SHENZHEN, China, November 28, 2016 -- China Information Technology, Inc. (Nasdaq:CNIT), a provider of cloud-app technologies for Internet-of-Things (IoT) platforms, digital ad delivery and other internet-based information distribution systems, today said it has signed a contract with Shenzhen Smart Elevator IoT Co., Ltd., a joint venture 10 percent owned by CNIT, for the sale of 50,000 sets of CNIT elevator IoT products. The parties also agreed to work together to reach an agreement for the sale of 10,000 CNIT cloud-based elevator ad terminals with built-in IoT capability.
The equipment is expected to be installed over the next year in Tianjian Municipality and Guangdong Province. CNIT will receive revenue on this sale as well as additional revenue expected to result from its Yunfa Net ad content delivery, IoT-based elevator maintenance and other big data services.
"We are excited to participate in yet another joint venture vehicle with which to market our IoT and cloud-based products," said CEO and chairman Mr. Jianghuai Lin. "We believe today's agreement will significantly increase CNIT's nationwide footprint for these popular products and services."
"Revenue received via these Joint Venture alliances will help us turn the corner to profitability, we believe, by the middle of 2017," said the CEO.
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.
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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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