BEIJING, March 31 /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, through its subsidiary Beijing Zhangcheng Culture and Media Co, Ltd. (“Zhangcheng Media”), it has recently signed a one year taxi advertisement placement agreement with a total value of RMB 1,090,000 (approximately US$160,000) with Inner Mongolia Lifeng Corporation Group Limited (“Lifeng”).
Lifeng is the largest integrated automobile trade service company in Inner Mongolia Autonomous Region, marketing and distributing over 1,000 automobile products from 20 foreign and domestic brands including Mercedes-Benz, General Motors, Ford, Toyota, Nissan, etc. China TransInfo holds exclusive operating rights on roof-mounted advertisement LED screens on 4,666 taxis in Huhhot. Pursuant to the agreement, Lifeng will place different automobile product advertisements on China TransInfo’s taxi LED screens for one year.
China TransInfo holds exclusive rights in three cities, Urumqi, Huhhot and Dalian, for the collection and processing of real-time traffic information data. Data is collected through onboard media platforms installed in taxis which include roof mounted LED advertising screens. Currently, media platforms in Urumqi and Huhhot are fully operational while the Dalian market is expected to become fully operational during the second quarter of 2009.
“We are very pleased with the continued development of our taxi media platform business,” commented Mr. Shudong Xia, CEO of China TransInfo, “We are confident that our business model based on recurring advertisement revenue will continue to expand, providing steady top line growth for this sector of our business. In addition, we are excited about the potential value of our traffic data to the commercial market as consumer targeted traffic information products and services become more widespread throughout China.”
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, and a 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 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:
CCG Investor Relations
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
Website: http://www.ccgirasia.com
