SHENZHEN, China, March 6, 2015 /PRNewswire/ — China Information Technology, Inc. (the "Company" or "CNIT") (Nasdaq GS: CNIT), a leading provider of integrated cloud-based platform, exchange, and big data solutions to the Chinese new media industry, today announced that an affiliate entity of the Company, Wuda Geoinformatics Co., Ltd. ("Wuda Geo"), jointly launched China’s first standardized real estate registration platform with the Ministry of Land and Resources at Xuzhou City of Jiangsu Province.
On March 1, 2015, Mr. Daming Jiang, Minister of Land and Resources of China, issued the first certificate of real property title under China’s new property registration system at a ceremony in Xuzhou. The event symbolized the inception of standardized real estate registration in China, and also marked the official launch of the real estate registration platform jointly developed by Wuda Geo and the Ministry of Land and Resources in Xuzhou.
Systematic data collection and integration is the foundation of standardized real estate registration. Given the quantity and complexity associated with real estate registration data in China, Wuda Geo pioneered the design and application of a collaborative data integration platform in Xuzhou City. The collaborative platform breaks down the workflow of data integration into five steps – Data Preparation, Data Matching, Matching Result Extraction, Task Push and Data Integration. Users collaborate on each step of the process using standardized data rules. As a result, the application of collaborative technologies maximizes resource utilization and accurately and effectively integrates real estate registration data.
Wuda Geo will continue to collaborate with Ministry of Land and Resources at Xuzhou City to build and launch an online management platform to share real estate registration data with relevant government agencies. The platform is also intended to contribute toward improved real estate market regulation, safe and secure transactions of real estate and the protection of real estate titles.
Mr. Jianghuai Lin, Chairman and CEO of CNIT, stated, "launching a standardized real estate registration platform represents a milestone in the reform of property right system in China. We are honored to be part of the history making. The most challenging technical aspect of standardized real estate registration is the accurate collection and integration of massive and complex property data. To us, selection by the Ministry of Land and Resources is the highest endorsement for our industry-leading geoinformatics, collaborative technologies and big data processing capabilities. Upon the successful launch in Xuzhou, we look forward to bringing our standardized real estate registration platform to different parts of the country, as well as applying the underlying data technologies to serve our new media customers."
About Wuda Geoinformatics Co., Ltd.
Wuda Geo is an affiliate of CNIT (for details of the relationship between the two companies, please refer to the most recent annual report on Form 20-F of CNIT filed with the Securities and Exchange Commission). CNIT reached a strategic agreement with CITIC Securities Co., Ltd. in August, 2014, to explore the potential of reorganizing Wuda Geo’s ownership structure and listing Wuda Geo in China’s stock markets.
About China Information Technology, Inc.
China Information Technology, Inc. (CNIT) is on a mission to make advertising accessible and affordable for businesses of all sizes. CNIT is a leading provider of integrated cloud-based platform, exchange, and big data solutions to the Chinese new media industry. Its Internet ecosystem enables all participants of the new media community to efficiently promote brands, disseminate knowledge, and exchange resources. Through continuous innovation, CNIT is leveraging 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 www.chinacnit.com.
Safe Harbor Statement
This press release may contain certain "forward-looking statements" relating to the business of China Information Technology, Inc., and its subsidiaries and other consolidated entities. All statements, other than statements of historical fact included herein, are "forward-looking statements" in nature within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements, often identified by the use of forward-looking terminologies 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 and its subsidiaries and other consolidated entities or persons acting on their 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.
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