BEIJING, April 21 /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 the Company has signed two contracts, one in Gansu Province and one in Shanxi Province, with a combined value of roughly RMB 16.0 million, or approximately $2.3 million.
According to the terms of the contract in Gansu Province, valued at about RMB 2.1 million, or approximately U.S. $0.3 million, China TransInfo will construct the Gansu Transportation Geographic Information System (GIS) platform for the Gansu Provincial Ministry of Communication ("MOC") which will be used to collect and analyze local transportation data. As one of the provincial MOC’s transportation information service integration projects, this platform will be the foundation for the upcoming Gansu Province Assisted Decision-making Transportation Analysis System.
China TransInfo was also awarded a contract from Shanxi Mobile, China Mobile’s Shanxi Province-based subsidiary, valued at around RMB 13.8 million, or approximately U.S. $2.0 million. In accordance with the terms of the contract, China TransInfo will construct a customized GIS platform for the Shanxi Provincial Department of Forestry, a provincial division under the China Ministry of Forestry. The system will be used to conduct real-time 3D monitoring. Shanxi Mobile, the principal agent implementing the system, will provide the hardware and wireless carrier service for this project. The project will be the first nationwide GIS platform application used by the Ministry of Forestry.
"We are very excited to announce these two contracts in Gansu and Shanxi Provinces, representing our increased penetration into the northwest China market, heightening our nationwide profile," commented Mr. Shudong Xia, China TransInfo’s chief executive officer. "In particular, we are honored to be selected to construct the first nationwide GIS platform for the Ministry of Forestry. Not only does this contract serve to reinforce the reputation of our GIS capabilities, it also allows us to gain a foothold in a new industry sector."
About China TransInfo
China TransInfo, through China TransInfo Group and its operating subsidiaries, is primarily focused on providing transportation information services. The Company aims to become the largest transportation information product and comprehensive solutions provider, as well as the largest integrated transportation information platform and commuter traffic media platform builder and operator in China. China TransInfo is involved in developing multiple applications in transportation, digital city, land and resource filling system based on GIS technologies, which is used to service the public sector. In addition, the Company is developing its transportation system to include ETC technology. As the co-formulator to several transportation technology national standards, the Company has software copyrights for up to 75 software products and has won 5 of 10 model cases sponsored by PRC Ministry of Communications. The Company’s affiliation with Peking University provides access to the University’s GeoGIS Research Laboratory, including 30 Ph.D. researchers. As a result, the Company is currently playing a key role in setting the standards for electronic transportation information solutions. For more information please visit the company 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)
Graham Reed, Financial Writer
Email: graham.reed@ccgir.com
Tel: +1-646-213-1907
CCG Investor Relations
Website: http://www.ccgirasia.com
