BEIJING, May 28 /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 (“PRC”), today announced that it has won a bid valued at RMB 4.73 million (approximately $0.69 million) to construct the Olympic Games Traffic GIS Application System (“Olympic GIS System”) for the Beijing Traffic Management Bureau (“BTMB”).
The Olympic GIS System is a virtual electronic information platform built on the BTMB’s existing traffic management applications. The system will enable the BTMB to track and regularly update street level traffic data within the entire urban area of Beijing. It will provide detailed street traffic management information to the BTMB to facilitate more integrated urban street traffic analysis and planning.
Designed specifically for the upcoming Olympic Games in Beijing, the system will encompass the entire Olympic Village area by the end of July 2008 to ensure effective traffic management during the Olympic Games. Following the conclusion of the Olympics, the system will be expanded to cover the entire urban area of Beijing by the end of October 2008.
“We are honored to have been selected to construct the Olympic GIS System for the Beijing Traffic Management Bureau. We are confident that our system will provide professional and high quality services throughout the duration of the Olympic Games and beyond,” said Mr. Shudong Xia, CEO of China TransInfo. “The new system will promote our brand image in the GIS market at one of the most high profile events in the world, further cementing our role as one of the top transportation information providers in China.”
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 service 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 to 23 software products. China TransInfo has won 3 of 4 model cases sponsored by the 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 over 30 Ph.D. researchers. As a result, the Company is currently playing a key role in setting the standards for electrified 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:
China TransInfo Technology Corp.
Ms. Cathy Zhuang, IR Supervisor
Tel: +86-10-82671299 x8032 (Beijing)
Email: cathyzhuang@ctfo.com
CCG Elite Investor Relations Inc.
Mr. Crocker Coulson, President
Tel: +1-646-213-1915 (New York)
Email: crocker.coulson@ccgir.com
Web: http://www.ccgelite.com
