Ninetowns (NINE) announced that it signed a CNY6.6 million contract to develop an Integrated Origin Certificate Electronic Management System for Beijing iTowNet Cyber Technology Limited.
iTowNet is the data exchange platform established by the State Administration for Quality Supervision and Inspection and Quarantine of China. Ninetowns expects to recognize approximately 50% of the revenue associated with this project in 2004 and approximately 50% in 2005, as initial work on the project commenced in 2004.
An Origin Certificate is a document required by the PRC Inspections Administration to show the place of origin of goods imported into or exported from China. Depending on the import/export regulations of different countries,
such Origin Certificate may allow enterprises to qualify for favorable tariffs, if applicable. Part of the PRC Inspections Administration's responsibilities is the administration of issuance of Origin Certificates.
