According to the terms of the contract, valued at about RMB 12.2 million, or approximately U.S. $1.78 million, China TransInfo will construct the Beijing Transportation Information Center's Transportation Industry Data Center System Database. The Company's previous work with the government agency includes construction of the Olympic Traffic Guidance System, which served as an integral part of Beijing's traffic management system during the 2008 Olympic Games. The new project will be an expansion of the operating core of the original Olympic Traffic Guidance System. Due to the favorable results of the original traffic management system, the Beijing Transportation Information Center has decided to continue to work with China TransInfo for further system expansions.
"The Beijing Transportation Industry Data Center is one of the most important features of Beijing's transportation management technology, which will serve as a foundation for the development of the city's transportation management infrastructure. As such, we are pleased that we have been selected to continue to work on this project due to our excellent track record and strong government relationships," commented Mr. Shudong Xia, China TransInfo's chief executive officer. "As China's transportation infrastructure continues to develop nationwide, we are excited about the opportunities we will have to develop similar systems in other cities."
About China TransInfo
China TransInfo, through China TransInfo Group and its operating subsidiaries, is primarily focused on providing transportation information services. The Company aims to become the largest transportation information product and comprehensive solutions provider, as well as the largest integrated transportation information platform and commuter traffic media platform builder and operator in China. China TransInfo is involved in developing multiple applications in transportation, digital city, land and resource filling system based on GIS technologies, which is used to service the public sector. In addition, the Company is developing its transportation system to include ETC technology. As the co-formulator to several transportation technology national standards, the Company has software copyrights for up to 75 software products and has won 5 of 10 model cases sponsored by PRC Ministry of Communications. The Company's affiliation with Peking University provides access to the University's GeoGIS Research Laboratory, including 30 Ph.D. researchers. As a result, the Company is currently playing a key role in setting the standards for electronic transportation information solutions. For more information please visit the company website at http://www.chinatransinfo.com .
Safe Harbor Statement
This press release contains certain statements that may include "forward- looking statements". All statements other than statements of historical fact included herein are "forward-looking statements". These forward-looking statements are often identified by the use of forward-looking terminology 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. You 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 or persons acting on its 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.
For more information, please contact: Company Contact: Ms. Fan Zhou, Investor Relations Director China TransInfo Technology Corp. Tel: +86-10-8267-1299 x8033 Email: firstname.lastname@example.org Investor Relations Contact: Mr. Crocker Coulson, President Email: email@example.com Tel: +1-646-213-1915 (NY office) Graham Reed, Financial Writer Email: firstname.lastname@example.org Tel: +1-646-213-1907 CCG Investor Relations Web: http://www.ccgirasia.com
Web site: http://www.chinatransinfo.com/