SHENZHEN, China, April 09, 2018 (GLOBE NEWSWIRE) -- 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 three contracts for the sale of 9,000 CNIT cloud-based elevator ad terminals to be installed in office buildings and residential communities throughout Fuzhou, the capital of southeastern China's Fujian province; Changzhou, a central city of Yangze River Delta Region; and Huizhou, a prefecture city in Southeast Guangdong province.
Signed with Fuzhou Taoping IoT Technology Limited, Changzhou Taoping IoT Technology Limited, and Huizhou Taoping IoT Limited, the contracts are expected to generate sales and service revenue to CNIT of about $3 million. Today's news is the twenty-sixth in a series of announcements since May of 2017 on CNIT's sales of its cloud-based ad terminals. Each sale is expected to generate recurring service and commission revenue from customers' use of the Company's Yunfa advertising distribution system and Taoping (淘屏) Net/ App ad screen sharing platform.
Fuzhou Taoping, Changzhou Taoping and Huizhou Taoping have recently joined the Taoping Alliance, a nationwide advertising resource sharing platform jointly founded by CNIT and Shenzhen Taoping New-Media Limited. Since its establishment in May 2017, the members of Taoping Alliance have increased to 33 with the coverage of over 20 provinces and provincial cities throughout China.
"The contracts in these three cities are the successful achievements following the previously announced $1.2 million contracts with a total sale of 3,500 cloud-based ad terminals in Zhangzhou and Longyan of Fujian Province. With the accelerated market penetration as well as the fast increasing members of Taoping Alliance, we expect to sustainably benefit from our proprieatary new-media sharing platfim by receiveing service and commisision revenues from the IOT network of our cloud-base ad terminals,” said Mr. Jianghuai Lin, the Chairman and CEO of CNIT.
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.