Home News Business CIST announces $28.2 M worth of new contracts in Q4

CIST announces $28.2 M worth of new contracts in Q4

SHENZHEN, China, Jan. 14: China Information Security Technology, Inc., (CIST), application software developer, systems integrator and full-service GIS solutions provider to public security and civil-use markets in China, announced that its newly signed contracts in the fourth quarter of 2008 were valued at $28.2 million, an increase of over 5.4%, compared to contracts signed during the third quarter of 2008, and that its PGIS product was named as a “Shenzhen Innovative Product”.

The company won contracts from 2 new cities in the fourth quarter, bringing the total number of cities in which it has a presence in China to 26. Some significant contract wins included:
— Remote Sensing Contract in Guangdong Province ($2.9 million)
— PGIS Contract from Industry and Commerce Administrative Bureau of Hainan Province ($2.73 million).

Of these contracts, 22% were won in the Information Security Technology sector, 58% were won in the Geographic Information Systems (GIS) sector, and 20% were won in the Product Sales and Services sector. Management expects that the majority of the revenues from these contracts will be realized before mid-2009.

The “Shenzhen Innovative Product” award candidates are subject to a strict screening process and those products selected usually have proprietary rights and demonstrate significant innovation, with more advanced technological capabilities than other domestic competitive products.

“We are pleased that our PGIS product was recognized as a Shenzhen Innovative Product,” said Mr. Jiang Huai Lin, CEO of China Information Security. “Our receipt of this award is an indication that CIST continues to be at the forefront of product innovation with our competitive product offerings. Despite the current global economic slowdown, our products remain in high demand and we expect to maintain a healthy sales pipeline in 2009 as we continue our geographic expansion and leverage our unique capabilities into the Digital Hospital industry in China.”