BEIJING, July 28 /Xinhua-PRNewswire-FirstCall/ -- China TransInfo Technology Corp., (OTC Bulletin Board: 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 it has signed an agreement for taxi advertisements with China Unicom Limited (NYSE: CHU) valued at RMB 5 million (approximately $0.73 million) in the city of Urumqi. The agreement is effective from July, 2008 through July, 2009. China Unicom Limited is one of the four leading telecom carriers in China. Urumqi is the capital city of Xinjiang Urgur Autonomous Region.
China TransInfo enjoys exclusive rights to operate a GPS service platform, in-taxi GPS media platform, as well as taxi advertising rights for about 7,000 taxis in Urumqi for a period of 15 years, starting from 2007. The new agreement will pertain to advertising on all 7,000 taxis. Under the terms of the agreement, China TransInfo will post China Unicom's brand image on one side of taxi roof lights for one year (valued at RMB 1.88 million) and play rolling advertisements on LED screens embedded on the other side of roof lights (approximately 150 hours airtime valued at RMB 3.12 million). The rooftop LED screens will contain information related to China Unicom's corporate image, latest products, and promotional activities.
"This cooperation with China Unicom is another significant achievement for China TransInfo. Taxi advertisements are gradually being recognized as an efficient channel to attract more attention from target audiences and enlarge geographic coverage," commented Mr. Shudong Xia, CEO of China TransInfo. "The cooperation with a high profile customer such as China Unicom clearly demonstrates our effectiveness in operating our new taxi media business. We look forward to announcing similar agreements in Urumqi and other cities in the coming months."
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 GIS technologies which is used to service the public sector. In addition, the Company is also developing its transportation system to include ETC 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 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
Web: http://www.ccgir.com
