U.S. Markets closed

CNIT Announces Research on Applying Blockchain Technology to Innovate Taoping New-media Ecosystem

SHENZHEN, China, Jan. 22, 2018 (GLOBE NEWSWIRE) -- China Information Technology, Inc. (CNIT), a leading provider of internet-based ad distribution and ad display terminal sharing systems in China, today announced that it has initiated in-depth research on the application of blockchain, aiming to innovate the Taoping new-media sharing ecosystem, and to deliver higher returns to Taoping ecosystem partners and users.

CNIT will conduct research on the application of blockchain into the Taoping ecosystem, to find out a more efficient and secure solution for payment transfer, and a better mechanism to collect internal data and reward end users. With the existing loT technology and the future application of blockchain, it is expected that CNIT will be able to upgrade the accuracy of advertising distribution on ad terminals, to improve the users’ experience and ultimately, reinvent the profit distribution mechanism to vertically integrate industry resources.

Consumers can use Taoping Net and Taoping (淘屏) App to buy and distribute real-time ads on more than 10,000 terminals now. The terminals are currently available in ten cities of China, including Shenzhen, Guangzhou, Shanghai, Ningbo, Nanjing, Quanzhou, Changde, Wuhan, Zhengzhou, Kunming, and will soon be accessible in more metropolitan areas. Taoping ecosystem is growing and aims to become one of the largest domestic ecosystems in the advertising industry in the near future. 

“We believe that the research on blockchain is a promising opportunity for us,” said Mr. Jianghuai Lin, Chairman and CEO of CNIT, “As the developer and leading operator of the Taoping ecosystem, we keep up with the development of new technologies as we are devoted to keeping upgrading and optimizing our services.”

About China Information Technology, Inc.
China Information Technology, Inc. (CNIT) is a leading Internet service company that provides integrated cloud-based solutions enabling innovation and smart living in the fields of new media, elevator safety management, education, etc. Through continuous innovation, CNIT is aiming to leverage its proprietary Cloud-Application-Terminal technology to level the competitive landscape in the new media industry and deliver value for its shareholders, employees, customers, and the community. To learn more, please visit http://www.chinacnit.com.

Safe Harbor Statement
This press release may contain certain "forward-looking statements" relating to the business of China Information Technology, Inc., and its subsidiaries and other consolidated entities. All statements, other than statements of historical fact included herein, are "forward-looking statements" in nature within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements, often identified by the use of forward-looking terminologies such as "believes", "expects" or similar expressions, involve known and unknown risks and uncertainties. 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. Investors 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 and its subsidiaries and other consolidated entities or persons acting on their 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.