* Total Backlog as of December 4, 2006 Now Stands at $141.5 million
HONG KONG, Dec. 4 /Xinhua-PRNewswire-FirstCall/ -- China Expert
Technology, Inc. (OTC Bulletin Board: CXTI), an emerging leader in providing
large scale network infrastructure construction mainly for e-government
projects for communities and municipal governments in China, today announced
the Company has been awarded an e-government contract worth $25.5 million to
construct an e-government system for the Minqing County of Fuzhou City
located in the Fujian Province. The net contract sum after excluding
hardware purchases on behalf of the customer and PRC Value Added business
tax is $22.3 million. A consultant who facilitated this project is due a
cash fee of approximately $1.3 million, payable within ten business days
from the signing date of the contract.
Under the terms of the contract, construction will begin in October 2007
with an expected complete date of September 2010. China Expert Technology
will be responsible for design and implementation of the following systems:
* e-Government Planning
* Hardware Platform Integration
* Security Platform
* Application Platform
* Portal Website
* Unified Administration Approval System
* Coordinated Office System
* Calling Center
* Geographical Information System
* Emergency Commanding System
* Auxiliary Decision System
* Social Medical Security Information System
* Smart Card System
* Information Database
Mr. Huang Tao, Chairman of the Board of Directors of China Expert,
stated, "We are pleased to win another significant, multi-faceted contract
within the Fujian Province. This contract is further evidence of the large,
addressable opportunity within this region. Our significant backlog provides
the basis for incremental growth in 2007 and beyond."
About the e-government project:
The e-government project is aimed at establishing a national electronic
government system, in which existing and expected government networks and
applied systems can be combined to form united technology standards and
regulations and consequently a united national government service platform.
The term e-government is a process in which the government is able to take
advantage of modern information and communication technologies to integrate
the management and service of government functions on the Internet, optimize
and reform the government structures and working processes, and provide good
and standard international administration and service to the society without
time and space limitation.
About China Expert Technology, Inc:
CHINA EXPERT TECHNOLOGY, INC. ("CXTI") is a company listed on the OTC
Bulletin Board in the USA (Trading Symbol: CXTI), with its subsidiaries
(collectively the "Group") situated in Hong Kong and China. The group is
specialized in providing large-scale network infrastructure construction
(mainly e-government projects) for communities and municipal governments in
China. The Group also utilizes its network with experts from various
universities in China to deploy business and IT consultancy services to
corporations in Hong Kong and China. The Group's existing major clients
includes municipal governments, government authorities and other technology
firms in China. Its income is derived mainly from four areas, e-government,
technology achievement appraisal, expert consultation and project database.
Safe Harbor under the Private Securities Litigation Reform Act of 1995: The
statements which are not historical facts contained in this press release
are forward-looking statements that involve certain risks and uncertainties
including but not limited to risks associated with the uncertainty of future
financial results directly and indirectly related to this contract with the
Minqing County of Fuzhou City, the regulatory and approval processes for
this and other signed and pending contracts, the impact of competitive
products on pricing, technological changes, the effect of economic
conditions and other uncertainties as may be detailed in the Company's
filings with the Securities and Exchange Commission.
For more information, please contact:
For the Company: Investors:
Phoebe Lam Mathew Hayden
China Expert Technology, Inc. Hayden Communications, Inc.
Tel: +852-2802-1555 Tel: +858-704-5065
Fax: +852-2583-9222 E-mail: Matt@haydenir.com
Email: phoebe@chinaexpertnet.com
