SHENZHEN, China, March 24, 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 to the Chinese new media industry, today announced that the Company has completed its acquisition of Shenzhen Biznest Internet Software Co. Ltd. (“Biznest”), a leading cloud computing hardware and software company in China. As previously announced, the total consideration of the transaction is approximately $15 million, consisting of approximately $7.5 million to be paid in cash and 1,543,455 ordinary shares to be issued by the Company. The transaction consideration has been fully paid by March 18, 2015 and the modification registration of Biznest with the competent administration for industry and commerce has also been completed.

Now I think that CNIT has figured out its identity as a hot cloud technology company.  And now there is no reason for me to be confused about why Biznest’s domain name registration listed a chinacnit.com email address.  (See my previous post on CNIT’s multiple personality disorder.)

*Disclosure:  No position.  I swing trade in and out of stocks.  This may be a mistake on my part… who knows.
EDIT (3/27/2015):  As of 3/27/2015.  I am short CNIT.  I may cover my position without updating my blog.