SHENZHEN, China, March 28, 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 announces contract wins worth US$3.3 million to provide its core DPST and GIS solutions.
The contracts secured include agreements to:
- supply Police-use GIS and PDA equipment for the Shenzhen City Traffic Police Mobile Law-enforcement System. The Company's technology will enable highly efficient allocation and management of traffic police resources, while the PDA handsets held by police officers on the ground will enhance faster processing of traffic concerns. The System is a main component of the city's intelligent traffic solution and a critical tool in relieving Shenzhen's challenging traffic problems;
- install Police-use GIS platform in Jiaozuo and Hebi City of Henan Province under China's National PGIS Standardization Project; and
- build a First Responder Coordination System for Anxi City of Fujian Province. The System will facilitate centralized reporting, command and execution capabilities, and will integrate fire, traffic and general police response systems into one consolidated platform, enabling rapid response to emergencies.
"We continue to see strong demand for our core services and products in mission-critical projects across the country in 2011," said Mr. Jiang Huai Lin, Chairman and CEO of the Company. "We are securing new and follow-on contracts due to our brand's reputation, and the increasing recognition of our technology and information systems as standard-setters in the industries to which we provide our services. Our solid fundamentals and well-established growth strategy put us in a favorable position to capture opportunities resulting from China's growing demand for GIS, DHIS, and IT for public safety. As such, we reaffirm our guidance for 2011, with projected revenue in the range from $165 million to $187 million, and adjusted net income in the range from $42 million to $45 million. We will continue to execute on our business plans throughout the year."
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 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.
For further information, please contact:
China Information Technology, Inc.
Iris Yan Tel: +86-755-8370-4767
SOURCE China Information Technology, Inc.