China Information Technology, Inc. (NASDAQ: CNIT) Announces Nearly $25 Million in Contracts

Date:2011-10-26zhangxu  Text Size:

China Information Technology is a leader in geographic information system (GIS) technology, which offers users an integrated approach to manage and analyze geographically referenced information, such as city traffic. China Information Technology offers secure solutions to its users. It also markets Digital Hospital Information Systems, a complete tool for hospital management and a potential step towards the promise of electronic medical records. The company offers integrated solutions that include specialized software, hardware, systems integration, and related services.

During the third quarter of 2011, China Information Technology recently announced, it signed $24.6 million in new contracts. The company's core information technology business segment accounted for 44 percent of the new business, or $10.8 million. The Digital Display business segment contributed 56 percent of the contract wins, a total of $13.8 million.

The quarter’s contract awards were spread out among 28 provinces and provincial cities in China. The contracts include a $1.35 million commitment for work with the City Authority of Pingshan New Zone in Shenzhen. Under that contract, China Information Technology will provide a custom, integrated application platform for digital city management, as well as the required system integration software;

A $0.8 million work order to create a digital vehicle service monitoring and support system for the Shenzhen Public Security Bureau was also awarded. A contract for about the same amount, $0.73 million, will allow the company to deliver a digital city management system, including a highly specialized database, for the Chenzhou Municipal Bureau of Urban Management and Administration;

Hardware contracts include a $0.6 million award to supply China Information Technology brand 60 and 65 inch all-in-one touch screen displays to Shandong Province Education Technology Equipment Co., Ltd; and $0.47 million to supply 63 inch all-in-one touch screen displays to Suzhou Xinpujie Intelligent Technology Co., Ltd.

Mr. Jiang Huai Lin, Chairman and CEO of the Company, noted that, "We saw a decline in the total value of our third quarter contracts, as compared to the same period one year ago. This was the result of a continued slow-down in many government projects following China's implementation of monetary tightening measures at the start of 2011. Still, we remain positive on the long-term outlook for our IT segment, and believe there will be meaningful opportunities for us in the near future. Our Display Technologies segment contributed 56 percent of total contract value this quarter, supporting our earlier decision to focus on and expand this segment of our business."

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