SHENZHEN CITY, China, Oct. 8 /Xinhua-PRNewswire-FirstCall/ -- China Information Security Technology, Inc., (Nasdaq: CPBY) ("China Information Security," "CIST" or the "Company"), a leading application software developer, systems integrator and full-service Geographic Information Systems ("GIS") solutions provider to the public security and civil-use markets in China, today announced that it was awarded a contract to construct the 12315 PGIS platform for the Industry and Commerce Administrative Bureau ("ICAB") of Hainan Province. The contract is valued at $2.73 million and is expected to be completed in the second quarter of 2009.
In China the ICAB is a government agency that receives complaints from consumers who are unsatisfied with purchased products or services. All enterprises in China, including owner-operated businesses, are required to register with the local ICAB as the first step in starting a business and the ICAB archives and monitors the information provided by such businesses on a continuous basis. Consumers call "12315" to contact their local ICAB to file a complaint and the local ICAB conducts timely investigations and has the right to penalize vendors proved to have engaged in inappropriate conduct.
Under the 12315 PGIS contract, CIST will integrate all ICAB business information and digital resources within Hainan province using a combination of CIST's existing PGIS platform and a newly developed module. The installation will accelerate information collection and consolidation, display, enquiries and retrieval of vital statistics. With the application of CIST's unique PGIS correlation technology, raw business data can be processed into tables and charts which can clearly show the trend of future business activity and assist in forecasting. Once installed, the system can also help to allocate intelligence as well as human resources within the ICAB system to achieve maximum performance. This platform is expect to provide timely, effective and scientific support in the decision making process for all levels of management in the ICAB of Hainan Province.
"We believe that the adoption of this advanced platform will enable more efficient management of resources within Hainan Province's ICAB and will greatly improve the timing of ICAB response to consumer complaints," said Mr. Jiang Huai Lin, CEO of China Information Security. In addition, the new system is expected to provide better consumer protection, minimize misappropriation and other criminal or fraudulent activity, thereby creating consumer confidence in market place. "This contract represents another win in our expanding portfolio of PGIS solutions, whereby we leverage our existing PGIS platform with additional modules for rapid deployment."
About China Information Security Technology, Inc.
Through its wholly-owned Chinese subsidiary, China Information Security Technology, Inc. ("CIST" or the "Company") headquartered in Shenzhen, China ("PRC"), is a leading application software developer, systems integrator and full-service Geographic Information Systems ("GIS") solutions provider to the public security and civil-use markets in China, aiming to use information technology to improve public safety and information management. Its main business lines range from digital public security, to intelligent border control, and residence card information management systems. Its commitment to leading-edge technology and quality assurance has won the Company numerous government and enterprise contracts throughout China. 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 12315 GIS platform contract win; 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 Investor Relations
Tel: +1-646-213-1915 (NY office)
Email: crocker.coulson@ccgir.com
Web: http://www.ccgir.com
