BEIJING, May 22 CTFO-TranWiseway-CN
BEIJING, May 22 /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 entered into equity transfer agreements
to acquire majority ownership of China TranWiseway Information Technology Co.,
Ltd. (''China TranWiseway'') for RMB 6.5 million (approximately $0.93M) in
cash.
China TranWiseway is a high tech enterprise specializing in highway and
street traffic monitoring projects. It has significant experience in R&D,
consulting, design, and engineering in the transportation information
business. China TranWiseway's main clients include regional and municipal
transportation administrative agencies located in over 20 of China's 31
provinces. Once the acquisition is consummated, China TransInfo will own 70%
of China TranWiseway, with the remaining 30% held by Beijing Marine
Communication and Navigation Co., a direct subsidiary of China Transportation
& Telecommunication Center, which is a state owned institution under the
Ministry of Communication.
''China TransInfo's acquisition of China TranWiseway is a significant
milestone in our corporate development. As a traffic surveying company that
has a close relationship with the government, China TranWiseway has
accumulated rich industry experience and a large contingent of mature and
stable customers. We firmly believe these factors will substantially benefit
China TransInfo, helping us accelerate our establishment of a nationwide
transportation information platform and significantly increasing our market
share in the domestic transportation information service market,'' said Mr.
Shudong Xia, CEO of China TransInfo. ''Through the acquisition of China
TranWiseway, we will also be able to significantly enlarge the scale of our
transportation information database and utilize this new information source to
develop more integrated services and products. In addition, the acquisition of
China TranWiseway will improve China TransInfo's corporate image and increase
market recognition. We believe China TranWiseway will play an integral role in
helping China TransInfo's become China's leading domestic transportation
information solutions provider.''
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
Phone: +86-10-82671299 ext 8032 (Beijing)
Email: cathyzhuang@ctfo.com
CCG Elite Investor Relations Inc.
Mr. Crocker Coulson, President
Phone: +1-646-213-1915 (New York)
Email: crocker.coulson@ccgir.com
Web: http://www.ccgelite.com
SOURCE China TransInfo Technology Corp.
