SHENZHEN, China, Aug. 12, 2015 /PRNewswire/ -- China Information Technology, Inc. (the "Company" or "CNIT") (Nasdaq GS: CNIT), a leading provider of integrated cloud-based platform, exchange, and big data solutions in China, today announced that the Company was selected by a leading advertising agency in China to install 922 cloud-based new media elevator terminals in Huizhou City of Guangdong Province. Revenues from these installations will be recognized through one-time terminal sales of RMB1.9 Million and monthly recurring platform service fees. The terminals are expected to be installed by the end of 2015.
These new media elevator terminals will display advertising and public information through Yunfa Net, the Company's cloud-based publication platform. Yunfa Net enables advertising agencies to remotely upload and manage contents. Integrated with surveillance cameras and data collectors, the terminals also transmit data on elevator operation to the property management and elevator safety bureau on a real-time basis. In addition, other types of CNIT new media terminals in Huizhou can also connect to Yunfa Net for content publication.
To improve future cash flow, the Company has adopted the revenue model of its new media businesses based on one of the following two models: a) sales of CNIT-branded new media terminals (including CNIT proprietary control boards and operating system) and monthly recurring Yunfa Net platform service fees; b) sales of CNIT P-Boxes (including CNIT proprietary control boards) and monthly recurring Yunfa Net platform service fees. P-Boxes are used to connect third-party terminals to the CNIT new media ecosystem.
Since the Company's strategic transition in July 2014, there have been approximately 25,000 CNIT-branded new media terminals installed in about 50 cities in China. As of July 2015, there were approximately 70,000 terminals connected to Yunfa Net with monthly active terminals of approximately 20,000.
About China Information Technology, Inc.
China Information Technology, Inc. (Nasdaq GS: CNIT) is on a mission to make advertising accessible and affordable for businesses of all sizes. CNIT is a leading Internet service company that provides cloud-based platform, exchange, and big data solutions enabling innovation and smart living in the education, health care, new media, finance and transportation sectors. Through continuous innovation, CNIT is leveraging its proprietary Cloud-Application-Terminal technology to level the competitive landscape in the new media industry and deliver value for its shareholders, employees, customers, and the community. To learn more, please visit http://www.chinacnit.com.
Safe Harbor Statement
This press release may contain certain "forward-looking statements" relating to the business of China Information Technology, Inc., and its subsidiaries and other consolidated entities. All statements, other than statements of historical fact included herein, are "forward-looking statements" in nature within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements, often identified by the use of forward-looking terminologies 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. Investors 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 and its subsidiaries and other consolidated entities or persons acting on their 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.
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SOURCE China Information Technology, Inc.