China Information Technology, Inc. (NASDAQ:CNIT), a leading provider of internet-based ad distribution and ad display terminal sharing systems in China, announced that it has entered into a contract for the sale of 3,000 CNIT cloud-based ad terminals to be installed in office buildings, residential communities and various outdoor locations throughout Taizhou, a central city of Jiangsu Yangtze River urban agglomeration.
Signed with Jiangsu Tianluo Investment Co., Limited, the contract is expected to generate sales and service revenue to CNIT of about $1 million. Today’s news is the nineteenth in a series of announcements since May of 2017 on CNIT’s sales of its cloud-based ad terminals. Each of the contracts – which range in value from $0.5 to $3 million – is also expected to generate recurring revenue from customers’ use of the company’s Yunfa advertising distribution system and Taoping (淘屏) Net/App new-media sharing platform.
“Taizhou is one of the central cities inside the Yangtze River urban agglomeration with a fast-growing economy,” said Chairman and CEO Mr. Jianghuai Lin. “The contract in Taizhou is another success following CNIT’s $1.5 million contract in Hebei and Liaoning province this January. This contract will strengthen our presence in the Yangtze River economic zone and cast more marketing influences into neighbor provinces,” he added.
Mr. Lin reiterated that, by 2018, the Company expects to sell an additional 120,000 cloud-based ad terminals with market penetration in 100 cities with coverage for 200 million people throughout China.
About China Information Technology, Inc.
China Information Technology, Inc. ( CNIT ) is a leading Internet service company that provides integrated cloud-based solutions enabling innovation and smart living in the fields of new media, elevator safety management, education, etc. Through continuous innovation, CNIT is aiming to leverage its proprietary Cloud-Application-Terminal technology to level the competitive landscape in the new media industry and deliver value for its shareholders, employees, customers, and the community. To learn more, please visit http://www.chinacnit.com.
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