China TransInfo Technology Corp. (CTFO) Awarded $1.8M Contract with PRC Ministry of Transportation

QualityStocks would like to highlight China TransInfo (NASDAQ: CTFO). Through its affiliate, China TransInfo Technology Group Co., Ltd., (the "Group Company") and the Group Company's PRC operating subsidiaries, is primarily focused on providing urban and highway transportation management solutions and information services. The company is a leading transportation information products and comprehensive solutions provider, and aims to be the largest real time transportation information service provider and major fleet management service provider in China.

In the company’s news yesterday,

China TransInfo Technology Corp. announced it has signed an agreement with the Planning Institute under the PRC Ministry of Transportation (MOT), in which China TransInfo will provide technical development and services for a pilot project to build and operate a traffic data collection, analysis, and service system for national trunk roads.

Valued at approximately $1.8 million, the contract will be classified within China TransInfo’s government solutions business. The system includes a data collection and transmission system, a comprehensive analysis system, an economic analysis system and a multi-tier sharing service system, based on traffic information on national trunk roads.

The pilot project is expected to address the lack of traffic data collection, analysis and application services on national trunk roads. It is also expected to improve economic analysis and statistical efficiency of the process of gathering and analyzing traffic information on national trunk roads. It will also provide data support for government coordination and management, emergency assistance and public commuting across different regions on national trunk roads.

Shudong Xia, chairman and CEO of China TransInfo, said MOT’s decision to contract with China TransInfo reflects recognition of the company’s technology and ability to offer quality project management. He also noted the future of China’s transportation and the opportunity it gives China TransInfo within the market.

“We believe that traffic information data collection and analysis systems will continue to play an increasingly important role as China expands its road network in the future. The System is the fundamental of an upcoming national road grid center and the country’s transportation emergency response and assistance mechanism. The Ministry of Transportation plans to promote the pilot project in some provinces during the 12th Five-Year period, which runs from 2011-2015, and we are highly confident in our company’s ability to gain market share in these provinces,” Xia stated in the press release.

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