CNIT Receives the Third Contract for Guangxi Autonomous Region
March 13 2018 - 8:00AM
China Information Technology, Inc. (Nasdaq: CNIT), a leading
provider of internet-based ad distribution and ad display terminal
sharing systems in China, announced that it has entered into a
contract for the sale of 1,500 CNIT cloud-based ad terminals to be
installed in office buildings and residential communities
throughout Hezhou, a city in Guangxi Autonomous Region connecting
three provinces.
Signed with Hezhou Taoping IoT Technology Limited, the contract
is expected to generate sales and service revenue to CNIT of about
$0.5 million. Today's news is the twenty-third in a series of
announcements since May of 2017 on CNIT's sales of its cloud-based
ad terminals. Each sale is expected to generate recurring service
and commission revenue from customers' use of the Company's Yunfa
advertising distribution system and Taoping (淘屏) Net/App ad screen
sharing platform.
"Hezhou is an important channel connecting Southwest China to
Guangdong-Hong Kong-Macau Bay Area." said Chairman and CEO Mr.
Jianghuai Lin. "The contract in Hezhou is another success following
CNIT’s $0.5 million contract in Yulin, Guangxi Autonomous Region
this March. This contract is the result of high market demand in
Guangxi Autonomous Region. It reflects a greatly accelerated market
expansion for our products and promotes market coverage in the
neighboring Guangdong-Hong Kong-Macau Bay Area." he added.
Mr. Lin reiterated that by 2018, the Company
expects to sell an additional 120,000 cloud-based ad terminals with
market penetration in 100 cities with coverage for 200 million
people throughout China.
About China Information Technology, Inc.
China Information Technology, Inc. (CNIT) is a leading Internet
service company that provides integrated cloud-based solutions
enabling innovation and smart living in the fields of new media,
elevator safety management, education, etc. 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 StatementThis 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.
Iris Yan
Tel: +86-755-8370-4767
Email: IR@chinacnit.com
http://www.chinacnit.com
or
Dragon Gate Investment Partners LLC
Tel: +1(646)-801-2803
Email: cnit@dgipl.com
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