China Information Technology Signs Contract Valued at $15 Million for the 2011 Summer Universiade in Shenzhen
SHENZHEN, China, Sept. 2 /PRNewswire-Asia-FirstCall/ -- China Information Technology, Inc. (Nasdaq: CNIT) ("China Information Technology" or the "Company"), a leading total solutions provider of Geographic Information Systems (GIS), digital public security and hospital information systems in China, today announced that it has been awarded a contract valued at $15 million for the construction of the security system for the 2011 Summer Universiade (Shenzhen) (the "Project"). The Company anticipates the contract to be completed and revenue recognized within the next 12 months.
The 2011 Summer Universiade (Shenzhen)
The Universiade, or the World University Games (the "Games"), is an international multi-sport event organized for university athletes by the International University Sports Federation (FISU) and staged every two years in a different city in summer and winter events. Shenzhen and Erzurum (Turkey) have been selected as hosting cities for the 26th summer and winter Games, respectively ( http://www.sz2011.org/eng/index.htm ).
Constructions of the Project include:
Police-use GIS ("PGIS"): The PGIS system that the Company will construct will be based on its original police-use GIS platform conformed to national standards, and will utilize three-dimensional data to provide intelligent and efficient city-wide security management. The PGIS system will also serve as a portal for security management integrating an Emergency Command Digital Trunking Mobile Communications System component and an Intelligent Video Surveillance and Security Management System component.
Emergency Command Digital Trunking Mobile Communications System ("TETRA" Phase II): The Company secured Phase I of the TETRA project in September 2009 and has been cooperating with EADS Secure Networks in executing Phase I. The Company's win of the Project includes a win of Phase II of the TETRA project which will be integrated in the Project. TETRA will enable digital wireless communication on a private network to allow for improved emergency response and enhance the effectiveness of security and event management at the Games.
Intelligent Video Surveillance and Security Management System ("IVS System"): By adopting the Company's proprietary intelligent video processing technology, as well as streaming media processing, smart video analysis and GIS technologies, the IVS System will provide instantaneous information to the Games' command center to further manage security, and enable effective management on vast amount of video signals. By integrating with the security management platform, the IVS System will greatly increase emergency response capabilities for the Games.
Mr. Jiang Huai Lin, Chairman and CEO of the Company, commented, "We are very pleased by our win of the world-class 2011 Summer Universiade (Shenzhen) and our related win of the Phase II TETRA project, which comes on the heels of our win of prized roles with China's Smart Grid project, the PGIS national standardization project, the Shanghai Expo project and the Guangzhou Asian Games project, and demonstrates our highly recognized technologies as well as our large-scale IT system implementation capabilities. We believe that the integration of intelligence information for the 2011 Summer Universiade (Shenzhen) with various other platforms will be extremely beneficial to security management at the event. Our goal for the 2011 Summer Universiade (Shenzhen) is to effectively utilize intelligence information and integrate with our security platforms, to create an information-oriented security system that satisfies the requirements of different police divisions."
About China Information Technology, Inc.
China Information Technology, Inc., together with its subsidiaries, specializes in Geographic Information System ("GIS"), digital public security and hospital information systems, with the goal of being the largest GIS software provider in the People's Republic of China. Headquartered in Shenzhen, China, the Company's total solutions include specialized software, hardware, systems integration, and related services organized into three business segments - Geographic Information Systems ("GIS"), Digital Information Security Technology ("DIST"), and Digital Hospital Information Systems ("DHIS"). To learn more about the Company, please visit its corporate website at 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 subsidiary companies. All statements, other than statements of historical fact included herein are "forward-looking statements" including statements regarding: the significance of the Company's 2011 Summer Universiade (Shenzhen) project and the Phase II TETRA project win to the Company's business; the ability of the Company to successfully utilize intelligence information and integrate its security platforms, to create an information-oriented security system that satisfies the requirements of different police divisions and to otherwise perform its obligations under the contract; the general ability of the Company to achieve its commercial objectives, including its ability to leverage the contract win and further expand into Eastern China in the long-term, and improve its brand name and industry reputation nationwide; the business strategy, plans and objectives of the Company and its subsidiaries; and any other statements of non-historical information. These forward-looking statements are often identified by the use of forward-looking terminology 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 or persons acting on its 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: [email protected]
Web: http://www.chinacnit.com
Christensen
Kathy Li
Tel: +1-480-614-3036
Email: [email protected]
Roger Hu
Tel: +86-158-1049-5326
Email: [email protected]
SOURCE China Information Technology, Inc.
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