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China TransInfo Technology Corp. Reaffirms Fiscal Year 2008 Guidance

2008-10-14 21:09 1097

BEIJING, Oct. 14 /Xinhua-PRNewswire/ -- 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 (the "PRC"), today reaffirmed its US GAAP revenue and net income guidance for the fiscal year ended December 31, 2008.

China TransInfo's guidance for fiscal year 2008 calls for revenue of $30 million and net income of $11 million under US GAAP. The Company's forecast represents an increase of 152% and 150% year-over-year in revenue and net income, respectively. China TransInfo's rapid growth is chiefly predicated on the development of its transportation information products and solutions, which have become the largest contributor to revenue during the current fiscal year.

"We remain very confident that we are on track to achieve guidance for our current fiscal year," stated Shudong Xia, China TransInfo's chief executive officer. "Over the past several months we have significantly increased our customer base for our transportation information products, which include our taxi-based transportation media platforms. We have also made several strategic acquisitions which have allowed us to enter new markets and acquire new technology which will lead to the development of new, more advanced products. Because of these factors, we believe that Chinese TransInfo is poised for a period of sustained growth."

About China TransInfo

China TransInfo, through its subsidiary Beijing PKU ChinaFront High Technology Co., Ltd. ("PKU"), 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 Geographic Information System technologies which is used to service the public sector. In addition, the Company is also developing its transportation system to include Electronic Toll Collection technology. The Company is the co-formulator to several transportation technology national standards and has software copyrights to 23 software products. China TransInfo has won 3 of 4 model cases sponsored by the PRC Ministry of Communications. The Company's affiliation with Peking University, which currently owns 5% of PKU, provides access to the University's GeoGIS Research Laboratory, including over 30 Ph.D. researchers. As a result, the Company is currently playing a key role in setting the standards for electrified 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:

China TransInfo Technology Corp.

Ms. Cathy Zhuang, IR Supervisor

Tel: +86-10-8267-1299 x8032 (Beijing)

Email: cathyzhuang@ctfo.com

CCG Investor Relations Inc.

Mr. Crocker Coulson, President

Tel: +1-646-213-1915 (New York)

Email: crocker.coulson@ccgir.com

Graham Reed, Financial Writer

Email: graham.reed@ccgir.com

URL: http://www.ccgirasia.com

Source: China TransInfo Technology Corp.
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