BB's Stock Haven

[dirkv]

Very high potential!!

CNIT : 2,40

http://finance.yahoo.com/news/chinas-crash-affects-stocks-trying-195506036.html
According to the spreads, the market is even more skeptical of the completion of other announced deals to take Chinese companies private, including deals for China Information Technology, Inc. - Ordinary Shares (NASDAQ: CNIT) (73 percent spread), Vimicro International Corporation (ADR) (NASDAQ: VIMC) (50.2 percent spread), iDreamSky Technology Ltd (ADR) (NASDAQ: DSKY) (41.7 percent spread) and 21Vianet Group Inc (NASDAQ: VNET) (40.3 percent spread).


China Information Technology, Inc. June 22, 2015 6:00 AM
SHENZHEN, China, June 22, 2015 /PRNewswire/ -- China Information Technology, Inc. (the "Company" or "CNIT") (Nasdaq GS: CNIT), a leading provider of integrated cloud-based platform, exchange, and big data solutions in China, today announced that its Board of Directors (the "Board") has received a preliminary, non-binding proposal letter, dated June 19, 2015, from Mr. Jianghuai Lin ("Mr. Lin"), Chairman and Chief Executive Officer of the Company, Mr. Zhiqiang Zhao ("Mr. Zhao"), Director and Chief Operating Officer of the Company, Mr. Junping Sun ("Mr. Sun"), Senior Vice President of the Company and Mr. Jinzhu Cai ("Mr. Cai"), an individual investor (together with Mr. Lin, Mr. Zhao and Mr. Sun, the "Buyer Group"), proposing a "going-private" transaction (the "Transaction") to acquire all of the outstanding ordinary shares of the Company not already owned by the Buyer Group at a proposed price of US$4.43 per ordinary share in cash, which represents approximately a 30.0% premium above the average closing price of the Company's ordinary shares over the last 15 trading days up to and including June 18, 2015.


SHENZHEN, China, July 2, 2015 /PRNewswire/ -- China Information Technology, Inc. (the "Company" or "CNIT") (Nasdaq GS: CNIT), a leading provider of integrated cloud-based platform, exchange, and big data solutions in China, today updates investors on its progress of selling its manufacturing facility in Shenzhen.
As previously announced in November 2014, the Company signed a Letter of Intent (LOI) with an unrelated party ("the Buyer") to sell the Company's manufacturing facility including the land use rights, which is located in the Fuyong Industrial Park for RMB 375.0 million (approximately US$60.48 million). By the end of February 2015, the Company has collected RMB 100.0 million (approximately US$16.13 million) of non-refundable down payment. By the end of April 2015, the Company has transferred all risks and responsibilities of managing and maintaining the property to the Buyer.
On June 29, 2015, the Company collected an additional RMB 15 million (approximately US$2.42 million) of payment from the Buyer and used such proceeds to pay back some of its maturing bank loans. On June 30, 2015, the Company entered into a land transfer contract with the Buyer under which the Buyer agreed to pay the remaining purchase price of RMB 260 million (approximately US$41.94 million) to CNIT before the end of July 2015.
As previously announced, the Company plans to use the proceeds from this transaction for bank loan repayment, working capital, and share repurchase programs.
Mr. Jiang Huai Lin, Chairman and CEO of CNIT, commented, "With the cash infusion from this transaction, we believe we will be able to further accelerate our business execution, reduce our interest expenses, and generate more shareholder value."