China TransInfo Awarded Electronic Toll Collection Contracts Totaling RMB 44.6 Million

August 30, 2010

BEIJING, Aug. 30 /PRNewswire-Asia-FirstCall/ — China TransInfo Technology
Corp. (Nasdaq: CTFO), (“China TransInfo” or the “Company”), a leading provider
of intelligent transportation systems for highway and urban transportation
management in China, announced today that the Company was recently awarded
electronic toll collection (“ETC”) contracts totaling RMB 44.6 million
(approximately $6.7 million) in Shanxi Province, Shandong Province and Sichuan

According to the contracts, China TransInfo will provide ETC electronics
engineering machinery systems, ETC application system development and
upgrading services, and 10,000 onboard electronic tags for highway authorities
in Shanxi Province. The Company will also provide 10,000 onboard electronic
tags and 120 readers for highway authorities in Shandong Province and Sichuan
. Of the RMB 44.6 million total revenue contribution from the
contracts, RMB 12.0 million is expected to be recognized through the balance
of 2010, with the remaining RMB 32.6 million expected to be recognized in 2011
and 2012.

China TransInfo has become one of the top three players in the ETC sector
and has the highest annual growth rate in market share. In 2007, China rolled
out domestic ETC standards. In 2008, the government started to promote ETC,
first with pilot projects in several provinces and regions and then expanded
them to build a national ETC network. As one of only eight companies with a
track record of successfully selling related products, China TransInfo won its
first ETC project in Zhejiang Province in 2009, and then went on to win bids
in Jiangsu, Shandong, Shaaxi Shanxi provinces and Tianjin Municipality.

“We are excited about the significant progress we have made in the ETC
market,” commented Mr. Shudong Xia, Chairman and Chief Executive Officer.
“This year, with one exception, we have won projects in every province and
municipality in China that solicited new bids. Our recent success in Shanxi,
Shandong and Sichuan provinces further demonstrates strong market recognition
for our products and technology and increases our market penetration in
different regions, paving a solid foundation for us to continue to expand
nationally. We expect strong growth in the ETC market as regulatory
authorities continue to push implementation and car owners increasingly
purchase and install onboard electronic tags. Based on our advanced technology,
product advantage, brand equity and solid customer relations, we are confident
that we will continue to benefit from the growth of the ETC market.”

About China TransInfo

China TransInfo, through its affiliate, China TransInfo Technology Group
Co., Ltd., (the “Group Company”) and the Group Company’s PRC operating
subsidiaries, is primarily focused on providing transportation information
services and comprehensive solutions based on Geographic Information System
(GIS) technologies. The Company aims to become the largest transportation
information products and comprehensive solutions provider, as well as the
largest real time transportation information platform operator and provider in
China. In addition, the Company is developing its transportation system to
include Electronic Toll Collection technology. As the co-formulator of several
transportation technology national standards, the Company owns software
copyrights for 89 software products and has won 5 of the 10 model cases
sponsored by the PRC Ministry of Communications. The Company’s affiliation
with Peking University provides the Company access to the University’s GeoGIS
Research Laboratory, including over 30 Ph.D. researchers. As a result, the
Company is playing a key role in setting the standards for electronic
transportation information solutions. For more information, please visit the
Company’s 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:

    Company Contact:
     Ms. Fan Zhou, Investor Relations Director
     China TransInfo Technology Corp.
     Email: ir@ctfo.com
     Tel    +86-10-5169-1657

    Investor Relations Contact:
     Mr. Athan Dounis, Account Manager
     Email: athan.dounis@ccgir.com
     Tel:   +1-646-213-1916

     Mr. Crocker Coulson, President
     Email: crocker.coulson@ccgir.com
     Tel:   +1-646-213-1915
     CCG Investor Relations
     Web:   http://www.ccgirasia.com

SOURCE China TransInfo Technology Corp.

Source: newswire

comments powered by Disqus