The Company is proceeding with the completion of the Reorganization and expects it to become effective on October 31, 2012 at 4:30 p.m. Eastern Time.
Pursuant to the approval of the Company's stockholders today, Merger Sub, a Nevada corporation and a wholly-owned subsidiary of CNIT BVI, will merge with and into the Company. As a result of the Reorganization, CNIT BVI will become the parent company of the Company and the combined company expects to continue to conduct its business in substantially the same manner as the Company does today.
Upon completion of the Reorganization, the Company's stockholders will have their existing common stock automatically converted into a right to receive an equal number of ordinary shares of CNIT BVI, which will be traded on the NASDAQ Global Select Market under the same stock symbol "CNIT."
Following completion of the Reorganization, CNIT BVI is expected to qualify as a "foreign private issuer" under the rules and regulations of the Securities and Exchange Commission. It will remain subject to the mandates of the Sarbanes-Oxley Act of 2002, and as long as CNIT BVI's ordinary shares are listed on The NASDAQ Stock Market, the governance and disclosure rules of that stock exchange.
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 http://www.chinacnit.com .