omniture

China TransInfo Announces RMB 12 Million Contract with Ministry of Transportation for Traffic Data Collection and Service System

2011-01-10 23:07 1534

BEIJING, Jan. 10, 2011 /PRNewswire-Asia/ -- China TransInfo Technology Corp. (Nasdaq: CTFO) ("China TransInfo" or the "Company"), a leading provider of comprehensive intelligent transportation solutions and traffic information services in China through its affiliate, China TransInfo Technology Group Co., Ltd. (the "Group Company"), today announced that it recently signed an agreement with the Planning Institute under the PRC Ministry of Transportation (MOT) to provide technical development and services for a pilot project to build and operate a traffic data collection, analysis, and service system for national trunk roads (the "System"). The contract is valued at approximately RMB 12 million (approximately $1.8 million) and will be classified within the Company's government solutions business.

According to the contract, China TransInfo will develop software applications, build a database, provide information processing services as well as support applications. The System includes a data collection and transmission system, a comprehensive analysis system, an economic analysis system and a multi-tier sharing service system, based on traffic information on national trunk roads.

The pilot project is designed to address the lack of traffic data collection, analysis, and application services on national trunk roads. The pilot project is expected to improve economic analysis, and statistical efficiency related to gathering and analyzing traffic information on national trunk roads, as well as to provide data support for government coordination and management, emergency assistance and public commuting across different regions on national trunk roads.

"We are very proud to be selected once again for a pilot project from the Ministry of Transportation, which reflects China's top transportation regulator's recognition of our technology, project management and brand equity," said Mr. Shudong Xia, Chairman and Chief Executive Officer of China TransInfo. "We believe that traffic information data collection and analysis systems will continue to play an increasingly important role as China expands its road network in the future. The System is fundamental to the upcoming national road grid center and the country's transportation emergency response and assistance mechanism. The Ministry of Transportation plans to promote the pilot project in some provinces during the 12th Five-Year period, which runs from 2011-2015, and we are highly confident in our Company's ability to gain market share in these provinces. "

About China TransInfo

China TransInfo, through its affiliate, China TransInfo Technology Group Co., Ltd., (the "Group Company") and the Group Company's PRC operating subsidiaries, is primarily focused on providing urban and highway transportation management solutions and information services. The Company is a leading transportation information products and comprehensive solutions provider, and aims to be the largest real time transportation information service provider and major fleet management service provider in China. As the co-formulator of several transportation technology \national standards, the Company owns five patents and has won a majority of the model cases awarded by the PRC Ministry of Transportation. As a result, the Company is playing a key role in setting the standards for transportation information solutions in China. For more information, please visit the Company's website at http://www.chinatransinfo.com.

Safe Harbor Statement

This press release contains certain statements that may include "forward looking statements". All statements other than statements of historical fact included herein are "forward-looking statements". These forward looking statements are often identified by the use of forward-looking terminology such as "believes," "expects," "plans" 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. You 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.

Company Contact:                                      

 

 

Ms. Fan Zhou, Investor Relations Director    

 

 

China TransInfo Technology Corp.

 

 

Email: ir@ctfo.com

 

 

Tel: + 86 10 –5169 1657

 

 

 

 

Investor Relations Contact:

 

 

Mr. Athan Dounis

 

 

Email: athan.dounis@ccgir.com

 

 

Tel: +1 (646) 213-1916

 

 

 


Source: China TransInfo Technology Corp.
Related Stocks:
NASDAQ:CTFO
Keywords: Transportation
collection