BEIJING, June 15 /PRNewswire-Asia/ -- China TransInfo Technology Corp., (Nasdaq: CTFO), ("China TransInfo" or the "Company"), a leading provider of public transportation information systems technology and comprehensive solutions in the People's Republic of China ("PRC"), today announced it has recently been awarded an Electronic Toll Collection (ETC) contract in Zhejiang Province with a value of approximately RMB 2.2 million, or roughly $330,700.
According the contract, China TransInfo will provide road side ETC antennas for Zhejiang highway management authorities. These antennas will be installed near highway toll stations to electronically deduct toll fees from cars with onboard sensors without requiring cars to stop or slow down.
According to the Highway Management Department of the Ministry of Communication, 70% of the world's toll highways are located in China. In total, the country's planned highway network is expected to reach 850,000 km by 2020, most of which will be toll roads. At end of 2007, the Chinese government launched national technology standards to encourage uniform and efficient ETC adoption throughout China. Since this time, China TransInfo's ETC technology has gone through various stages of testing and budgets for ETC have been allocated to provincial governments, leading to the first contract being awarded to the Company this year.
Winning one of the first major contracts in China for the installation of an ETC network is a major achievement that speaks to our leading technology platform," commented Shudong Xia, chief executive officer of China TransInfo. "We have been researching, developing and testing our ETC products since the national standard was launched roughly two years ago, and see significant growth opportunities for this product area as ETC systems are rolled out nationwide. We are excited to have the opportunity to use this project to showcase our capabilities to regions and municipalities which may be looking to install ETC systems in the near future."
About China TransInfo
China TransInfo, through its affiliate, China TransInfo Technology Group Co., Ltd., (the "Group Company") and the Group Company's PRC operating subsidiaries, is primarily focused on providing transportation information services. The Company aims to become the largest transportation information product and comprehensive solutions provider, as well as the largest integrated transportation information platform and commuter traffic media platform builder and operator in China. China TransInfo is involved in developing multiple applications in transportation, digital city, land and resource filling system based on GIS technologies which are used to service the public sector. In addition, the Company is developing its transportation system to include ETC technology. As the co-formulator to several transportation technology national standards, the Company has software copyrights for 75 software products and has won 5 of 10 model cases sponsored by PRC Ministry of Communications. The Company's affiliation with Peking University provides the Company access to the University's GeoGIS Research Laboratory, including 30 Ph.D. researchers. As a result, the Company is currently playing a key role in setting the standards for electronic transportation information solutions. For more information please visit the Company website at http://www.chinatransinfo.com .
Safe Harbor Statement
This press release contains certain statements that may include "forward looking statements". All statements other than statements of historical fact included herein are "forward-looking statements". 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. You 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 more information, please contact:
Company Contact:
Ms. Fan Zhou, Investor Relations Director
China TransInfo Technology Corp.
Tel: +86-10-8267-1299 x8033
Email: ir@ctfo.com
Investor Relations Contact:
CCG Investor Relations
Mr. Crocker Coulson, President
Email: crocker.coulson@ccgir.com
Tel: +1-646-213-1915 (NY office)
Graham Reed, Financial Writer
Email: graham.reed@ccgir.com
Tel: +1-646-213-1907
Web: http://www.ccgirasia.com
