14 New e-Government Contracts Awarded Year-to-Date
with a Total Contract Sum of $251.7 million
HONG KONG, Dec. 20 /Xinhua-PRNewswire/ -- 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 two new e-government contracts to construct e-government
systems for 2 city governments in Fuzhou City, located within the Fujian
Province.
Fuzhou City Mawei District Contract valued at $25 million
Implementation and services are tentatively set to commence in October
2007 with the completion date estimated for fall of 2010. The net contract
sum after excluding hardware purchases on behalf of the customer and PRC
Value Added business tax is $21.7 million. A consultant who facilitated this
project is due a cash fee of approximately $0.9 million, payable within
twenty business days from the contract signature date.
Fuzhou City Yongtai County Contract valued at $32 million
Implementation and services are tentatively set to commence in July 2007
with an expected completion date of June 2010. The net contract sum after
excluding hardware purchases on behalf of the customer and PRC Value Added
business tax is $28.5 million. A consultant who facilitated this project is
due a cash fee of approximately $1.5 million, payable within twenty business
days from the contract signature date.
Under the terms of the two contracts, China Expert Technology will be
responsible for design and implementation of the following systems:
- Hardware Platform Integration
- Security Platform
- Application Platform
- Portal Website
- Unified Administration Approval System
- Coordinated Office System
- Calling Center
- Digital File Manager
- Geographical Information System
- Emergency Commanding System
- Auxiliary Decision System
- Social Medical Security Information System
- Smart Card System
- Information Database
- e-Commerce System (for Fuzhou City Yongtai County only)
Mr. Huang Tao, Chairman of the Board of Directors of China Expert,
stated, "With this latest contract we now have won over $360 million in e-
government projects within the Fujian province since the Company's inception
as our reputation and proven track record continue to be a differentiator in
this market. There are 82 counties and cities located in Fujian and we have
won contracts in 12 to date."
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
include 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 Mawei District and Yongtai 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
