SHENZHEN CITY, China, June 6 /Xinhua-PRNewswire/ -- China Information Security Technology, Inc., (Nasdaq: CPBY) (“China Information Security,” “CIST” or the “Company”), a leading provider of Information Security and 3S (Geographic Information Systems - GIS, Global Positioning Systems - GPS and Remote Sensing - RS) services in China, today announced that the Company has been awarded a contract to construct the Police Geographic Information System for Heyuan City, Guangdong Province, China, with a total contract value of $2.68 million. The contract is estimated to be completed within 2008.
This contract win further builds on the Company’s dominant market position in Guangdong Province and expands the Company’s ongoing implementation of its Police-Use Geographic Information System (“PGIS”) platform across China. The Company expects that each PGIS roll-out in a new city will provide follow-on contract and maintenance service opportunities with the potential to generate additional revenues for the Company.
China Information Security provides PGIS customers with specialized GIS services, including specialized mapping, geographic positioning, messaging, automated police patrol area monitoring, patrol history tracking and work hour management. Successful implementation of the PGIS platform also provides an opportunity for CIST to deliver ongoing systems operation and support services, as well as application interface services that enable interaction between the PGIS platform and other infrastructure applications currently in use by the PGIS customer.
“The Heyuan PGIS win demonstrates the continuing strength of our technological capabilities and market leadership position,” commented Mr. Jiang Huai Lin, CEO of China Information Security. “We are actively pursuing market expansion opportunities across China, while maintaining our dominant position in Guangdong Province. We expect that with each successive PGIS win, we will outpace our competitors, as we gain additional experience and enhance our brand recognition.”
About China Information Security Technology, Inc.
Through its wholly-owned Chinese subsidiary, China Information Security is focused on the development and implementation of large scale, high-tech information security and 3S (Geographic Information Systems - GIS, Global Positioning Systems - GPS and Remote Sensing - RS) related projects. The Company provides a broad portfolio of fully integrated solutions and services, including Information Security (First Responder Coordination Platform, Intelligent Border Control System and Residence Card Information Management System), 3S and Product Sales and Services. Through its exclusive contractual arrangement with iASPEC Software Company Limited (iASPEC), China Information Security has the licenses to numerous registered and copyrighted software applications in China. In addition, iASPEC is considered the Company’s variable interest entity, and its financial data and information is consolidated into the Company’s accounts. To learn more about the Company, please visit the corporate website at http://www.chinacpby.com .
Safe Harbor Statement
This press release may contain certain “forward-looking statements” relating to the business of China Information Security Technology, Inc., and its subsidiary companies. All statements, other than statements of historical fact included herein are “forward-looking statements” including statements regarding the significance of the Heyuan contract win and the general ability of the Company to achieve its commercial objectives; the business strategy, plans and objectives of the Company and its subsidiaries; and any other statements of non-historical information. 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. 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 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:
Mr. Michael Lin
Vice President, Investor Relations
China Information Security Technology, Inc.
Tel: +1-949-743-0868
Email: mlin@chinacpby.com
Web: http://www.chinacpby.com
Investor Relations Contact:
Mr. Crocker Coulson
President
CCG Elite Investor Relations
Tel: +1-646-213-1915 (NY office)
Email: crocker.coulson@ccgir.com
Web: http://www.ccgelite.com
