BEIJING , Nov. 24 /PRNewswire-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 cooperative agreement with the Dalian Branch of China Mobile Ltd. (China Mobile; NYSE: CHL) to jointly invest in the installation of in-taxi LED GPS security surveillance devices on 6,000 taxis in Dalian .
Prior to this partnership with China Mobile, China TransInfo acquired 85% ownership of Dajian Zhitong in September 2008 . 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 Mobile is a dual-listed company on the Hong Kong and New York Stock Exchanges (ADR) under the tickers 00941.HK and CHL, respectively. It is currently the largest mobile telecom operator in the world in terms of network coverage and subscriber base.
According to the agreement between China TransInfo and China Mobile, China
Mobile will invest up to
"This partnership with China Mobile, one of the leading telecom operators in the world, has further strengthened China TransInfo's brand recognition and market position in the taxi media business," commented Mr. Shudong Xia , CEO of China TransInfo Technology Corporation. "Through joint efforts with China Mobile, we will be able to more accurately collect real time traffic data as well as improve taxi security management in Dalian while displaying advertisements on a uniform platform."
"Since our acquisition of Dajian Zhitong in September, we have been closely watched by local advertisement agencies in Dalian . We believe that our partnership with China Mobile will immediately enhance China TransInfo's reputation within the local advertising industry, accelerating the establishment of new partnerships and creating solid financial returns for our taxi media business in the city," added Mr. Xia.
About China TransInfo
China TransInfo, through its subsidiary China TransInfo Technology Group Co., Ltd. ("China TransInfo Group"), 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.