SHENZHEN, CHINA / ACCESSWIRE / October 25, 2017 /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 5,000 CNIT cloud-based ad terminals to be installed in office buildings, residential communities, shopping malls and various outdoor locations throughout Jiangsu Province, China's second largest provincial economy.
Signed with advertising agency Jiangsu Taoping IoT Technology Limited, the contract is expected to generate sales and service revenue to CNIT of $1.5 million. The agreement - CNIT's fourth this year for the sale of its cloud-based ad terminals in East China - follows up the $3 million contract for Zhejiang province, $1.5 million contract for Shanghai and $1 million contract for Anhui Province.
Today's news is the fourteenth 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.
"We are proud to have landed this contract for Jiangsu, the province with the highest GDP per capita in China. This contract will not only contribute substantial revenue but will also further strengthen our presence in East China." said Chairman and CEO Mr. Jianghuai Lin.
The CEO reiterated the company's projection of 2018 revenue of $30 to $33 million and adjusted net income of $9 to $11 million, with sales of additional 120,000 cloud-based ad terminals with market penetration in 100 cities and IoT network coverage of 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.
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SOURCE:China Information Technology, Inc.