SHENZHEN, China, Oct. 17, 2011 /PRNewswire via COMTEX/ -- China Information Technology, Inc. /quotes/zigman/119495/quotes/nls/cnit CNIT +10.89% , a leading provider of information technologies and display technologies based in China, today announced that it signed $24.6 million in new contracts during the third quarter of 2011. The Company's core IT business segment contributed 44%, or $10.8 million, of the total contract wins, while its Digital Display segment contributed 56%, or $13.8 million.

The Company's third quarter contract wins came from 28 provinces and provincial cities in China. Some of the important contracts secured include:

$1.35 million for work with the City Authority of Pingshan New Zone in Shenzhen. Under the contract, CNIT is expected to provide a custom, integrated application platform for digital city management, as well as system integration software;

$0.8 million to create a digital vehicle service monitoring and support system for the Shenzhen Public Security Bureau;

$0.73 million to create a digital city management system, including a specialized database, for the Chenzhou Municipal Bureau of Urban Management and Administration;

$0.6 million to supply CNIT-brand 60" and 65" All-in-One touch screen displays to Shandong Province Education Technology Equipment Co., Ltd; and,

$0.47 million to supply CNIT-brand 63" All-in-One touch screen displays to Suzhou Xinpujie Intelligent Technology Co., Ltd.

Mr. Jiang Huai Lin, Chairman and CEO of the Company, commented, "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% of total contract value this quarter, supporting our earlier decision to focus on and expand this segment of our business."

Source:marketwatch