SHENZHEN, Feb. 8, 2016 /PRNewswire/ -- China Information Technology, Inc. (Nasdaq: CNIT), a leading provider of internet-based platforms and digital advertising services in China, today said two of its entities have been granted National High-Tech Enterprise Status by the PRC government. The three-year grant will allow these entities -- Information Security Technology (China) Co, Ltd. ("IST"), a wholly-owned indirect subsidiary of CNIT and Biznest Internet Technology Co., Ltd. ("Biznest"), a consolidated entity of CNIT -- to lower their income tax rate from 25% to 15%, secure competitive commercial bank loans and subsidized interest rates, and receive preferential treatment in obtaining financial support from China's National Technological Development Fund.
National High-Tech Enterprise Status is awarded by the PRC government to those companies it determines to be technologically superior in their fields, which consistently invest in vital new product development, and which generate substantial revenues via the sale of proprietary or innovative products. The Status was created by the Chinese government to promote the production of, and investment in, vital high-tech products and services throughout the nation.
"We are greatly honored to receive this elite designation for our two entities," said the Company's chief operating officer, Mr. Zhixiong Huang. "We believe National High-Tech Enterprise Status will help us increase our development, production and sales of some of China's most advanced digital marketing technologies."
IST received this Status for a seventh consecutive year, while Biznest was awarded it for the first time.
About China Information Technology, Inc.
China Information Technology is a leading Internet service company that makes advertising accessible and affordable for businesses of all sizes. CNIT 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 aiming to leverage 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.
Media Relations: Asia IR-PR
SOURCE China Information Technology, Inc.