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China Information Technology, Inc. Subsidiary Awarded National High-tech Enterprise Status

SHENZHEN, China, Feb. 15, 2011 /PRNewswire-Asia/ -- China Information Technology, Inc. (Nasdaq: CNIT), a leading total solutions provider of geographic information systems (GIS), digital public security technology (DPST) and digital hospital information systems (DHIS) in China, today announced that its subsidiary, Huipu Electronics (Shenzhen) Co. Ltd., has been awarded China's "National High-Tech Enterprise" status ("National HT Status"), as approved by the Ministry of Science and Technology, the Ministry of Finance and the State Administration of Taxation of China.

National HT Status is awarded by the Chinese government to recognize technological leading companies in their fields and industries which have been consistently investing in new product development and have substantial revenues generated by their own proprietary patented or innovative products. Award recipients benefit from a series of preferential tax and financing treatments granted by the government to encourage domestic and foreign investments in advanced technologies in China, and to stimulate and promote the production of high-tech products and the provision of high-tech related services and technologies in China.

According to relevant regulations issued by the State Administration of Taxation and the China Banking Regulatory Commission, companies with National HT Status are eligible for a number of significant benefits, including lower corporate income tax rate (a decrease from 25% to 15%), preferential treatment in obtaining financial support from the National Technological Development Fund, and receipt of competitive commercial bank loans and subsidized interest rates. Following Huipu Electronics' National HT Status designation, all seven of CNIT's operating entities in China have achieved the coveted status.

"We take great pride in the fact that all of our operating entities have now been elevated to the National High-Tech Enterprise status," said Mr. Jiang Huai Lin, Chairman and CEO of the Company. "The award is important for us. It demonstrates the high standards by which we operate our company as a whole.  In addition to expanding CNIT's unique portfolio of high-tech products and services, we will continue to drive the development and growth of our other brands throughout the country."  

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 technology (DPST) and digital hospital information systems (DHIS), with the goal of being the largest GIS software provider in China. Headquartered in Shenzhen, China, the Company's integrated solutions include specialized software, hardware, systems integration, and related services to help its customers improve efficiency in information management.  To learn more about the Company, please visit its corporate website at http://www.chinacnit.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 subsidiaries and other consolidated entities. All statements, other than statements of historical fact included herein are "forward-looking statements" including: the significance of the recognition received by the Company; the general ability of the Company to achieve its commercial objectives; the Company's growth prospects, 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 further information, please contact:

 

 

 

 

China Information Technology, Inc.
Iris Yan
Tel: +86-755-8370-4767
Email: ir@chinacnit.com
Web: http://www.chinacnit.com

 

 

 

 

Christensen
Kathy Li
Tel: +1-480-614-3036
Email: kli@christensenir.com

 

 

 

 

Teal Willingham
Tel: +86-10-5826-4727
Email: twillingham@christensenir.com

 

 

 


Source: China Information Technology, Inc.
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