BEIJING, Feb. 23, 2012 /PRNewswire-Asia-FirstCall/ --
China TransInfo Technology Corp. (NASDAQ: CTFO) ("China TransInfo"
or the "Company"), a leading provider of comprehensive intelligent
transportation systems in China
through its affiliate, China TransInfo Technology Group Co., Ltd.
(the "Group Company"), today announced that it has established a
special committee (the "Special Committee") to consider the
proposal received by its board of directors from its Chairman and
Chief Executive Officer, Mr. Shudong
Xia ("Mr. Xia") on February 19,
2012, and to evaluate any additional proposal that Mr. Xia
may make. In that proposal, Mr. Xia stated that he intends to
acquire all of the outstanding shares of common stock of China
TransInfo not currently owned by him in a going private
transaction. There can be no assurance that any definitive
offer will be made, that any agreement will be executed or that a
transaction with Mr. Xia or any other transaction will be approved
or consummated.
The Special Committee is composed of the following independent
directors of the Company: Mr. Xingming
Zhang, Mr. Zhongsu Chen, Mr.
Dan Liu and Mr. Walter Teh Ming Kwauk. The Special Committee has
elected Mr. Xingming Zhang as its
chairman. The Special Committee was directed to consider any
proposal made by Mr. Xia and his affiliates, if any, and the
Special Committee has the authority to retain independent legal and
financial advisors to assist it.
About China TransInfo
China TransInfo, through its affiliate, the Group Company and
the Group Company's PRC operating subsidiaries, is primarily
focused on providing urban and highway transportation management
solutions and information services. The Company is a leading
transportation information products and comprehensive solutions
provider, and aims to be the largest real time transportation
information service provider and major fleet management service
provider in China. As the
co-formulator of several transportation technology national
standards, the Company owns nine patents and has won a majority of
the model cases awarded by the PRC Ministry of Transport. As
a result, the Company is playing a key role in setting the
standards for transportation information solutions in China. For more information, please visit the
Company's website at http://www.chinatransinfo.com.
Safe Harbor Statement
This press release contains certain statements that may include
"forward looking statements". All statements other than statements
of historical fact included herein are "forward-looking
statements". These forward looking statements are often identified
by the use of forward-looking terminology such as "believes,"
"expects" or similar expressions. 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.
You 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 (http://www.sec.gov). 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.
Company
Contact:
|
Investor Relations
Contact
|
Ms.Fan Zhou, Investor
Relations Director
|
Mr. John Harmon, CFA,
Sr. Account Manager
|
China TransInfo
Technology Corp.
|
CCG Investor
Relations
|
E-mail:
ir@ctfo.com
|
E-mail:
john.harmon@ccgir.com
|
Tel: 86 10-5169
1657
|
Tel: +86 10-6561 6886
ext 807
|
|
Website:
www.ccgirasia.com
|
SOURCE China TransInfo Technology Corp.