BEIJING, June 9 /PRNewswire-Asia-FirstCall/ -- China TransInfo Technology Corp., (Nasdaq: CTFO), ("China TransInfo" or the "Company"), a leading provider of intelligent transportation systems for highway and urban transportation management in China, announced today that the Company was recently awarded electronic toll collection ("ETC") beta contracts totaling RMB 4.5 million (approximately USD $0.7 million) in Jiangsu Province, Shaanxi Province and Tianjin Municipality.
According to the contracts, China TransInfo will provide roadside ETC antennas for four roads in Shaanxi Province, six roads in Tianjin Municipality and 18 roads in Jiangsu Province. These antennas will be installed near highway toll stations to electronically deduct toll fees from cars with onboard electronic tags without requiring cars to stop or slow down.
The installation of roadside ETC antennas is just the first step by China's transportation authority to build a national ETC network with the goal of improving transportation efficiency. As the next step, the government plans to promote onboard electronic tags to car owners who value transportation efficiency on the road.
At year-end 2009, the highway system in Jiangsu Province was 3,745 kilometers long, ranking fourth in China's provincial highway network. The highway length in Shaanxi Province and Tianjin Municipality reached 2,526 kilometers and 840 kilometers, respectively, at year-end 2009.
"Electronic toll collection technologies are gaining acceptance across China as the government has ramped up efforts to improve transportation efficiency nationwide," commented Mr. Shudong Xia, Chairman and CEO of China TransInfo. "For example, China's transportation authority will begin building a regional ETC network in the Yangzi Delta region and in the Beijing-Tianjin- Heibei region. With that, we believe a significant number of car owners will choose to install onboard electronic tags, which presents a significant opportunity for us in this consumer-oriented market. Given our early entry in the ETC market and successful commercial experience in the beta contracts we just announced, we believe we are well-positioned to benefit from the continued expansion of ETC systems in China."
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 transportation information services and comprehensive solutions based on Geographic Information System (GIS) technologies. The Company aims to become the largest transportation information products and comprehensive solutions provider, as well as the largest real time transportation information platform operator and provider in China. In addition, the Company is developing its transportation system to include Electronic Toll Collection technology. As the co-formulator of several transportation technology national standards, the Company owns software copyrights for 89 software products and has won 5 of the 10 model cases sponsored by the PRC Ministry of Communications. The Company's affiliation with Peking University provides the Company access to the University's GeoGIS Research Laboratory, including over 30 Ph.D. researchers. As a result, the Company is playing a key role in setting the standards for electronic transportation information solutions. 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" 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.
For more information, please contact: Company Contact: Ms. Fan Zhou, Investor Relations Director China TransInfo Technology Corp. Email: firstname.lastname@example.org Tel: +86-10-5169-1657 Investor Relations Contact: Mr. Athan Dounis, Account Manager Email: email@example.com Tel: +1-646-213-1916 Mr. Crocker Coulson, President Email: firstname.lastname@example.org Tel: +1-646-213-1915 CCG Investor Relations Web: http://www.ccgirasia.com
SOURCE China TransInfo Technology Corp.