CNIT Announces the Receipt of a Preliminary Non-Binding "Going Private" Proposal

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.…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. According to the proposal letter, the Buyer Group intends to fund the consideration payable in the Transaction with a combination of debt financing and equity financing. A See full press release