SHENZHEN, China, Nov. 13, 2014 /PRNewswire/ -- China Information Technology, Inc. (the "Company") (Nasdaq GS: CNIT), a leading provider of end-to-end cloud-based platform, exchange, and big data solutions to the Chinese new media industry, today announced it has obtained a three-year revolving credit facility of RMB 1 Billion from China CITIC Bank (CITIC). The facility will provide the Company with additional access to working capital in support of its growing new media advertising franchise.
"This credit facility is a milestone endorsement of the achievements we have made at CNIT, and our ability to continue to roll out the expansion of our new media advertising franchise. With the recent major contracts that we've signed with customers in various industries, the growth momentum in this new business segment can be expected to continue well into 2015. The additional working capital that this facility provides will give us flexibility in executing our growth plans and enable fast market expansion," said Mr. Jianghuai Lin, Chairman and CEO of the Company.
Established in 1987, China CITIC Bank is a leading commercial bank in China and one of the largest banks in the world. The controlling shareholder of China CITIC Bank is CITIC Limited, which is China's largest conglomerate whose businesses include financial services, resources and energy, manufacturing, real estate and infrastructure, engineering contracting, and other businesses in China and overseas.
About China Information Technology, Inc.
Headquartered in Shenzhen, China Information Technology, Inc. provides integrated cloud-based platform, exchange, and big data solutions to the Chinese new media industry. The Company's ecosystem enables ad buyers and sellers to seamlessly manage the entire advertisement lifecycle and exchange media resources. Based on its proprietary Cloud-App-Terminal (CAT) model, the Company has created an integrated cloud-based new media platform, which supports its online advertisement exchange platform Taoping Net and related big data value-added services. These strategic initiatives are forming an extensive and diversified CNIT ecosystem and laying a solid foundation for a sustainable business. 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.