JINAN, China, March 8, 2011 /PRNewswire-Asia-FirstCall/ -- China Intelligence Information Systems, Inc. (OTCQB: IICN) ("CIISI" or the "Company"), a leading virtualization solutions and services provider in The People's Republic of China ("PRC"), announced today that the Company began trading on the OTCQB, a marketplace developed by the OTC Markets Group, as of March 7, 2011 under the ticker symbol IICN.
The OTC Markets Group is a leader in using technology to bring positive changes to the OTC market, and many broker-dealers are now exclusively using its platform to quote OTC securities. In the past week certain market makers have stopped issuing quotes on the OTC Bulletin Board in favor of the OTCQB. As a result of the lack of quotation activity on the OTCBB, CIISI is now quoted on the OTCQB and trading has continued without interruption. The Company was advised by the OTCBB that the change was not a result of any problems with the Company's operations or compliance, but resulted from the actions by the market makers. The OTCQB is a market tier for U.S. listed companies that are in compliance with their SEC reporting obligations.
"The shift to the OTCQB was unexpected and does not affect, nor is it a reflection upon the Company's business, operations or prospects, which remain strong and in line with expected and current trends," said Mr. Li Kunwu, Chairman and CEO. "Furthermore, as this shift just occurred, it is too early for us to determine whether this will have any positive impact on our trading price or market liquidity."
Mr. Li concluded, "The transition to the OTCQB does not affect the Company's business or its status as a public reporting company under the Securities Exchange Act of 1934. The Company intends to closely monitor the situation as it evaluates its alternatives; determining whether to remain listed for quotation on the OTCQB, seek to resume quotation on the OTCBB, or explore a listing on a national securities exchange, pending satisfaction of required quantitative listing standards."
Certain third-party stock data providers are in the process of updating their platforms to correctly display the trading activity of companies that have transitioned from OTCBB to OTCQB. For accurate price and volume information regarding CIISI on the OTCQB marketplace please visit: http://www.otcmarkets.com/stock/iicn/quote .
About OTC Markets Group:
OTC Markets Group Inc. (OTCQX: OTCM) operates the world's largest electronic marketplace for broker-dealers to trade unlisted stocks. Our OTC Link platform supports an open network of competing broker-dealers that provide investors with the best prices in over 10,000 OTC securities. In 2010, securities on OTC Link traded over $144 billion in dollar volume, making it the third largest U.S. equity trading venue after NASDAQ and the New York Stock Exchange. We categorize the wide spectrum of OTC-traded companies into three tiers– OTCQX (the quality-controlled marketplace for investor friendly companies), OTCQB (the U.S. reporting company marketplace for development stage companies), and OTC Pink (the speculative trading marketplace) -- so investors can identify the level and quality of information companies provide.
About China Intelligence Information Systems, Inc.
China Intelligence Information Systems, Inc. (CIISI) offers virtualization technology application and cloud computing products in the People's Republic of China through its wholly owned subsidiary Jinan Yinquan Technology Co., Ltd and Beijing PowerUnique Technologies, Co., Ltd. Through the two subsidiaries, CIIS is well positioned to take full advantage of the tremendous economic growth currently being experienced in China. The Company is currently marketing its integrated virtualization solutions and services in China and at this time is in the testing stages of other Information Technology products. More information can be found www.ciisi.com.
About Virtualization Technology
Virtualization is a proven software technology that is rapidly transforming the IT landscape and fundamentally changing the way people compute.
Today's powerful x86 computer hardware was originally designed to run only a single operating system and a single application, but virtualization breaks that boundary, making it possible to run multiple operating systems and multiple applications on the same computer at the same time, increasing the utilization and flexibility of hardware.
Virtualization is a technology that can benefit anyone who uses a computer, from IT professionals and Mac enthusiasts to commercial businesses and government organizations. Millions of people around the world use virtualization to save time, money and energy while achieving more with the computer hardware they already own.
About Cloud Computing
Cloud computing is a general term for anything that involves delivering hosted services over the Internet. These services are broadly divided into three categories: Infrastructure-as-a-Service (IaaS), Platform-as-a-Service (PaaS) and Software-as-a-Service (SaaS). The name cloud computing was inspired by the cloud symbol that's often used to represent the Internet in flowcharts and diagrams.
A cloud service has three distinct characteristics that differentiate it from traditional hosting. It is sold on demand, typically by the minute or the hour; it is elastic -- a user can have as much or as little of a service as they want at any given time; and the service is fully managed by the provider (the consumer needs nothing but a personal computer and Internet access). Significant innovations in virtualization and distributed computing, as well as improved access to high-speed Internet and a weak economy, have accelerated interest in cloud computing
Safe Harbor Statement
Certain of the statements made in the press release constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by the use of forward-looking terminology such as "believe," "expect," "may," "will," "should," "project," "plan," "seek," "intend," or "anticipate" or the negative thereof or comparable terminology. Such statements typically involve risks and uncertainties and may include financial projections or information regarding our future plans, objectives or performance. Actual results could differ materially from the expectations reflected in such forward-looking statements as a result of a variety of factors, including the risks associated with the effect of changing economic conditions in The People's Republic of China, variations in cash flow, reliance on collaborative retail partners and on new product development, variations in new product development, risks associated with rapid technological change, and the potential of introduced or undetected flaws and defects in products, and other risk factors detailed in reports filed with the Securities and Exchange Commission from time to time.
CIISI Investor Contacts:
Michelle Wong, +86-531-5558-5742, firstname.lastname@example.org, or
Great Wall Research LLC
Dina Ding, +1-203-252-7266, email@example.com
SOURCE China Intelligence Information Systems, Inc.