CNIT SIGNS $1 MILLION CLOUD-BASED AD TERMINAL CONTRACT FOR FUJIAN PROVINCE
SHENZHEN, China, June 5, 2017 - China Information Technology, Inc. (Nasdaq:CNIT), a provider of cloud-app technologies for Internet-of-Things (IoT) platforms and internet-based ad distribution and ad screen sharing systems in China, today said it has entered into a contract for the sale of 3,000 CNIT cloud-based ad terminals to be installed by year-end in numerous cities in Fujian Province including Quanzhou, Shishi, Jinjiang and Nan'an.
The contract, signed with advertising agency Fujian Taoping IoT Limited, is expected to generate 2017 sales and service revenue to CNIT of about $1 million.
Today's news follows a May 30 release announcing CNIT's $2 million sale of 7,000 ad terminals to be installed this year in Shenzhen and a May 22 announcement on the company's $1.5 million sale of 5,000 terminals to be installed by year-end in Shanghai. As was the case with those contracts, the Fujian sale is expected to generate additional revenue from customers' use of Yunfa Net (www.cnitiot.com), CNIT's cloud-based system allowing an advertiser to create reduced-cost ads on a PC or mobile app, transmit these ads to the elevator ad terminals of their choice, and receive feedback from the terminals on how viewers are responding to the ads.
Purchasers of CNIT's ad terminals will also be invited to subscribe to Yunti Guard, the company's IoT safety solution comprising a series of state-of-the-art features not previously available in a single elevator maintenance system.
"We are very pleased to complete these three new sales agreements for 15,000 of our cloud-based ad terminals," said Mr. Lin. "As previously stated, we are on track to reach or exceed our estimate to sell 60,000 cloud-based ad terminals for $17.5 million in 2017."
Mr. Lin added he remained "highly confident" that CNIT will produce break-even status or moderate profitability in the second half of the year.
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.
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05/06/2017 Dissemination of a Financial Press Release, transmitted by EQS Group.
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