BEIJING, Dec. 16, 2010 /PRNewswire-Asia-FirstCall/ -- China TransInfo Technology Corp. (Nasdaq: CTFO) ("China TransInfo" or the "Company"), a leading provider of comprehensive intelligent transportation solutions and traffic information services in China through its affiliate, China TransInfo Technology Group Co., Ltd. (the "Group Company"), announced today that its subsidiary Shanghai Yootu Information Technology Co., Ltd. ("Yootu") has recently placed a successful bid with China Mobile Group Liaoning Company Limited ("Liaoning Mobile") for providing real-time traffic information service to Liaoning Mobile in five cities: Shenzhen, Chongqing, Chengdu, Dalian and Wuhan.
According to the terms of the agreement, which runs one year through December 31, 2011, Yootu will provide real-time traffic information to be transmitted directly into China Mobile's real-time traffic information processing platform. China Mobile will then provide its national users with a range of location-based services based on Yootu's real-time traffic information. In return, Liaoning Mobile will pay Yootu a service fee totaling RMB 1.15 million (approximately US$0.17 million).
In 2006, China Mobile established its location-based service and products base at Liaoning Mobile, who designs, researches and develops location-based communications information products for all China Mobile users since then. Real-time traffic information, as an important part of all location-based information, is expected to play a critical role in China Mobile's future location-based products and services.
"Our cooperation with Liaoning Mobile is a significant development for the Company, as it represents a key breakthrough from revenue being generated in the consumer market for our traffic information products and services, and it also represents a strong sign of validation for our data quality and related technologies. China Mobile's promotion of real-time traffic information services also reflects the strong market growth potential for traffic information services, which is expected to greatly help foster and steer the market," said Mr. Shudong Xia, Chairman and Chief Executive Officer of China TransInfo. "As a market innovator, we are delighted to see the arrival of this key milestone, because we have long been committed to developing technologies and enhancing product quality in traffic information services, as well as guiding and nurturing the development of the market. We will continue to optimize our technology, enhance our data quality, and improve our products to capture our share of the expected explosive growth of traffic information services in the consumer market."
About China TransInfo
China TransInfo, through its affiliate, China TransInfo Technology Group Co., Ltd., (the "Group Company") and the Group Company's PRC operating subsidiaries, is primarily focused on providing urban and highway transportation management solutions and information services. The Company is a leading transportation information products and comprehensive solutions provider, and aims to be the largest real time transportation information service provider and major fleet management service provider in China. As the co-formulator of several transportation technology \national standards, the Company owns five patents and has won a majority of the model cases awarded by the PRC Ministry of Transportation. As a result, the Company is playing a key role in setting the standards for transportation information solutions in China. For more information, please visit the Company's website at http://www.chinatransinfo.com.
Safe Harbor Statement
This press release contains certain statements that may include "forward looking statements". All statements other than statements of historical fact included herein are "forward-looking statements". These forward looking statements are often identified by the use of forward-looking terminology such as "believes," "expects," "plans" 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. You 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.
SOURCE China TransInfo Technology Corp.