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News Breaks
August 4, 2014
07:09 EDTCNITChina Information enters into strategic partnership with CITIC Securities
China Information Technology announced that the Company entered into a strategic partnership with CITIC Securities. Pursuant to the partnership agreement, CITIC will provide a variety of corporate financial services including mergers and acquisitions, pension management, and brokerage services on a needed basis. During CNIT's strategic transition from traditional IT system integration to the cloud-based internet platform technology, CITIC will assist the Company in exploring various alternatives in China to enhance long-term shareholder value. In addition, CNIT and CITIC will collaborate to restructure CNIT's traditional IT system integration business, which generates lower margin and higher receivables than the emerging cloud-based internet platform services.
News For CNIT From The Last 14 Days
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November 17, 2014
06:10 EDTCNITChina Information to sell property, repurchase shares
China Information Technology announced it has signed a Letter of Intent, or LOI, with an unrelated party to sell the Company's Fuyong Industrial Park for approximately $61.2M. In addition to working capital, proceeds from the sale will be used to fund a $10.0M share repurchase program and pay down $32.6M in short-term bank loans.

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