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SHENZHEN, China, October 13, 2016 — China Information Technology, Inc. (Nasdaq:CNIT), a growing provider of cloud-app terminal technologies for Internet-of-Things (IoT) platforms, digital advertising delivery and other internet-based information distribution systems throughout China, today said it has entered into a three-party agreement to establish a joint venture company whose purpose will be to market elevator IoT and cloud-based elevator ad businesses targeting the 210,000 elevators in Shandong Province.
The joint venture company, Shandong Haojing Internet-of-Things Technology Co., Ltd. (“SD Haojing”), with registered capital of RMB 50 million, will be provided with cloud-based technology and digital display elevator terminals by CNIT, which will own 10 percent of SD Haojing. The other two parties to the agreement are Fujian Haojing Investment Management Co., Ltd., a wholly-owned subsidiary of Haojing (Xiamen) Culture Media Co., Ltd., which will own 51 percent of SD Haojing, and Linyi New Waves Digital City Technology Co., Ltd., owning a 39 percent stake.
SD Haojing expects to install its IoT products in 60,000 elevators in Shandong Province within three years, 20,000 out of which will be installed with cloud-based ad terminals with built-in IoT capability. In addition to the sales of its elevator IoT and cloud-based terminals and recurring Yunfa Net ad content delivery and IoT-based elevator maintenance services income, per the agreement, as a minority shareholder CNIT will receive additional net income generated by SD Haojing, including advertising revenue, big data service, and others.
“We are very excited to participate in this joint venture,” said CNIT CEO and chairman, Mr. Jianghuai Lin. “We believe it gives us an excellent vehicle with which to market our IoT and cloud-based products in Shandong Province, an area we have not previously explored. We are highly confident that our two partners have the resources and connections to help make this venture a success.”
“By the adoption of this type of JV with partners who have strong capabilities in local networking and media operations, we would be able to expand our nationwide market quickly with much less capital and human resource needs.”
Mr. Lin added that, by 2019, CNIT expects to be selling its cloud-based elevator ad terminals in 56 Chinese major cities and its elevator IoT products in 25 provinces and municipalities throughout China.
Fujian Haojing Investment Management Co., based in Fuzhou, Fujian Province, is a wholly owned subsidiary of Haojing (Xiamen) Culture Media Co., Ltd. (“Haojing”). Haojing is leading digital elevator advertising service company in China with nationwide market coverage.
Linyi New Waves Digital City Technology Co., Ltd., located in Linyi, Shandong Province, is a leading system integrator in the fields of smart city, IoT and cloud computing in Shandong Province.
About China Information Technology, Inc.
China Information Technology, Inc. (NASDAQ: CNIT) is a leading Internet service company that provides integrated cloud-based solutions enabling innovation and smart living in the fields of new media, city 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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