BEIJING, Aug. 19 /PRNewswire-Asia-FirstCall/ -- China TransInfo Technology Corp., (Nasdaq: CTFO) ("China TransInfo" or "the Company"), a leading provider of public transportation information systems technology and comprehensive solutions in the People's Republic of China ("PRC"), today announced that the Company was awarded a RMB 31.8 million (approximately USD $4.7 million) contract by the Wuhan Municipal Transportation Management Bureau to construct a transportation management system (the "Wuhan Project").
The Wuhan Project encompasses construction of a centralized traffic information processing center, based on the Company's proprietary GIS (Geographic Information System) technology. The information center will include the complete transportation sequence for real-time traffic flow data, including collection, access, processing, management and application. The Wuhan Project will cover all major roads in Wuhan and is scheduled to be completed by year-end 2009.
"We are delighted to receive this major contract, as the Wuhan municipal government has recognized our industry leading advanced technology," commented Mr. Shudong Xia, Chief Executive Officer of China TransInfo. "The Wuhan Project significantly strengthens our presence in Wuhan, the capital city of Hubei Province and one of the largest economic centers in southern China. Further, the Wuhan Project will support our recently launched multi-city
real-time traffic monitoring service in Wuhan. We look forward to leveraging our experience in Wuhan, as we continue to expand nationwide."
About China TransInfo
China TransInfo, through its affiliate, China TransInfo Technology Group Co., Ltd., (the "Company") and the Group Company's PRC operating subsidiaries, is primarily focused on providing transportation information services and comprehensive solutions based on GIS technologies. The Company aims to become the largest transportation information products and comprehensive solutions provider, as well as the largest real time transportation information platform operator and provider in China. In addition, the Company is developing its transportation system to include Electronic Toll Collection (ETC) technology. As the co-formulator of several transportation technology national standards, the Company owns software copyrights for 75 software products and has won 5 of the 10 model cases sponsored by the PRC Ministry of Communications. The Company's affiliation with Peking University provides the Company access to the University's GeoGIS Research Laboratory, including 30 Ph.D. researchers. As a result, the Company is playing a key role in setting the standards for electronic transportation information solutions. 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" 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.
For more information, please contact:
Company Contact:
Ms. Fan Zhou, Investor Relations Director
China TransInfo Technology Corp
Tel: +86-10-8267-1299 x8033
Email: ir@ctfo.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.ccgirasia.com
