BEIJING, Jan. 19 /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") announced that the Company expanded its real-time traffic application coverage to Dalian and Nanjing effective January 15, 2010 and recently formed a cooperative relationship with Baidu, Inc. (Nasdaq: BIDU).
The Company now offers five versions of its real-time traffic mobile phone application software in 10 cities that can be downloaded for free at http://www.palmcity.cn .
The Company recently established a cooperative relationship with Baidu for its real-time traffic application. Based on the agreement, the Company will provide real-time traffic information for Baidu's map searching service in Beijing, Shanghai, Shenzhen, Chengdu, and Chongqing. In addition, China TransInfo and Baidu will collaborate to develop new applications for mapping real-time traffic information searching services. This cooperation will allow China TransInfo to adopt Baidu's mapping technologies and interfaces.
"We are delighted to expand our real-time traffic application footprint in Dalian and Nanjing, reflecting our continuous efforts to fully develop our real-time transportation information business and further solidify our leadership in this market," commented Shudong Xia, Chief Executive Officer of China TransInfo. "In addition, we are very excited about our cooperative relationship with Baidu, signifying industry support of our high-quality real-time traffic application from the leading search engine and mapping provider in China. We expect to explore additional ways to work together with Baidu in the near future."
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 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 88 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 over 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.
Email: ir@ctfo.com
Tel： +86-10-5169-1657
Investor Relations Contact:
Mr. Shaun Smolarz, Financial Writer
Email: shaun.smolarz@ccgir.com
Tel: +1-646-701-7444
Mr. Crocker Coulson, President
Email: crocker.coulson@ccgir.com
Tel: +1-646-213-1915
CCG Investor Relations
Web: http://www.ccgirasia.com
