China Information Technology, Inc. Announces a $9 Million Share Repurchase Program

  China Information Technology, Inc. Announces a $9 Million Share Repurchase

PR Newswire

SHENZHEN, China, Oct. 4, 2013

SHENZHEN, China, Oct. 4, 2013 /PRNewswire/ -- China Information Technology,
Inc. ("CNIT" or the "Company") (Nasdaq: CNIT), a leading provider of
integrated cloud-based solutions in digital education and public information
release, and other information technology solutions in China, today announced
that the Company's Board of Directors has approved a $9.0 million share
repurchase program.

The Company expects to implement this share repurchase program over the next
12 months, in a manner consistent with market conditions and the interest of
shareholders. Repurchases may be in open-market transactions or through
privately negotiated transactions. The timing and extent of any purchases will
depend upon market conditions, the trading price of the Company's ordinary
shares and other factors, and are subject to the restrictions relating to
volume, price and timing under applicable laws, including but not limited to,
Rule 10b-18 promulgated under the Securities Exchange Act of 1934, as amended.
The Company's Board of Directors will review the share repurchase program
periodically, and may authorize adjustment of its terms and size accordingly.
The repurchases will be funded with the proceeds from the Company's recently
issued 3 million shares of employee incentive stock under its 2013 Equity
Incentive Plan. It is expected that the repurchased shares will be held by the
Company as treasury shares. 

Mr. Jiang Huai Lin, Chairman and CEO of the Company, commented, "This share
repurchase program reflects the confidence we have in the Company's long-term
growth prospects and our commitment to increasing shareholder value. Moreover,
we believe our successful transition to the "cloud-centric" business model
with features of recurring revenue and low account receivable requirement will
greatly enhance our cash-flow position and our ability to maintain a
sustainable growth in the future."

About China Information Technology, Inc.

Headquartered in Shenzhen, China, China Information Technology, Inc., through
its subsidiaries and other consolidated entities, provides information
technologies, smart education, public information release and cloud-based
business products and solutions in China. The Company's cloud-based products
include Smart EduCloud and Public InfoCloud; IT solutions include geographic
information systems (GIS), digital public security technology (DPST), and
hospital information systems (HIS); The Company's seamless and
fully-integrated hardware, software, and cloud-based services serve a variety
of customers in the fields of government, education, medical, financial,
commercial, communication and individual consumers. To learn more about the
Company, please visit its corporate website at

Safe Harbor Statement

This press release may contain certain "forward-looking statements" relating
to the business of China Information Technology, Inc., and its subsidiary
companies. All statements, other than statements of historical fact included
herein, are "forward-looking statements". These forward-looking statements,
often identified by the use of forward-looking terminology 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 reports that are filed with or
furnished to the Securities and Exchange Commission and available on its
website ( 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.

For further information, please contact:

China Information Technology, Inc. 
Iris Yan
Tel: +86 755 8370 4767

SOURCE China Information Technology, Inc.

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