China TransInfo Technology Corp. News
China TransInfo Technology Signs New Commercial Contract in Urumqi
BEIJING, Feb. 19 Xinhua-PRNewswire-FirstCall — China TransInfo Technology Corp., (OTC Bulletin Board: 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, announced today that it has recently signed the first commercial contract for taxi advertisements in the city of Urumqi. The contract covers 4,000 taxis with a total value of RMB 2.35 million (US $.33 million) and will be effective from February 2008 until February 2009. Urumqi is the capital city of Xinjiang Urgur Autonomous Region.
Prior to this contract, China TransInfo had already secured exclusive rights with the Urumqi Department of Transportation to operate a GPS service platform, its in-taxi GPS media platform, as well as taxi advertising rights for about 7,000 taxis in Urumqi for a period of 15 years. The new contract only pertains to advertising on 4,000 taxis. Under the terms of the contract, the fees will be paid to China TransInfo by Urumqi New Sky Media Co., Ltd., which will in turn place the advertisements in taxis.
"This contract is a promising start for our taxi multimedia advertising operations in Urumqi," said Mr. Shudong Xia, CEO of China TransInfo. "We are actively talking with leading advertisement agencies and media in Urumqi; most parties reached have expressed strong interest in our advertising model. We believe China TransInfo will sign more commercial multimedia advertising contracts in the near future."
The GPS monitoring and coordinating (GPSMC) system provided by China TransInfo has been very well received by the Urumqi municipal government during its initial trial process. The system has also caught the attention of major media outlets in Urumqi. The GPSMC system platform has recently been completed and will officially launch before the end of March 2008.
About China TransInfo
China TransInfo, through its subsidiary Beijing PKU ChinaFront High Technology Co., Ltd. ("PKU"), 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 serve the public sector. In addition, the Company is also developing its transportation system to include ETC technology. The Company is the co-formulator to several transportation technology national standards and has software copyrights for to 13 software products. China TransInfo has won 3 of 4 model cases sponsored by PRC Ministry of Communications. The Company's affiliation with Peking University, which currently owns 5% of PKU, 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 electrified transportation information solutions.
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: China TransInfo Technology Corp. Mr. Troy Mao, CFO Phone: +86-1352-0627195 (Beijing) Email: troymao@ctfo.com CCG Elite Investor Relations Inc. Mr. Crocker Coulson, President Phone: +1-646-213-1915 (New York) Email: crocker.coulson@ccgir.com
SOURCE China TransInfo Technology Corp.
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