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China TransInfo Technology Corp. (CTFO) Awarded Contracts Totaling $6.7M

China TransInfo Technology Corp. is a leading provider of intelligent transportation systems for highway and urban transportation management in China. The company today announced its recently awarded electronic toll collection (ETC) contracts totaling RMB 44.6 million (approximately $6.7 million) in Shanxi Province, Shandong Province and Sichuan Province.

China TransInfo is primarily focused on providing transportation information services and comprehensive solutions based on Geographic Information System (GIS) technologies. The company owns software copyrights for 89 software products.

For the contracts announced today, China TransInfo will provide ETC electronics engineering machinery systems, ETC application system development and upgrading services, and 10,000 onboard electronic tags for highway authorities in Shanxi Province.

Additionally, China TransInfo will provide 10,000 onboard electronic tags and 120 readers for highway authorities in Shandong Province and Sichuan Province.

China TransInfo is one of only eight companies with a track record of successfully selling ETC- related products; the company won its first ETC project in Zhejiang Province in 2009, and then went on to win bids in Jiangsu, Shandong, Shaaxi Shanxi provinces and Tianjin Municipality.

Shudong Xia, chairman and CEO of China TransInfo said the company has a successful track record in winning projects throughout China and that the company anticipates further and continued growth in the ETC market.

“We are excited about the significant progress we have made in the ETC market,” Xia stated in the press release. “This year, with one exception, we have won projects in every province and municipality in China that solicited new bids. Our recent success in Shanxi, Shandong and Sichuan provinces further demonstrates strong market recognition for our products and technology and increases our market penetration in different regions, paving a solid foundation for us to continue to expand nationally. We expect strong growth in the ETC market as regulatory authorities continue to push implementation and car owners increasingly purchase and install onboard electronic tags. Based on our advanced technology, product advantage, brand equity and solid customer relations, we are confident that we will continue to benefit from the growth of the ETC market.”

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