This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

China Information Technology, Inc. Terminates Share Repurchase Plan; Chairman & CEO Adopts New $2 Million Purchase Plan, Makes Non-Plan Private Purchase Of 1.1 Million Shares

SHENZHEN, China, March 15, 2012 /PRNewswire-Asia-FirstCall/ -- China Information Technology, Inc. (Nasdaq: CNIT), a leading provider of information technologies and display technologies based in China, today announced that its Board of Directors has approved the termination of its stock purchase plan. At the same time, the Company's chairman and chief executive officer, Mr. Jiang Huai Lin, entered into a new $2 million purchase plan.  Mr. Lin also agreed to purchase 1,084,895 shares in a private transaction outside the purchase plan at a purchase price per share of $1.20.

The Company has approximately 27.0 million shares outstanding, approximately 41.0% of which are currently held by Mr. Lin, not including the pending acquisition of approximately 1.1 million shares as described above.

Mr. Lin commented, "To reemphasize my commitment to the Company and my belief in its potentially strong future, I have decided to continue the increase in my equity holdings in the Company by reinitiating my purchases under our purchase plan and making a separate private purchase.  At the same time, the termination of the Company's share repurchase plan will enable it to devote more resources to other priorities such as marketing and research and development."

The purchases under the new purchase plan will be made from time to time on the open market or in privately negotiated transactions at the discretion of Mr. Lin's broker, subject to market conditions and other factors, including black-out periods during which Mr. Lin and others are prohibited from trading in the Company's shares.

While black-out periods typically occur near the end of a fiscal quarter in anticipation of the public release of quarterly earnings, the Company may impose a black-out period at any time without advance public notice. The purchase plan is expected to continue until September 2012 unless extended or shortened by the parties. Mr. Lin intends to effect the share purchase plan in compliance with the conditions of Rule 10b-18 and Rule 10b5-1 under the Securities Exchange Act of 1934, as amended.

About China Information Technology, Inc.

China Information Technology, Inc., through its subsidiaries and other consolidated entities, specializes in geographic information systems (GIS), digital public security technology (DPST), and hospital information systems (HIS), as well as high-end digital display products and solutions in China.  Headquartered in Shenzhen, China, the Company's integrated solutions include specialized software, hardware, systems integration, and related services to help its customers improve efficiency in information management.  To learn more about the Company, please visit its corporate website at  

Safe Harbor Statement

This press release may contain certain "forward-looking statements" relating to the business of China Information Technology, Inc., and its subsidiary companies. All statements, other than statements of historical fact included herein are "forward-looking statements" including statements regarding: the amount and timing of any purchases of the Company's common stock by the Company's chairman and chief executive officer; 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 ( 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 further information, please contact:

China Information Technology, Inc. Iris YanTel: +86 755 8370 4767Email: Web:

ChristensenTeal WillinghamTel: +86 10 5826 4939Email:

SOURCE China Information Technology, Inc.

Copyright 2011 PR Newswire. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free


Chart of I:DJI
DOW 17,812.19 +19.51 0.11%
S&P 500 2,089.14 +2.55 0.12%
NASDAQ 5,102.8080 +0.33 0.01%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs