BEIJING, Jan. 25 /PRNewswire-Asia-FirstCall/ -- China TransInfo Technology Corp., (Nasdaq GM: CTFO), ("China TransInfo" or the "Company"), a leading provider of public transportation information systems technology and comprehensive solutions in the People's Republic of China ("PRC") today announced that the Company was awarded an intelligent transportation system contract in Zhejiang Province valued at approximately RMB 156 million, or approximately USD $22.9 million, through its VIE Beijing UNISITS Technology Co. Ltd ("UNISITS").
UNISITS will provide traffic engineering electronics and machinery (E&M) system design services for the Zhejiang Province portion of the 74 kilometer expressway that connects Huangshan City to Quzhou City. The contract is expected to be completed by 2011. At year-end of 2008, Zhejiang Province had approximately 3,073 kilometers of expressways.
"The Chinese government's strong support of expressway infrastructure projects enabled us to win this intelligent expressway system contract in Zhejiang Province," commented Shudong Xia, Chief Executive Officer of China TransInfo. "This contract reflects the synergy that we have developed with UNISITS. Given China's large budget for national expressway infrastructure and UNISITS' leading technology and brand in the market, we are confident that we can further expand our footprint to additional markets in China this year."
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 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 (ETC) technology. As the co-formulator of several transportation technology national standards, the Company owns software copyrights for 88 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 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.
Investor Relations Contact:
Ms. Fan Zhou, Investor Relations Director
Mr. Shaun Smolarz, Financial Writer
China TransInfo Technology Corp
Tel: + 86 10 –5169 1657
Mr. Crocker Coulson, President
CCG Investor Relations
SOURCE China TransInfo Technology Corp.