Provides Updates on Live Traffic Monitoring Data Services Market
BEIJING, March 16 /PRNewswire-Asia-FirstCall/ -- China TransInfo Technology Corp., (NASDAQ: CTFO), ("China TransInfo" or "the Company"), a leading provider of public transportation information systems technology and comprehensive solutions in the People's Republic of China ("PRC"), today announced that, through its subsidiary Beijing Palmcity Technology Co., Ltd. ("Palmcity"), it has recently signed a contract with a leading mapping software provider in China, Mapbar, to provide real-time traffic data mapping software add-ons to Motorola China ("Motorola") mobile phones.
Pursuant to this agreement, China TransInfo will install its proprietary real-time traffic software mapping add-ons on 100,000 new Motorola A3000 handsets to be distributed throughout China. The software will enable existing mapping software to display real-time traffic data on the handsets. Under the agreement, China TransInfo is obligated to provide real-time traffic data for a period of one year.
Prior to this contract, China TransInfo has provided real-time traffic data to mapping websites, on cell phones, and personal navigation devices (PND). Through these interfaces, users can receive updated live traffic information from the Internet or through wireless communication networks. During the Beijing Olympics, China TransInfo's real-time traffic data was also used by Beijing Transportation Broadcast FM 103.9's PNDs to aid in the navigation of official vehicles. As a result of the successful execution of this program, the Company is now in active talks with the government to help apply PND services with traffic data at the Shanghai World Expo in 2010.
As an industry leader in real-time traffic data collection and processing in China, China TransInfo currently has real-time traffic data networks in 10 major Chinese cities, giving it the largest database in the market.
"Since the middle of 2008, the development of our live traffic data services has accelerated beyond our expectations. We are excited that this deal for Motorola phones has provided our latest development in this segment," commented by Mr. Shudong Xia, Chairman and CEO of China TransInfo. "While this deal will not have a significant impact on our top line, it constitutes a major step in increasing China TransInfo's profile as a reliable supplier of real time traffic data to China's nearly 600 million mobile phone subscribers. As China's 3G licenses were issued this past January, we expect the opportunity for our services to continue to grow as China's mobile networks are capable of handling increasingly complex data applications."
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 to 23 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.
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