SHENZHEN, China, May 08, 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 a contract for the sale of 5,000 CNIT cloud-based elevator ad terminals to be installed in office buildings and residential communities throughout Guiyang, the capital of Guizhou province of Southwest China.
Signed with Guizhou Taoping IoT Limited (“Guizhou Taoping”), the contract is expected to generate sales and service revenue to CNIT of about $1.6 million. Today’s news is the twenty-ninth 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.
Guizhou Taoping has recently joined the Taoping Alliance, a nationwide advertising resource sharing platform jointly founded by CNIT and Shenzhen Taoping New-Media Limited, as the thirty-eighth member. Since its establishment in May 2017, the members of Taoping Alliance have increased to the coverage of over twenty provinces and provincial cities throughout China.
“Guiyang is the economic and commercial hub of Guizhou Province,” said Mr. Jianghuai Lin, the Chairman and CEO of CNIT, “We are pleased that Guizhou Taoping has officially joined Taoping Alliance, which indicates that the rising market demand for our services. With more members joining in and the increasing scale of our IoT network of cloud-based ad terminals, Taoping new media ecosystem is rapidly growing in the emerging new media industry, which is expected to bring important sustainable revenue to the company in the near future.”
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.