CNIT Receives First Order of Cloud-based Ad Terminals for Hubei Province
SHENZHEN, China, August 24, 2017 - China Information Technology, Inc. (Nasdaq: CNIT), a provider of cloud-application-terminal technology for internet-based ad distribution and ad display terminal sharing systems in China, today said it has entered into a contract for the sale of 1,500 CNIT cloud-based ad terminals to be installed in office buildings, residential communities, shopping malls and various outdoor locations by year-end throughout Huanggang City in Hubei Province.
Signed with advertising agency Huanggang Taoping IoT Technology Ltd., the contract is expected to generate sales and service revenue to CNIT of about $500,000 by the end of this year.
Today's news is the ninth announcement since May of 2017on CNIT's sales of its cloud-based ad terminals. Each of the contracts is also expected to generate revenue from customers' use of Yunfa Net, CNIT's advertisement distribution system (www.cnitiot.com) allowing an advertiser to create cost-effective 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.
"We are proud to announce yet another contract for the sale of our cloud-based advertising display terminals," said chairman and CEO Mr. Jianghuai Lin. "This agreement further strengthens our presence in Central China and brings us a step closer toward our objective of providing market coverage for 100 million people in 20 major provinces by the end of this year."
Mr. Lin said that by 2018, the Company expects to sell an additional 120,000 cloud-based ad terminals with market penetration in 100 cities with coverage for 200 million people throughout China.
The CEO said he expects to announce additional sales contracts "and other positive developments" in the near future.
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.
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24/08/2017 Dissemination of a Financial Press Release, transmitted by EQS Group.
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