BEIJING, July 20 /PRNewswire-Asia/ -- 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 its VIE operating subsidiary, Beijing PKU Chinafront High Technology Co., Ltd., recently established a subsidiary in Chongqing and opened a branch in Hangzhou.
Chongqing is one of the four municipalities directly under the control of the PRC central government; the others are Beijing, Shanghai, and Tianjin. Chongqing is the largest economic center in Southwest China and has a population of 28.4 million with 1.6 million registered motor vehicles. In 2008, the overall gross domestic product (GDP) of Chongqing was RMB 501 billion (approximately USD $73.4 billion). One of the major goals of the Chongqing government in recent years has been to improve the transportation infrastructure, particularly hardware and software.
Hangzhou is the capital city of Zhejiang Province. It is one of the largest economic hubs in Eastern China, located in the Yangtze River Delta and 150 km west of Shanghai. The city has 1.4 million registered motor vehicles and in 2008 generated GDP of RMB 478 billion (approximately USD $70.0 billion).
"The establishment of our Chongqing subsidiary and opening of our Hangzhou branch are important components of China TransInfo's geographic expansion strategy," commented Mr. Shudong Xia, Chief Executive Officer of China TransInfo. "Chongqing is the largest city in Southwest China but its transportation information systems are underdeveloped. We expect that Chongqing's large population base and rapid transportation infrastructure development will provide us with significant opportunities to gradually roll out our urban transportation business in the local market, including real time traffic data service, traffic flow surveying solutions, and intelligent traffic management platform. In addition, the establishment of our Chongqing subsidiary further advances our business expansion strategy in Western China."
"As the transportation hub of the Yangtze River Delta, Hangzhou is an ideal location for us to expand our market shares in the urban and intercity transportation markets of Eastern China. Following our recently awarded Electronic Toll Collection (ETC) project in Zhejiang Province, the opening of our Hangzhou branch will strengthen our marketing efforts and service quality in this region, enabling us to more effectively develop our urban transportation business in Hangzhou and the intercity transportation platform in Zhejiang Province," stated Mr. Xia.
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
Email: crocker.coulson@ccgir.com
Tel: +1-646-213-1915 (NY office)
Shaun Smolarz, Financial Writer
Email: shaun.smolarz@ccgir.com
Tel: +1-310-279-6126
CCG Investor Relations
Web: http://www.ccgirasia.com
