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China Expert Technology Signs Three New e-Government Contrac

整理: AG88时间: 2018-10-10


Total Net Contract Value Estimated at $72.9 Million

HONG KONG, June 25 /Xinhua-PRNewswire-FirstCall/ -- China Expert Technology, Inc. (OTC Bulletin Board: CXTI), an emerging leader in providing large scale network infrastructure construction mainly for e-government projects for communities and municipal governments in China, today announced that the Company has been awarded three new contracts to construct e-government systems for three city governments, two of which are located in the Fujian Province with one located in the Guangxi Province. The collective gross contract value is $83.6 million and the Company expects to record $72.9 million net of hardware purchases on behalf of customers and PRC Value Added business taxes.

Guigang City, located in the Guangxi Province, with contract sum of $25.8 million

The total anticipated net revenue for China Expert, which excludes hardware purchases on behalf of the customer and PRC Value Added business tax is $22.6 million. The project is tentatively expected to commence in January 2008 and with a completion date estimated for December 2010. Under the terms of the contract, China Expert Technology will be responsible for design and implementation of the following systems:

-- Hardware Platform Integration

-- Security Platform

-- Application Platform

-- Portal Website

-- Unified Administration Approval System

-- Coordinated Office System

-- Calling Center

-- Geographical Information System

-- Emergency Commanding System

-- Auxiliary Decision System

-- Social Medical Security Information System

-- Smart Card System

-- Information Database

Zhangping County, located in the Fujian Province, with contract sum of $24.7 million

The total anticipated net revenue for China Expert, which excludes hardware purchases on behalf of the customer and PRC Value Added business tax is $20.5 million. The project is tentatively expected to commence in November 2007 and be completed within 30 months. Under the terms of the contract, China Expert Technology will be responsible for design and implementation of the following systems:

-- Hardware Platform Integration

-- Security Platform

-- Application Platform

-- Portal Website

-- Unified Administration Approval System

-- Coordinated Office System

-- Calling Center

-- Geographical Information System

-- Emergency Commanding System

-- Auxiliary Decision System

-- Social Medical Security Information System

-- Information Database and Finance Monitoring System

Longyan City, located in the Fujian Province, with contract sum of $33.1 million

The total anticipated net revenue for China Expert, which excludes hardware purchases on behalf of the customer and PRC Value Added business tax is $29.8 million. The project is tentatively expected to commence in November 2007 and be completed by November 2010. Under the terms of the contract, China Expert Technology will be responsible for design and implementation of the following systems:

-- Hardware Platform Integration

-- Security Platform

-- Application Platform

-- Portal Website

-- Unified Administration Approval System

-- Coordinated Office System

-- Geographical Information System

-- Emergency Commanding System

-- Auxiliary Decision System

-- Social Medical Security Information System

-- Smart Card System

-- Information Database and e-Commerce System

All three contracts have been sourced by consultants who will receive a 5% commission fee based on the net contract sum payable in approximately 618,040 shares of the Company's common stock. Consideration was determined by utilizing an average of the daily market closing price of the Company's common stock for the 10 trading days prior to the contract signature date. The fee is payable within 10 trading days after execution of the Contract.

“We continue to sign new contracts and grow backlog with customers located both in our core Fujian market, in addition to new Provinces which we believe represent significant future growth opportunities,” commented Mr. Zhu Xiao Xin, CEO of China Expert. “The momentum we have created in the market is based on our ability to reinforce the need for e-government solutions to cities and municipalities while leveraging our expertise to implement reliable and scalable solutions on time and within budget. The industry drivers remain in place as many municipalities and cities begin to comply with the stated Central Government goal of processing at least 50 percent of government administrative approvals electronically by 2010. As the pace of compliance accelerates China Expert is well positioned to capture incremental contracts from both our existing and new customers.”

Management will evaluate if these contracts will influence previously issued guidance for 2007 and 2008 and will update shareholders accordingly.

About the e-government project:

The e-government project is aimed at establishing a national electronic government system, in which existing and expected government networks and applied systems can be combined to form united technology standards and regulations and consequently a united national government service platform. The term e-government is a process in which the government is able to take advantage of modern information and communication technologies to integrate the management and service of government functions on the Internet, optimize and reform the government structures and working processes, and provide good and standard international administration and service to the society without time and space limitation.

About China Expert Technology, Inc:

China Expert Technology, Inc. ("CXTI") is a company listed on the OTC Bulletin Board in the USA (Trading Symbol: CXTI), with its subsidiaries (collectively the "Group") situated in Hong Kong and China. The group is specialized in providing large-scale network infrastructure construction (mainly e-government projects) for communities and municipal governments in China. The Group also utilizes its network with experts from various universities in China to deploy business and IT consultancy services to corporations in Hong Kong and China. The Group's existing major clients includes municipal governments, government authorities and other technology firms in China. Its income is derived mainly from four areas, e-government, technology achievement appraisal, expert consultation and project database.

Safe Harbor under the Private Securities Litigation Reform Act of 1995: The statements which are not historical facts contained in this press release are forward-looking statements that involve certain risks and uncertainties including, but not limited to, risks associated with the uncertainty of future financial results directly and indirectly related to these three contracts, the regulatory and approval processes for this and other signed and pending contracts, the impact of competitive products on pricing, technological changes, the effect of economic conditions and other uncertainties as are, and may be, detailed in the Company's filings with the Securities and Exchange Commission including the Company's Annual Report on Form 10-K.

For more information, please contact:

For the Company: Investors:

Phoebe Lam Matthew Hayden

China Expert Technology, Inc. Hayden Communications, Inc.

Tel: +852-2802-1555 Tel: +858-704-5065

Fax: +852-2583-9222 Email: Matt@haydenir.com

Email: phoebe@chinaexpertnet.com

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