SHENZHEN, China, June 17, 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 its Board of Directors has authorized its management team to consolidate the Company's strategic business units, to focus all of its resources onto the development and marketing of its standardized cloud-based product offerings, and to close, merge, or sell its non-cloud businesses, including those providing custom-built IT project services, by the end of 2015.
Mr. Jiang Huai Lin, Chairman and CEO of the Company, commented, "With our board's authorization, we intend to significantly sharpen our business focus. We are now channeling all of our research and development as well as our sales and marketing resources into our cloud-based business units. We also plan to deploy any capital we could save or generate from our strategic business consolidation into our cloud-based business units."
Mr. Lin continues, "Earlier this week we launched our own proprietary Cloud Nest OS system, which marked the formation of our integrated cloud-based ecosystem. Now with a focused resource deployment, we believe we can significantly accelerate the pace of our market penetration while achieving a leaner cost structure than ever before. Our motto is now consisted with two words: Focus, and Execution."
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.
For further information, please contact:
China Information Technology, Inc.
Robin Yang, CFO
Tel: +86 755 88319888
Email: [email protected]
http://www.chinacnit.com
Grayling
Shiwei Yin
Investor Relations
Tel: +1.646.284.9474
Email: [email protected]
SOURCE China Information Technology, Inc.
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