BEIJING, Dec. 2 /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 the Company was awarded an Electronic Toll Collection (ETC) contract in Shandong Province value at approximately RMB 4.8 million, or roughly USD $0.7 million.
According to the contract, China TransInfo will provide roadside ETC antennas for 39 roads and 4,000 onboard sensors for the Highway Toll Settlement Center of the Shandong Province Department of Communications. The 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.
At year-end 2008, Shandong Province had 4,285 kilometers of highway, ranking second in China's provincial highway network. In this same time period, civilian vehicle ownership was approximately 6.0 million, of which 1.7 million were private cars.
"We are delighted to win our second ETC contract, following our first in Zhejiang Province," commented Shudong Xia, Chief Executive Officer of China TransInfo. "This contract reflects our leading technology and brand. As one of the four companies that possess commercial experience in the ETC market, we are confident that we can further expand our footprint to additional provinces and municipalities 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 and comprehensive solutions based on GIS technologies. The Company aims to become the largest transportation information products and comprehensive solutions provider, as well as the largest real time transportation information platform operator and provider in China. In addition, the Company is developing its transportation system to include Electronic Toll Collection (ETC) technology. As the co-formulator of several transportation technology national standards, the Company owns software copyrights for 88 software products and has won 5 of the 10 model cases sponsored by the PRC Ministry of Communications. The Company's affiliation with Peking University provides the Company access to the University's GeoGIS Research Laboratory, including over 30 Ph.D. researchers. As a result, the Company is playing a key role in setting the standards for electronic transportation information solutions. For more information, please visit the Company's 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
Phone: +86-10-5169-1657
Email: ir@ctfo.com
Investor Relations Contact:
Mr. Crocker Coulson, President
CCG Investor Relations
Phone: +1-646-213-1915 (NY office)
Email: crocker.coulson@ccgir.com
Web: http://www.ccgirasia.com
