superior brand name; 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.
For further information, please contact: China Information Technology, Inc. Iris Yan Phone: +86-755-8370-4767 Email: email@example.com Web: http://www.chinacnit.com Christensen Kathy Li Tel: +1-480-614-3036 Email: firstname.lastname@example.org Teal Willingham Phone: +86-10-5971-2001 Email: email@example.com
SOURCE China Information Technology, Inc.