Key Developments: China Information Technology Inc (CNIT.O)

CNIT.O on Nasdaq

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30 Jan 2015
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Latest Key Developments (Source: Significant Developments)

China Information Technology Inc announces contract for installation of 20,000
Wednesday, 21 Jan 2015 06:00am EST 

China Information Technology Inc:Company was selected by a advertising agency to install 20,000 cloud-based new media elevator terminals in Guangdong province.Depending on specific terminals, revenues from these installations will be recognized through one-time terminal sales and recurring monthly platform service fees as well as through recurring monthly fees that include terminal rental and platform service fees.The terminals are expected to be installed by the end of 2017.  Full Article

China Information Technology Inc Announced Strategic Cooperation with Lenovo Group Ltd
Wednesday, 7 Jan 2015 06:00am EST 

China Information Technology Inc:Entered into a strategic cooperation agreement with Lenovo Group Ltd.According to the agreement, the company was designated by Lenovo as an authorized distributor of smart education terminals integrating CNIT software and cloud platform and Lenovo hardware including servers, laptops and tablet PCs for the Chinese market.  Full Article

China Information Technology announces contracts for installation of 10,000 New Media Elevator Terminals in Fujian Province
Wednesday, 10 Dec 2014 06:00am EST 

China Information Technology Inc:Says the company was selected by an advertising agency to install 10,000 cloud-based new media elevator terminals in Fujian province.Depending on specific terminals, revenues from these installations will be recognized through one-time terminal sales and recurring monthly platform service fees as well as through recurring monthly fees that include terminal rental and platform service fees.Terminals are expected to be installed by the end of 2015 encompassing over 1,000,000 people.  Full Article

China Information Technology Inc to sell property and repurchases shares
Monday, 17 Nov 2014 06:00am EST 

China Information Technology Inc:Signs Letter of Intent (LOI) with an unrelated party to sell the company's Fuyong Industrial Park for 375.0 mln Yuan (about $61.2 mln).In addition to working capital, proceeds from the sale will be used to fund a 61.3 mln Yuan ($10.0 mln) share repurchase program and pay down 200.0 mln Yuan ($32.6 mln) in short-term bank loans.Plans to implement a $10 mln share repurchase program over the next 12 months, in a manner consistent with market conditions and the interest of shareholders.  Full Article

China Information Technology Inc secures 1 bln Yuan revolving credit line with China CITIC Bank
Thursday, 13 Nov 2014 06:00am EST 

China Information Technology Inc:Has obtained three-year revolving credit facility of 1 bln Yuan from China CITIC Bank (CITIC).Says facility will provide company with additional access to working capital in support of its growing new media advertising franchise.  Full Article

China Information Technology Inc won contract to install digital display terminals at Changsha Huanghua International Airport
Monday, 10 Nov 2014 07:00am EST 

China Information Technology Inc:Enters into five-year leasing and service contract to install the company's cloud-based digital display terminals at the Changsha Huanghua International Airport and provide relevant services.Under contract, the company will receive recurring monthly fees that include display terminal rental and platform service fees.  Full Article

China Information Technology Inc entered strategic partnership with Pengfeng Investment on automobile new media platform
Monday, 27 Oct 2014 07:00am EDT 

China Information Technology Inc:Has entered into strategic partnership with Tianjin Pengfeng Investment Co., Ltd. (Pengfeng).To jointly establish an automobile new media platform.According to agreement, company will install its cloud-based new media terminals inside automobile 4S stores and franchise stores operated by Pengfeng.CNIT and Pengfeng will leverage on each other's strength and collaborate on business model centered on the automobile new media platform.Through the CNIT automobile new media platform, car dealers can seamlessly upload, edit and display advertisement and automobile related information on networked media terminals.  Full Article

China Information Technology Inc signs major contract to install new media terminals in hunan province
Monday, 20 Oct 2014 06:59am EDT 

China Information Technology Inc:Signs major contract to install 20,000 units of company's new media terminals on behalf of Hunan provincial government. Reoccurring monthly revenue from each new media terminal is expected to range from 60 yuan to 200 yuan, depending on terminal model and location.Such revenue includes both hardware lease and software and platform service fee.These new media terminals are expected to be installed over the next three years and will display advertisement and public legal information.Signs an agreement with media agency authorized by Hunan Provincial Legal Affairs Division to install company's new media terminals in following cities and district - Shaoshan City, Changsha City, Hengyang City, Shaoyang City, Chenzhou City, Xiangyin County, and Hongjiang District.Consisting of 114 units, first batch of new media terminals will be installed inside conference rooms, elevators, and near service windows of various government agencies.Over next three years, company expects to install total of 20,000 units of new media terminals in Hunan Province, covering airports, hotels, piers, railway and high-speed railway stations, shopping malls and other high-traffic venues.  Full Article

China Information Technology Inc appoints new chief financial officer
Monday, 13 Oct 2014 06:59am EDT 

China Information Technology Inc:Appoints Robin Yang as its chief financial officer effective immediately.  Full Article

China Information Technology Inc to acquire Shenzhen Biznest Internet Software Co Ltd
Tuesday, 23 Sep 2014 07:00am EDT 

China Information Technology Inc:Says the company, its variable interest entity, iASPEC Geo Information Technology Co Ltd and Shenzhen Yunchao Software Internet Co Ltd entered into an agreement to acquire 100 pct equity interest of Shenzhen Biznest Internet Software Co Ltd from Yunchao.The total consideration of the transaction is about $15 million, consisting of about $7.5 million to be paid in cash and 1,543,455 ordinary shares to be issued by the company.  Full Article

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