SHENZHEN, China, July 30, 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 the Securities and Exchange Commission (the "SEC") has declared effective a Form F-4 Registration Statement, which includes a Proxy Statement of CNIT and also constitutes a Prospectus (the "proxy statement/prospectus") of China Information Technology, Inc., a British Virgin Islands company, or CNIT BVI, in connection with the proposed reorganization of CNIT as a British Virgin Islands company.
The reorganization will be effected through a merger (the "Merger") of CNIT with a subsidiary of CNIT BVI resulting in the shares of CNIT being converted into the right to receive shares of CNIT BVI. The Merger is part of a reorganization of CNIT's corporate structure that the Company expects will, among other things, result in a reduction in operational, administrative, legal and accounting costs over the long term and provide CNIT with additional flexibility to pursue listings on international stock exchanges, should the Company desire to do so in the future. The 2012 Annual Meeting of Stockholders (the "Annual Meeting") of CNIT has been scheduled to be held on Wednesday, October 31, 2012 at 9:00 a.m., local time. CNIT has established September 28, 2012 as the record date for the Annual Meeting. Holders of CNIT common stock as of the record date will be asked to approve the proposed Merger and certain other proposals at the Annual Meeting. Stockholders of record as of the close of business on the record date are entitled to notice of and vote at the Annual Meeting. The Annual Meeting will be held at the Company's offices located at 21st Floor, Everbright Bank Building, Zhuzilin, Futian District, Shenzhen, Guangdong, 518040, People's Republic of China.
Subject to its review of any submissions of proposals for inclusion in the proxy statement/prospectus (discussed below), CNIT expects to commence the mailing of the proxy statement/prospectus to all holders of CNIT common stock as of the record date on September 28, 2012.
The proposed Merger is subject to approval by holders of CNIT common stock.
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