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China Information Security Technology wins contract to support three Shenzhen city hospitals

China Information Security Technology : 01 October, 2008  (Company News)
China Information Security Technology has been awarded its first contract to construct the digital hospital and medical information systems for three Shenzhen city hospitals in China.
The contract is valued at $2.2 million and is expected to be completed in the first quarter of 2009.

The contract win follows CIST's recently announced plan to acquire Shenzhen Zhongtian Technology Development, a leading provider of digital hospital information systems in Guangdong Province, China.

CIST was able to use its strong brand recognition and solid reputation, along with Zhongtian Technology's high-quality product offering to achieve the award. The contract marks CIST's first advance into the largely under-penetrated digital hospital industry in China. The contract and related revenue recognition will commence after the closing of the Zhongtian Technology acquisition, which is expected to close on or before October 31, 2008.

Under the terms of the contract, CIST will build a comprehensive system at each of three Shenzhen city hospitals to provide efficient information and clinical case management. Construction of the system will include an information platform and a database of medical and scientific research and practices. The system will also enable consolidation of all related information and resources within the hospital and other related agencies. CIST will enjoy a revenue stream similar to previous projects delivered in its existing business where it will collect a one-time fee as well as five to 10 percent of the maintenance fee for the subsequent year.

The company also expects follow-on opportunities to expand the application's features and the database to accommodate patient medical records. In this phase, each of the hospitals will not be linked to each other, but the system can be upgraded in the future to allow doctors across different hospitals to retrieve patient records remotely and update them efficiently, providing additional follow-on opportunities.

Zhongtian Technology and its patented Medical Case Statistics Software serve the growing demand for digital hospital and electronic Medical record (EMR) systems in China. Medical records, including health examinations, medical care, immunity or infectious diseases, will be integrated into one centralized system so that doctors within the network can review a patient's complete medical history. Such digital hospital systems are expected to reduce medical errors and improve the efficiency of delivering healthcare services, so as to benefit patients, while helping to minimize medical claims fraud. Zhongtian Technology's Medical Case Statistics Software can also be used to provide public health authorities with an integrated command and decision system for public health and disease control.

'We planned to leverage our acquisition of Zhongtian Technology, our reputation and strong brand recognition in the market, and our distribution network to quickly and efficiently introduce new products, and this contract demonstrates our ability to successfully accomplish this objective,' said Jiang Huai Lin, chief executive officer of China Information Security. 'We believe that CIST combined with Zhongtian Technology represented a powerful combination in the contract bidding process and was an important factor in this win. We believe that our ability to deploy mission critical public security related applications influenced acceptance of our solution for its medical software applications. More important, we expect to benefit from a higher blended profit margin as we rollout this product offering. We remain excited about the future potential to digitize the healthcare industry in China.'
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