SHENZHEN, China, Dec. 27, 2017 (GLOBE NEWSWIRE) -- China Information Technology, Inc. (Nasdaq: CNIT), a provider of internet-based ad distribution and ad display terminal sharing systems in China, announced that it has entered into a contract for the sale of 3,000 CNIT cloud-based ad terminals to be installed in office buildings, residential communities, shopping malls and various outdoor locations throughout Qingdao, the economic hub of Shandong province.
Signed with advertising agency Qingdao Taoping IoT Limited, the contract is expected to generate sales and service revenue to CNIT of about $1 million.
Today’s news is the seventeenth in a series of announcements since May of 2017 on CNIT’s sales of its cloud-based ad terminals. Each of the contracts - which range in value from $0.5 to $3 million - is also expected to generate revenue from customers’ use of the company’s Yunfa advertising distribution system and Taoping ad screen sharing platform.
"Qingdao is the economic hub of Shandong province and the international shipping hub in Northeast Asia," said Chairman and CEO Mr. Jianghuai Lin. "The contract in Qingdao is another success following CNIT’s first $1 million contract in Shandong province this August. This contract will create a high-level market coverage in Shandong province and project marketing influences on neighbor provinces," he added.
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 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.