SHENZHEN, China, Oct. 11 /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 the Company has won approximately RMB10 million (approximately $1.5 million) in contracts to supply its digital large-screen products to customers in China's coal mining industry.
The contracts require the Company to provide its proprietary Digital Light Processing (DLP) and Liquid Crystal Display (LCD) multi-screen display systems for several domestic coal mining companies, including the Hexi coal mine in Shanxi Province, the Songjiagou coal mine in Shanxi Province and Panzhihua coal mine in Sichuan Province. Revenue under the contracts is expected to be recognized in 2010.
Mr. Jiang Huai Lin, Chairman and CEO of the China Information Technology, commented, "We are very pleased by our inroads into China's coal mining sector, which we believe demonstrates our strong product offering and our ability to customize our digital display systems to capture demand from other sectors. We expect that these contract wins will further consolidate our brand recognition in the multimedia and digital display market, and better position us as a preferred provider of high-quality and innovative multimedia products in China."
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 Company's contract wins in China's coal mining industry to the Company's business and operations; the Company's ability to maintain its current product offerings and to continue customizing its products to capture demand from other sectors; the business strategy, plans and objectives of the Company and its subsidiaries, including the Company's ability to become the preferred provider of high-quality and innovative multimedia products in China; 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.
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SOURCE China Information Technology, Inc.