SHENZHEN, China, Sept. 27 /PRNewswire-Asia/ -- China Information Technology, Inc., (Nasdaq GS: CNIT), a leading total solutions provider of Geographic Information Systems (GIS), digital public security and hospital information systems in China, today announced that its Board of Directors has approved a $5.0 million stock repurchase program. The share repurchase authorization is in effect for one year.
The amount, timing and extent of any repurchases will depend on market conditions, the trading price of its common shares and other factors and will be subject to restrictions relating to volume, price and timing under applicable law, including Rule 10b-18 promulgated under the Securities Exchange Act of 1934, as amended. The Company expects to implement this share repurchase program over the next 12 months, in a manner consistent with market conditions and the interest of shareholders. Repurchases may be in open-market transactions or through privately negotiated transactions, and the repurchase program may be expanded by the Board of Directors in the future. The repurchases will be funded with available cash on hand. Any shares of common stock repurchased under the program will be returned to treasury.
Mr. Jiang Huai Lin, Chairman and CEO of the Company, commented, "Our business and end markets remain strong, evidenced by our record-high backlog at the end of the second quarter and continuous high-profile contract wins. Additionally, we maintain a healthy balance sheet and continue to generate cash flow from operations. This buyback program reflects our confidence in the long-term growth prospects for our company and our commitment to increasing shareholder value."
About China Information Technology, Inc.
China Information Technology, Inc., through its subsidiaries and other consolidated entities, specializes in Geographic Information Systems (GIS), digital public security and hospital information systems, with the goal of being the largest GIS software provider in the China. Headquartered in Shenzhen, China, the Company's total solutions include specialized software, hardware, systems integration, and related services organized into three business segments - Geographic Information Systems, Digital Information Security Technology (DIST), and Digital Hospital Information Systems (DHIS). To learn more about the Company, please visit its corporate website at http://www.chinacnit.com .
Safe Harbor Statement
This press release contains "forward-looking statements" relating to China Information Technology, Inc.'s share repurchase program and business. All statements, other than statements of historical fact included herein are "forward-looking statements" including statements regarding the significance of the share repurchase program; the general ability of the Company to achieve its commercial objectives; the business strategy, plans and objectives of the Company; and any other statements of non-historical information. These forward-looking statements are often identified by words such as "believes," "expects" or similar expressions, and 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 at 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 further information, please contact:
China Information Technology, Inc.
Iris Yan
Tel: +86-755-8370-4767
Email: ir@chinacnit.com
http://www.chinacnit.com
Christensen
Kathy Li
Tel: +1-480-614-3036
Email: kli@christensenir.com
Tip Fleming
Tel: +852-9212-0684
Email: tfleming@christensenir.com
