SHENZHEN, China, Sept. 9 /Xinhua-PRNewswire-FirstCall/ -- China Information Security Technology, Inc., (Nasdaq: CPBY) ("China Information Security," "CIST" or the "Company"), a leading application software developer, systems integrator and full-service Geographic Information Systems ("GIS") solutions provider to public security and civil-use markets in China, today announced that the Company has been awarded a new contract to construct the Logistics Intelligent Surveillance Information System ("LISI System") for the Shenzhen International Airport. The contract has a total value of $2.1 million and is estimated to be completed in the fourth quarter of 2008.
The LISI System will integrate video and audio, security alarm and vehicle management systems for all domestic and international cargo-transport channels at the Shenzhen International Airport. The system will be constructed using the core technologies applied in CIST’s existing Intelligent Border Control ("IBC") application platform with its Intelligent Surveillance System and Intelligent Vehicle Recognition System. Construction of the LISI System will mark CIST’s first application of its IBC technology to the civil-use market.
CIST’s Intelligent Vehicle Recognition technology stores biometric information such as finger-prints and facial features from vehicle drivers in a database, and integrates it with infrared and license plate recognition technologies to enable the automation of entry and exit vehicle check. The system automatically records vehicle and driver information into the Intelligent Surveillance platform, a surveillance management database. Management expects that the Intelligent Vehicle Recognition System will highly improve the processing capability and efficiency of the Shenzhen International Airport.
"We are pleased to construct the LISI System for the Shenzhen International Airport," commented Mr. Jiang Huai Lin, CEO of China Information Security. "We view this contract win as evidence of successful penetration of our IBC platform application into the civil-use market. We expect that successful implementation of this project will provide a useful model for future IBC projects at over 150 airports in China and will competitively position us for wins in connection with such projects."
About China Information Security Technology, Inc.
Through its wholly-owned Chinese subsidiary, China Information Security Technology, Inc. ("CIST" or the "Company") headquartered in Shenzhen, China ("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 China, aiming to use information technology to improve public safety and information management. Its main business lines range from digital public security, to intelligent border control, and Geographic Information Systems (GIS). Its commitment to leading-edge technology and quality assurance has won the Company numerous government and enterprise contracts throughout China. To learn more about the Company, please visit the 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 statements regarding the significance of the Logistics Intelligent Surveillance Information System contract win and the Company’s penetration into the Civil-use market; 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:
Mr. Michael Lin
Vice President, Investor Relations
China Information Security Technology, Inc.
Tel: +1-949-743-0868
Email: mlin@chinacpby.com
Web: http://www.chinacpby.com
Investor Relations Contact:
Mr. Crocker Coulson
President
CCG Investor Relations
Tel: +1-646-213-1915 (NY office)
Email: crocker.coulson@ccgir.com
Web: http://www.ccgir.com
