CNIT SIGNS $1 MILLION CLOUD-BASED AD TERMINAL CONTRACT FOR ANHUI PROVINCE
SHENZHEN, China, June 12, 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 throughout Wuhu City in Anhui Province.
The contract, signed with advertising agency Anhui Taoping IoT Technology Limited ("Anhui Taoping"), is expected to generate sales and service revenue to CNIT of about $1 million by the end of this year. Anhui Taoping is 20 percent owned by Shenzhen Taoping New-Media Limited, an ad agency of which CNIT chairman and CEO Mr. Jianghuai Lin is the controlling shareholder.
Today's news is the fourth announcement in about three weeks on CNIT's sales of its cloud-based ad terminals. The four contracts have total sales of 18,000 terminals projected to produce revenue of $5.5 million this year. Each of the contracts is also 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 thrilled to announce yet another sales agreement for our cloud-based ad terminals," said Mr. Lin. "With this development, we remain confident in our projection to sell at least 60,000 cloud-based ad terminals for $17.5 million in 2017."
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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