CNIT Receives $1 Million Cloud-based Ad Terminal Order from Taoping Alliance's New Members for Qingyuan and Qujing City
SHENZHEN, China, May 17, 2018 -- China Information Technology, Inc. (Nasdaq: CNIT), a leading provider of internet-based ad distribution and ad display terminal sharing systems in China, announced that it has entered into contracts for the sales of 3,000 CNIT cloud-based elevator ad terminals to be installed in office buildings and residential communities throughout two prefecture-level cities Qingyuan, a major economic and transportation hub of Guangdong Province and Qujing, an important industrial and commercial city of Yunnan Province in China.
Signed with Qingyuan Taoping IoT Technology Limited ("Qingyuan Taoping") and Qujing Taoping IoT Limited ("Qujing Taoping"), the contracts are expected to generate sales and service revenue to CNIT of about $1 million. Today's news is the thirtieth in a series of announcements since May of 2017 on CNIT's sales of its cloud-based ad terminals. Each transaction is expected to generate recurring service and commission revenue from customers' use of the Company's Yunfa advertising distribution system and Taoping Net/ App ad screen sharing platform.
Qingyuan Taoping and Qujing Taoping have recently joined the Taoping Alliance, a nationwide advertising resource sharing platform jointly founded by CNIT and Shenzhen Taoping New-Media Limited, as the thirty-ninth and the fortieth members. Since its establishment in May 2017, the members of Taoping Alliance have increased to the coverage of over twenty-two provinces and provincial citiess throughout China.
"We are glad that Qingyuan Taoping and Qujing Taoping have officially joined Taoping Alliance," said Mr. Jianghuai Lin, the Chairman and CEO of CNIT, "Located in northern Guangdong Province on the banks of the North River, the maritime infrastructure in Qingyuan plays a vital role in transporting goods to other regional centers in Guangdong, Hong Kong and Macao. Qujing, the second largest city in Yunnan regarding economic strengths is also called Throat of Yunnan. The expansion of Taoping Alliance's network into the prefecture-level cities indicates that CNIT is striving to meet the large demand from the market and bringing values to the regional stakeholders."
Mr. Lin reiterated 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.
About China Informtaion Technology
China Information Technology, Inc. (Nasdaq: CNIT) is a leading cloud-based ad terminal and service provider of Internet-of-Things (IoT) technology based digital advertising distribution network and new media resource sharing platform in the Out-of-Home Advertising Market in China. CNIT provides the integrated end-to-end digital advertising solutions enabling customers to distribute and manage ads on the ad display terminals. Connecting cloud-based ad terminal owners, advertisers, and consumers, CNIT builds up a resource sharing "Smart IoT Terminal - Cloud Services - Taoping Web" media ecosystem to ultimately achieve the mission "our technology makes advertising and branding affordable and effective for everyone." 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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