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China TransInfo Raises $10 Million

February 23, 2010 (FinancialWire) — China TransInfo Technology Corp., (NASDAQ: CTFO) said it has entered into a definitive agreement with its 10% institutional shareholder SAIF Partners III L.P. to sell in a registered direct offering an aggregate of 1,564,945 shares of its common stock at a price of $6.39 per share for gross proceeds of around $10 million.

The shares are being sold under the company’s previously filed shelf registration statement, which was declared effective by the United States Securities and Exchange Commission on November 16, 2009.

The offering is scheduled to be closed on or before February 24. China TransInfo plans to use the net proceeds for general corporate purposes, expansion of current business development and potential acquisitions.

Beijing-based China TransInfo is primarily focused on providing transportation information services and solutions based on GIS technologies.

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