China Information Technology : CNIT Receives $1.5 Million Cloud-based Ad Terminal Order for Jiangsu Province

SHENZHEN, China, October 25, 2017 - China Information Technology, Inc. (Nasdaq: CNIT), a 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 5,000 CNIT cloud-based ad terminals to be installed in office buildings, residential communities, shopping malls and various outdoor locations throughout Jiangsu Province, China's second largest provincial economy.

Signed with advertising agency Jiangsu Taoping IoT Technology Limited, the contract is expected to generate sales and service revenue to CNIT of $1.5 million. The agreement - CNIT's fourth this year for the sale of its cloud-based ad terminals in East China - follows up the $3 million contract for Zhejiang province, $1.5 million contract for Shanghai and $1 million contract for Anhui Province.

Today's news is the fourteenth 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 revenue from customers' use of the company's Yunfa advertising distribution system and Taoping ad screen sharing platform.

'We are proud to have landed this contract for Jiangsu, the province with the highest GDP per capita in China. This contract will not only contribute substantial revenue but will also further strengthen our presence in East China.' said Chairman and CEO Mr. Jianghuai Lin.

The CEO reiterated the company's projection of 2018 revenue of $30 to $33 million and adjusted net income of $9 to $11 million, with sales of additional 120,000 cloud-based ad terminals with market penetration in 100 cities and IoT network coverage of 200 million people throughout China.