SHENZHEN, China, June 9, 2017 -- China Information Technology, Inc. (Nasdaq:CNIT), a provider of cloud-app technologies for Internet-of-Things (IoT) platforms and internet-based ad distribution and ad screen sharing systems in China, today announced that chairman and CEO, Mr. Jianghuai Lin, has purchased 1 million ordinary shares of the company in a private transaction at a price of $1.20 per share.
This purchase is apart and separate from Mr. Lin's share purchase plan, announced November 10, 2016, to purchase $1 million worth of the company's ordinary shares over a one-year period.
Subsequent to this purchase, Mr. Lin now owns a total of 16,886,534 CNIT ordinary shares, or approximately 42 percent of the company's shares outstanding.
Mr. Lin said that his new purchase reflects his "strong optimism" on the potential future value of the company's shares.
CNIT closed at $0.98 in Nasdaq trading yesterday.
About China Information Technology, Inc. China Information Technology, Inc. (CNIT) is a leading Internet service company that provides integrated cloud-based solutions enabling innovation and smart living in the fields of new media, elevator safety management, education, etc. Through continuous innovation, CNIT is aiming to leverage its proprietary Cloud-Application-Terminal technology to level the competitive landscape in the new media industry and deliver value for its shareholders, employees, customers, and the community. To learn more, please visit http://www.chinacnit.com.
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