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CNIT Receives $1 Million Cloud-based Ad Terminal Order for Tianjin Municipality

Friday, 08 September 2017 06:15 AM

China Information Technology, Inc.

SHENZHEN, CHINA / ACCESSWIRE / September 8, 2017 / China Information Technology, Inc. (NASDAQ: CNIT), a leading provider of internet-based ad distribution and ad display terminal sharing systems in China, today said it has entered into contract for the sale of 3,000 CNIT cloud-based ad terminals to be installed in office buildings, residential communities, shopping malls and various outdoor locations throughout Tianjin Municipality, the primary industrial, commercial and economic center of North China.

Signed with advertising agency Tianjin Taoping IoT Technology Limited, the contract is expected to generate sales and service revenue to CNIT of $1 million by the first quarter of next year. The agreement - CNIT's second in 2017 for the sale of its cloud-based ad terminals in North China - follows up the company's $1.1 million ad terminal contract for Beijing announced in July.

Today's news is the eleventh in a series of announcements since May on CNIT's sales of its cloud-based ad terminals. Each of the contracts, which range in value from $0.5 to $3 million - is also expected to generate revenue from customers' use of the company's Yunfa advertising distribution system and Taoping ad screen sharing platform.

"We are proud to have landed this contract for Tianjin Municipality, one of China's leading commercial centers," said Chairman and CEO Mr. Jianghuai Lin. "As projected, we are now experiencing an acceleration in sales of our cloud-based ad terminals, due to both their technological excellence and their previous exposure in China's leading economic centers. We expect this trend to continue, and to be further boosted by today's contract for Tianjin."

The CEO reiterated the company's projection of 2018 revenue of $30 to $33 million and adjusted net income of $9 to $11 million, with sales of 120,000 cloud-based ad terminals in 100 cities covering 200 million people throughout China.

About China Information Technology, Inc.

China Information Technology, Inc. (CNIT) is a leading Internet service company that provides integrated cloud-based solutions enabling innovation and smart living in the fields of new media, elevator safety management, education, etc. Through continuous innovation, CNIT is aiming to leverage its proprietary Cloud-Application-Terminal technology to level the competitive landscape in the new media industry and deliver value for its shareholders, employees, customers, and the community. To learn more, please visit http://www.chinacnit.com.

Safe Harbor Statement

This press release may contain certain "forward-looking statements" relating to the business of China Information Technology, Inc., and its subsidiaries and other consolidated entities. All statements, other than statements of historical fact included herein, are "forward-looking statements" in nature within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements, often identified by the use of forward-looking terminologies 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. Investors 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 and its subsidiaries and other consolidated entities or persons acting on their 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 further information, please contact:

China Information Technology, Inc.
Iris Yan
Tel: +86-755-8370-4767
Email: [email protected]
http://www.chinacnit.com

or

Eisenberg Communications
Jimmy Caplan
Tel: +512-329-9505
Email: [email protected]

Media Relations:
Rick Eisenberg
Tel: +212-496-6828
Email: [email protected]

SOURCE: China Information Technology, Inc.

Topic:
Contract
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