SHENZHEN, China, June 14 /PRNewswire-Asia-FirstCall/ -- China Information Security Technology, Inc. (Nasdaq: CPBY) ("China Information Security," "CIST," or the "Company"), a leading provider of Geographic Information Systems ("GIS") and software, digital public security and hospital information systems in China, today announced that it recently signed a contract valued at approximately US$5 million, to provide an intelligent traffic management system (the "System") for the 16th Asian Games held in Guangzhou, China (http://www.gz2010.cn/en). The contract is expected to be completed and revenue recognized within the next 12 months.
Under the contract, the Company will integrate its GIS software with the existing communication and police access platforms, to realize a visualized and consolidated intelligent traffic control and management system for the Guangzhou Traffic Police Bureau. Specifically, the Company has agreed to set up 130 traffic data collection sites and 20 traffic screens on major roads affected by the Asian Games, use its proprietary GIS software to analyze such traffic data and help determine the best routes for redirecting traffic away from highly congested areas.
Mr. Jiang Huai Lin, Chairman and CEO of the Company, commented, "This win marks the extension of our GIS solutions to intelligent traffic management. We are highly encouraged by this high profile contract win, which we believe highlight our ability to integrate many of our capabilities and deliver highly efficient solutions to increasingly complex problems that affect our day-to-day lives. We believe that successful implementation of this project will meet our goal of developing a single platform that will allow for effective information sharing and traffic control with data collection and decision making functions. We are confident that our expanding portfolio of capabilities will enable us to continue to differentiate ourselves and grow our business nationwide"
About China Information Security Technology, Inc.
China Information Security 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.chinacpby.com.
Safe Harbor Statement
This press release may contain certain "forward-looking statements" relating to the business of China Information Security 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 this contract win to the Company's business and the Company's ability to successfully fulfill its obligations under the contract; the ability of the Company to expand its portfolio capabilities, to continue to differentiate itself and grow, and to otherwise achieve its commercial objectives; 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 Security Technology, Inc.
Iris Yan
Tel: +86-755-8370-4767
Email: ir@chinacpby.com
Web: http://www.chinacpby.com
Christensen
Kathy Li
Tel: +1-480-614-3036
Email: kli@christensenir.com
Roger Hu
Tel: +86-158-1049-5326
Email: rhu@christensenir.com
