SHENZHEN, China, April 20 /PRNewswire-Asia-FirstCall/ -- China
Information Security Technology, Inc. (Nasdaq: CPBY) ("China
Information Security," or the "Company"), specialized in Geographic
Information System ("GIS"), digital public security and hospital
information systems, and a leading GIS software provider in
China, today announced that it
recently signed contracts valued at approximately US$6 million, with 6 cities and provinces
including Shanghai, Shenzhen, Zhuhai, Jiangxi, Hunan and Guangxi, for the installation of their core
police-use geographic information systems ("PGIS") platform under
the initial roll-out of China's
National PGIS Standardization Project (the "Project"). The
contracts are expected to be completed by the end of 2010.
The goal of the Project is to upgrade and integrate all
variations of PGIS systems throughout the country, in order to
provide uniformity of standards, basic data, common technology and
application mode characteristics; share information among different
police divisions and regions across China; and enhance quick response capabilities
for public emergencies. The Company's core PGIS technology was
selected last year by China's
Ministry of Public Security for use in standardizing PGIS
technologies under the Project.
The Project will be implemented in 660 cities across
China over the next 5 years and is
expected to result in the standardization and interconnection of
all PGIS systems in China. A total
of 18 cities and provinces have been selected to participate in the
first round of roll-out of the Project.
Mr. Jiang Huai Lin, Chairman and
CEO of the Company, commented, "We are excited to win contracts
representing one-third of the regions covered in the initial
roll-out of the Project. We believe that these wins are a nod to
our technological sophistication, proven track record, and
contribution to the PGIS national standards. These wins are also an
indication that our key products are effectively breaking into
critical markets outside of the Guangdong region, notably in Shanghai, one of the largest cities in
China and an emerging global
financial center. We expect that Shanghai will serve as an anchor city for our
further expansion into Eastern
China, and will help to fuel our long-term goal to be the
largest GIS provider in China. The
new PGIS contracts also represent future opportunities for
follow-on projects and maintenance contracts in these new markets
once initial PGIS platforms are established. We expect that such
recurring opportunities will establish our reputation in these new
markets, and enable us to further penetrate them in the
long-term."
About China Information Security Technology, Inc.
China Information Security Technology, Inc., together with its
subsidiaries, specializes in Geographic Information System ("GIS"),
digital public security and hospital information systems, and aims
to be the largest GIS software provider in the People's Republic of China. Headquartered
in Shenzhen, China, the Company's
total solutions include specialized software, hardware, systems
integration, and related services organized into three business
segments - Digital Public Security Technology ("DPST"), Geographic
Information Systems ("GIS"), and Digital Hospital Information
System ("DHIS"). To learn more about the Company, please visit its
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 PGIS contract wins and its entry into
new markets, including Shanghai;
the ability of the Company to successfully perform its obligations
under the PGIS contracts and penetrate such new markets in the
long-term; the general ability of the Company to achieve its
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.
For further information, please contact:
China Information Security Technology, Inc.
Iris Yan
Phone: +86-755-8370-4767
Email: ir@chinacpby.com
Web: http://www.chinacpby.com
Christensen
Kathy Li
Phone: +1-480-614-3036
Email: kli@christensenir.com
Roger Hu
Phone: +86-158-1049-5326
Email: rhu@christensenir.com
SOURCE China Information Security Technology, Inc.