GeoGlobe is the first domestically developed software for spatial information sharing and service network platforms in China. It was jointly developed by Wuhan University's National Lab of Mapping, Surveying and Remote Sensing and Wuhan Wuda Geoinformatics Co., Ltd. ("Geo"), the majority owned subsidiary of the Company's variable interest entity, iASPEC Software Engineering Company Limited ("iASPEC"). The joint R&D effort lasted four years and received funding support from China's National "973" and "863" Programs. The 973 Program, or The National Basic Research Program, is China's basic research program that aims to organize and implement basic research relating to sustainable development such as agriculture, energy, information, resources, the environment, population, health and materials to meet the nation's major strategic needs. The 863 Program, or the State High-Tech Development Plan, is intended to stimulate the development of advanced technologies in a wide range of fields for the purpose of rendering China independent of financial obligations for foreign technologies.
The Bureau's appraisal committee, which is comprised of Mr. Junyong Chen, Academician of the Chinese Academy of Sciences, Mr. Deren Li, Academician of the Chinese Academy of Sciences and Academy of Engineering, Mr. Yuanxi Yang, Academician of the Chinese Academy of Sciences, Mr. Xianlin Liu and Mr. Jiayao Wang, Academicians of the Chinese Academy of Engineering, remarked that GeoGlobe had some of the most advanced and innovative technologies in the world that could be widely applied as basic software in the public service market for spatial information. Receiving such an award from the central government requires a successful case study demonstration and deployment and extensive evaluation by expert panels.
The GeoGlobe platform expands the Company's presence in the civil-use GIS market. It has been successfully applied in various fields including mapping and surveying, electricity generation and national defense. For instance, Heilongjiang's Spatial Information Sharing Service Platform, which was based on GeoGlobe's technology, also passed appraisal by Heilongjiang's Bureau of Technology; and Fujian's Electricity Disaster Information Management Program used GeoGlobe, which played a critical role in fighting Typhoon Sepat and severe ice disasters last year. GeoGlobe had also been successfully deployed in the National Electricity Grid Emergency Response System for the Beijing Olympics.
On December 26, 2008, the Bureau also announced plans to construct the National Geographical Information Public Service Platform (the "Geo Platform"), which could add additional opportunities for the Company's GeoGlobe product. The Geo Platform aims to improve the capability and efficiency of geographic information public service, and optimize the utilization of national geographic information resources in China.
"We are pleased that GeoGlobe has passed the Bureau's appraisal," commented Mr. Jiang Huai Lin, CEO of China Information Security. "We take this as an indication that the Central government has recognized our product quality and technological advancement and we expect that such recognition by the central government will enhance our brand name and reputation in the marketplace. Furthermore, the Central government has recently placed a priority on procuring domestically developed software versus international brands to further stimulate our economy, providing us with additional barriers to entry."
About China Information Security Technology, Inc.
Through its wholly-owned Chinese subsidiary, China Information Security Technology, Inc. ("CIST" or the "Company") headquartered in Shenzhen, China ("PRC"), is a leading application software developer, systems integrator and full-service Geographic Information Systems ("GIS") solutions provider to the public security and civil-use markets in China, aiming to use information technology to improve public safety and information management. Its main business lines range from digital information security, to Geographic Information Systems (GIS), and digital hospital information systems. The Company provides a broad portfolio of fully integrated solutions and services, including its First Responder Coordination Platform, Intelligent Border Control System, Residence Card Information Management System, Police- and Civil-use GIS products, and Digital Hospital Information System to serve the growing demand for digital hospital and electronic medical record systems in China. Its commitment to leading-edge technology and quality assurance has won the Company numerous government and enterprise contracts throughout China. To learn more about the Company, please visit the corporate website at http://www.chinacpby.com .
Safe Harbor Statement
This press release may contain certain "forward-looking statements" relating to the business of China Information Security Technology, Inc., and its subsidiary companies. All statements, other than statements of historical fact included herein are "forward-looking statements" including statements regarding the significance of GeoGlobe's successful appraisal by the National Bureau of Mapping and Surveying and its effect on the Company's ability to increase its market share, revenues and profitability; the general ability of the Company to achieve its commercial objectives; the business strategy, plans and objectives of the Company and its subsidiaries; and any other statements of non-historical information. These forward-looking statements are 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 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.
For more information, please contact:
Company Contact:
Ms. Iris Yan
Investor Relations Manager
China Information Security Technology, Inc.
Tel: +86-135-1085-5460
Email: irisyan@chinacpby.com
Web: http://www.chinacpby.com
Investor Relations Contact:
Mr. Crocker Coulson, President
CCG Investor Relations
Tel: +1-646-213-1915 (NY office) or
Mr. Gary Chin
Tel: +1-646-213-1909
Email: crocker.coulson@ccgir.com
Web: http://www.ccgirasia.com
Web site: http://www.chinacpby.com/
