SHENZHEN, China, September 2, 2015 /PRNewswire/ -- China Information Technology, Inc. (the "Company" or "CNIT") (Nasdaq GS: CNIT), a leading provider of integrated cloud-based platform, exchange, and big data solutions in China, today announced that the Company was selected by leading advertising agencies in China to install 1,200 cloud-based new media elevator terminals in Guiyang City of Guizhou Province and Longyan City of Fujian Province. Revenues from these installations will amount to approximately RMB4.4 Million including one-time terminal sales and monthly recurring platform service fees, as well as monthly rental fees on certain terminals. The terminals are expected to become operational by early September 2015.
These new media elevator terminals will display advertising and public information through Yunfa Net, the Company's cloud-based publication platform. Integrated with surveillance cameras and data collectors, the terminals also transmit data on elevator operation to the property management and elevator safety bureau on a real-time basis.
In Guiyang, the Company was selected by Guizhou Dianxian Media Co., Ltd. ("Dianxian") to install 800 CNIT-branded new media elevator terminals in residential and commercial buildings. Revenues from the Guiyang installation will be recognized through: a) one-time sales of 450 terminals (including CNIT proprietary control boards and operating system) and monthly recurring platform service fees; and b) monthly recurring rental fees on 350 terminals and platform service fees.
In Longyan, the Company was selected by Fujian Yunti Info Tech Co., Ltd. ("Yunti") to install 400 CNIT-branded new media elevator terminals in residential and commercial buildings. Revenues from the Longyan installation will be recognized through: a) one-time sales of 200 terminals (including CNIT proprietary control boards and operating system) and monthly recurring platform service fees; and b) monthly recurring rental fees on 200 terminals and platform service fees.
Contracts with Dianxian and Yunti are ongoing business relationships that reflect the legacy terminal leasing model. As recently announced, the Company has shifted to focus on a sales oriented model for its future businesses.
About China Information Technology, Inc.
China Information Technology, Inc. (Nasdaq GS: CNIT) is on a mission to make advertising accessible and affordable for businesses of all sizes. CNIT is a leading Internet service company that provides cloud-based platform, exchange, and big data solutions enabling innovation and smart living in the education, health care, new media, finance and transportation sectors. 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 Statement
This 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.
Robin Yang, CFO
Tel: +86 755 88319888
Email: IR@chinacnit.com
http://www.chinacnit.com
Grayling
Shiwei Yin
Investor Relations
Tel: +1.646.284.9474
Email: cnit@grayling.com
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