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China Information Technology, Inc. Announces Results Of Its 2012 Annual Meeting Of Stockholders And Approval Of Reorganization Merger









SHENZHEN, China, Oct. 31, 2012 /PRNewswire-FirstCall/ -- China Information Technology, Inc. (the " Company") (Nasdaq: CNIT), a leading provider of information technologies and display technologies based in China, today announced the official results of its 2012 Annual Meeting of Stockholders, held on Wednesday October 31, 2012 at 9:00 a.m., local time in Shenzhen, China. The stockholders voted on four proposals and cast their votes as described below:

  1. The stockholders elected Messrs. Jiang Huai Lin, Zhi Qiang Zhao, Yun Sen Huang, Qiang Lin and Remington C.H. Hu to the Board of Directors of the Company, each to serve until the next annual meeting of stockholders of the Company or until such person shall resign, be removed or otherwise leave office;
  2. The stockholders ratified the appointment of GHP Horwath, P.C. as the independent registered public accounting firm of the Company for the fiscal year ending December 31, 2012;
  3. The stockholders approved on an advisory (non-binding) basis, the executive compensation awarded to the Company's named executive officers as disclosed in the proxy statement for the 2012 Annual Meeting of Stockholders; and
  4. The stockholders adopted the agreement and plan of merger and reorganization by and among the Company, China Information Technology, Inc., a newly formed company incorporated under the laws of the British Virgin Islands that is currently a wholly owned subsidiary of the Company (" CNIT BVI"), and China Information Mergerco Inc., a newly formed Nevada corporation that is currently a wholly owned subsidiary of CNIT BVI (" Merger Sub"), pursuant to which Merger Sub will merge with and into the Company, with the Company surviving the merger as a wholly owned subsidiary of CNIT BVI, and whereby each issued and outstanding share of the common stock of the Company will be converted into the right to receive one ordinary share of CNIT BVI, which shares will be issued by CNIT BVI as part of the merger (the " Reorganization").




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