China Information Security Technology Announces a Record $36.73 Million in Newly Signed Contracts in the Fourth Quarter of 2009 and Update on Huipu
Security Technology, Inc., (Nasdaq: CPBY) (“CIST” or the “Company”), a leading
total solutions provider of digital security, geographic information, and
hospital information systems in
contracts in the fourth quarter of 2009 were valued at a record high of
approximately
contracts signed during the third quarter of 2009, and an increase of 30%
compared to the fourth quarter of 2008.
During the fourth quarter of 2009, the Company won contracts from clients
in 19 provinces and provincial cities in
presence in 32. Some important contracts secured in the fourth quarter
included:
-- $10 million contract for Phase III of the Shenzhen Residence Card
Information Management System;
-- $2.3 million contract for the GIS Display System for Shanghai Zhiying
Electronics Co., Ltd.;
-- $1.8 million contract for the Police-use GIS for Hainan Province Public
Security Department;
-- $1.3 million contract for the Haikou City Medical Emergency Rescue
Center Consolidated Command System;
-- $0.5 million contract for the Geographic Information Public Service
Platform for the Shanxi Province Geographic Information Center;
-- $0.6 million contract for the Shenzhen Maternal and Child Health
Hospital Data Sharing and Exchange Service Platform.
Of this quarter’s contracts, excluding those of Huipu, 56% were for the
Company’s Digital Information Security Technology (“DIST”) products, 39% were
for its Geographic Information Systems (“GIS”) products and 5% related to its
Digital Hospital Information Systems (“DHIS”) products. Management expects
that the majority of these contracts will be recognized as revenue in 2010.
Mr.
very excited about our record high contract wins in the fourth quarter. The
momentum we have been gaining this year from the increased bidding and
spending activities of our local governmental customers has repeatedly pushed
our contract wins to new record highs each quarter. We believe that this
constant growth reflects further customer recognition of the quality of our
industry-leading solutions in our core business segments: DIST, GIS and DHIS,
all of which have experienced strong growth this quarter. We are particularly
pleased with the large contract win from the Shenzhen Municipal Government,
who has awarded us with contracts for all three phases of the Shenzhen
Residence Card Information Management System project, which we believe
reflects the degree of satisfaction and trust they have in us and the work
that we have done for them. We expect that these contract wins and the level
of our past performance will provide us with a competitive edge as we continue
to grow our business throughout
The Company has also provided an update on Huipu Electronics (
Co., Ltd. (“Huipu”), which CIST recently acquired. Huipu manufactures four key
products: All-In-One PC & TVs, All-In-One Computers, LCD Monitors with
SmartTouch, and LCD Multiple Screen Combination Wall Panels. Huipu’s OEM and
Huipu-branded LCD monitors have been disposed of as the Company continues to
integrate Huipu into its business and operations.
Mr.
prospects for Huipu Electronics. We believe that its high-end hardware
capabilities and respectable market share will enhance the growth of our
software business. As a result of our record high contract wins and the
addition of this new acquisition, we remain very confident in our ability to
achieve our financial goals for 2009 and 2010.”
About China Information Security Technology, Inc.
Through its wholly-owned Chinese subsidiary, China Information Security
Technology, Inc. (“CIST” or the “Company”) headquartered in
(“PRC”), is a leading application software developer, systems integrator and
full-service Geographic Information Systems (“GIS”) solutions provider to the
public security and civil-use markets in
information technology to improve public safety and information management.
Its main business lines range from digital information security, to GIS, and
digital hospital information systems. The Company provides a broad portfolio
of fully integrated solutions and services, including its First Responder
Coordination Platform, Intelligent Border Control System, Residence Card
Information Management System, Police- and Civil-use GIS products, and Digital
Hospital Information System, to serve the growing demand for digital
geographic information, hospital and electronic medical record systems in
the Company numerous government and enterprise contracts throughout
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 the impact of
the fourth quarter 2009 contract wins and the Company’s acquisition of Huipu
on the Company’s business and operations; 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 more information, please contact:
Company Contact:
China Information Security Technology, Inc.
Iris Yan
Tel: +86-755-8370-4767
Email: ir@chinacpby.com
Web: http://www.chinacpby.com
Investor Relations Contact:
ICR:
Michael Tieu
Tel: +86-10-6599-7960
Email: michael.tieu@icrinc.com
SOURCE China Information Security Technology, Inc.