China TransInfo Technology Announces Receipt of its Chairman's Non-Binding "Going Private" Proposal at $5.65 Per Share

China TransInfo Technology Corp.

today announced that its Board of Directors has received a preliminary, non-binding proposal from its Chairman and Chief Executive Officer, Mr. Shudong Xia, which stated that Mr. Xia intends to acquire all of the outstanding shares of the Company's common stock not currently owned by him in a going private transaction at a proposed price of $5.65 per share in cash. According to the proposal letter, the acquisition is intended to be financed with a combination of debt financing and equity financing. Mr. Xia currently beneficially owns approximately 27.8% of the Company's common stock.