CNIT to Commence Announcing Quarterly Financial Results in Q3 2017
SHENZHEN, China, August 25, 2017 - China Information Technology, Inc. (Nasdaq: CNIT), a provider of cloud-application-terminal technology for internet-based advertisement distribution and ad display terminal sharing systems in China, today said that, beginning with the third quarter this year, it will voluntarily report and publicly announce the company's financial results on a quarterly basis.
It is expected that these quarterly results will be released in conjunction with 6-K filings, and will continue to be joined by a 20-F filing for year-end results.
As a "foreign private issuer," CNIT is not required under U.S. federal securities laws or the rules of Nasdaq to file or make public quarterly financial information.
"Among our most important objectives going forward is to increase the frequency with which we communicate with our shareholders and the financial community," said chairman and CEO Mr. Jianghuai Lin. "By announcing our financial results quarterly, as do U.S. domestic public companies, we believe we are taking an important step in accomplishing this goal."
Mr. Lin added that, at regular intervals, the company also intends to issue updated guidance on projected revenue and adjusted net income for 2018 and 2019.
On August 21 the company forecasted 2018 revenue of $30 to $33 million and adjusted net income of $9 to $11 million. For 2019, CNIT projected revenue of $55 to $60 million with adjusted net income of $20 to $23 million.
Mr. Lin said he expects CNIT's 2017 third quarter revenue to total $5.5 to $6 million, putting the company on track to meet or exceed this year's revenue projection of $17 to $19 million.
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 "will", "would", "could", "intends", "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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25/08/2017 Dissemination of a Financial Press Release, transmitted by EQS Group.
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