BEIJING , Jan. 2 /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 majority owned subsidiary Dalian Dajian Zhitong
Information Service Co., Ltd. (Dajian Zhitong), it has entered into a 5-year
taxi advertisement placement agreement with Dalian Liyang Media Limited
("Dalian Liyang"). Dajian Zhitong will receive no less than
According to the agreement, Dajian Zhitong has authorized Dalian Liyang to
exclusively sell advertisement space on taxi rooftop LED screens to third
parties. Dajian Zhitong will receive fixed annual payments of
Prior to this agreement with Dalian Liyang, Dajian Zhitong formed a partnership with China Mobile Ltd. Dalian Branch (China Mobile; NYSE: CHL) to jointly invest in the installation of in-taxi GPS security surveillance devices and GPS location application systems in 6,000 taxis in Dalian by March 2009 . The agreement between Dajian Zhitong and Dalian Liyang will be valid for five years, starting from the completion of the installation of GPS location application systems in 3,000 taxis, which is expected to be completed by early 2009.
Dajian Zhitong is a leading taxi media operator in Dalian, Liaoning province. Dajian Zhitong holds exclusive rights to sell advertisement space on taxi rooftops and administer real time GPS data activities including a GPS- based taxi call center, a GPS-based real time taxi alarm system, and a GPS- based taxi driver navigation system for about 10,000 taxis in Dalian for a period of 10 years, starting from August 2008 . China TransInfo holds 85% ownership of Dajian Zhitong. Dalian Liyang is one of Dalian's leading media and advertisement companies.
"We are very pleased to finalize a long term cooperative relationship with Dalian Liyang. As we have just initiated our partnership with China Mobile to jointly install in-taxi LED GPS security surveillance devices in Dalian, this new agreement with Dalian Liyang will ensure our long term success and profitability in the city," said Mr. Shudong Xia , CEO of China TransInfo. "We look forward to increasing our brand recognition and more actively deploying our dynamic and innovative taxi media advertising platform in Dalian."
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 for to 23 software products. China TransInfo 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 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.
SOURCE China TransInfo Technology Corp.