SHENZHEN CITY, China , Oct. 14 /Xinhua-PRNewswire-FirstCall/ -- China
Information Security Technology, Inc., (Nasdaq: CPBY) ("China Information
Security," "CIST" or the "Company"), a leading application software developer,
systems integrator and full-service Geographic Information Systems ("GIS")
solutions provider to the public security and civil-use markets in China ,
today announced that its newly signed contracts in the third quarter of 2008
were valued at
The Company won contracts from 3 new cities in the third quarter, bringing the total number of cities in which it has a presence in China to 24. The Company was also awarded a contract in Taizhong, Taiwan . Some significant contract wins include:
Of these contracts, 45% were won in the Information Security sector, 26% were won in the 3S sector and 29% were won in connection with our Product Sales and Services business. Management expects that the majority of the revenues from these contracts will be realized in 2008.
"We are pleased to see continued growth in the third quarter, reflecting a healthy demand across all our product lines and new geographic regions," commented Mr. Jiang Huai Lin , CEO of China Information Security. "We were able to leverage our existing technology by adding new functionality for decisive contract wins and quick deployment. More important, we believe that our status as a leader in the development of robust, mission critical information systems infrastructure led to our recent win in the digital hospital industry in China , representing new vertical growth for our Company."
About China Information Security Technology, Inc.
Through its wholly-owned Chinese subsidiary, China Information Security Technology, Inc. ("CIST" or the "Company") headquartered in Shenzhen, China ("PRC"), is a leading application software developer, systems integrator and full-service Geographic Information Systems ("GIS") solutions provider to the public security and civil-use markets in China , aiming to use information technology to improve public safety and information management. Its main business lines range from digital public security, to intelligent border control, and residence card information management systems. Its commitment to leading-edge technology and quality assurance has won the Company numerous government and enterprise contracts throughout China . To learn more about the Company, please visit the corporate website at http://www.chinacpby.com .
Safe Harbor Statement
This press release may contain certain "forward-looking statements" relating to the business of China Information Security Technology, Inc., and its subsidiary companies. All statements, other than statements of historical fact included herein are "forward-looking statements" including statements regarding the significance of the Company's contract wins; the general ability of the Company to achieve its financial and commercial objectives; the business strategy, plans and objectives of the Company and its subsidiaries; and any other statements of non-historical information. 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. 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 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.