China Information Technology, Inc. – Ordinary Shares (NASDAQ:CNIT)
China Information Technology, Inc. – Ordinary Shares (NASDAQ:CNIT) has signed a $1.5 million ad terminal contract with Shanghai Liangyu Technology Limited. The agreement is for the sale of the company’s 5,000 cloud-based elevator ad terminals that are to be installed in the city Shanghai by the end of the year. The platform is designed to allow advertisers create reduced-cost ads on both the PC and mobile app.
Growing Revenue Base
China Information Technology, Inc. – Ordinary Shares (NASDAQ:CNIT) CEO, Jianghuai Lin, expects the company to sell a maximum of 60,000 cloud-based ad terminals this year. The company consequently expects its full year revenues to total $17.5 million, nearly double revenues of $10.2 million reported last year.
“As of today, CNIT has established an innovative new-media ecosystem comprised of a cloud platform, numerous apps, and cloud-based terminals, all of which combine to enable internet-based ad delivery and management and exchange of available screen time. We expect this eco-system to bring many advertising customers considerably more revenue while significantly cutting their costs, “said Mr. Li.
In addition to targeting customers in Shanghai, China Information Technology, Inc. – Ordinary Shares (NASDAQ:CNIT) is also planning to expand its footprint into 16 other major cities including Beijing, Shenzhen, and Guangzhou. Expanding into other cities is part of an effort that seeks to impact China’s competitive advertising market.
IoT Elevator Platform
In addition to pursuing growth on the advertising front, China Information Technology, Inc. – Ordinary Shares (NASDAQ:CNIT) is also flexing its muscles on the Internet of Things (IoT). The provider of cloud-based solutions is fresh from unveiling a sophisticated IoT elevator solution designed to improve passenger safety.
The new platform is made up of the company’s IoT cloud platform, IoT terminal, and mobile app. The platform delivers a selection of state of the art safety features in a single elevator maintenance product. The management platform will allow elevators to communicate in real time and share information on passenger safety.
The platform will also generate elevator maintenance schedules, collect operation data and notify appropriate authorities when maintenance is needed. Yunti Guard Mobile app will allow remote real-time monitoring of the elevator’s operational condition.
China Information Technology, Inc. – Ordinary Shares (NASDAQ:CNIT) stock was up by 10.2% in Monday’s trading session, ending the day at highs of $1.08 a share.
I have no positions in any of the stocks mentioned, and have no plans to initiate any positions within the next 72 hours. All information, including any data, is provided without any guarantees of accuracy.
About the author: Monica Gray has an undergraduate degree in Accounting and an MBA – earned with Honors. She has six years of experience in the financial markets and has been a securities analyst for the past two years.