JINAN, China, March 28, 2011 /PRNewswire-Asia-FirstCall/ -- China Intelligence Information Systems, Inc. (OTCQB: IICN), a leading virtualization and cloud computing solutions provider in China, today announced its financial results for the year ended December 31, 2010.
- Recorded revenue of $9,209,122 in 2010 as compared to $1,284,768 in 2009, an increase of $7,924,354 or 617%
- Recorded net income of $2,561,305 during 2010, compared to a net loss of $7,682,890 in 2009
The revenue consisted of software sales, software development, hardware sales and training.
"We are very pleased to report solid results for 2010," said Mr. Kunwu Li, President and CEO of the Company. "We have seen a significant uptrend in our virtualization business for 2010, the year we consummated our business transition."
- In December 2010, the Company released the first version of its Green2C cloud computing platform: Calm 1.0. The Company developed the Platform after projecting that cloud computing would be the future development trend for the virtualization industry. The Company has begun to promote its cloud computing solution and products to certain large enterprises.
- In January 2011, the Company's Board of Directors approved the establishment of Audit, Nomination and Corporate Governance and Compensation committees.
- In January 2011, Jinan Yinquan Technology, one of the Company’s wholly-owned subsidiaries, passed the CMMI Level 3 Appraisal. This Appraisal is another significant step by the Company to become an expert software service provider.
- In February 2011, Beijing PowerUnique Technologies, another of the Company’s wholly-owned subsidiaries, Company received the Global Infrastructure Virtualization Competency Partner of the Year (2010) award from VMware Inc. Beijing PowerUniique Technologies is the only company in the Asia-Pacific and Japanese region that has been granted this award, which indicates the highest recognition for our technical expertise and business achievements by our virtualization partners.
- During 2010 and to date in 2011, the Company signed contracts with large-scale customers, including State Grid and its subsidiaries, Southern Grid, Yunnan Power Bureau, Guizhou Power Bureau, Guangxi Power Bureau and Guangdong Power Bureau, State Administration of Taxation, the Boarder Defense and Fire Protection Departments under Public Security System, Huaneng Power International Inc., Geely Group, National Taxation Bureau of Shandong, Department of Information Industry of Shandong Province, Jinan Government, Shandong University, Shandong Finance Institute, Qilu Pharmaceutical, Yingda Security, Peking Union Medical College Hospital, State Administration of Foreign Exchange, The Ministry of Public Security of PRC, China Power Investment Group, China Unicom and Shandong High-Speed Group. We anticipate that these customers will provide us with long-term revenue streams.
"2010 was an exciting year for the Company due to our many breakthroughs in China's virtualization industry. We have overcome very difficult times largely due to the Chinese government’s decision in 2009 to block VoIP communication services, our prior business focus. Now our virtualization business has become the backbone of our company, upon which we will continue to base our growth strategy. We see tremendous industry potential for developing more users given our continuous market penetration efforts and system integrator (SI) programs. We have also expanded our business to provide cloud computing services in 2010, which will be a new development trend for the virtualization industry and also a reflection of most customers' demands and choices," Mr. Li added.
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 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.
SOURCE China Intelligence Information Systems, Inc.