SHENZHEN, China, Aug. 21 /Xinhua-PRNewswire/ -- China Security & Surveillance Technology, Inc. (OTC Bulletin Board: CSCT) ("China Security" or the "Company"), a leading provider of digital surveillance technology in the PRC, today announced that it has secured a new Safe City project contract with the government of Binzhou, which is a city of approximately 3.7 million people in the Shandong province, for RMB 64.8 million (approximately USD$8.5 million).
This contract announced today between China Security and the Binzhou government is the first time either party has worked together. The Company expects to commence project work in the third quarter of 2007 and to begin to book revenue from this contract during the fourth quarter of 2007 or first quarter of 2008. The duration of the project is expected to be approximately 6 - 9 months.
The Safe City project includes the installation of a city-wide security, surveillance and alarm system infrastructure. It will also include a traffic management & security system within the city.
"We are very pleased to provide the Binzhou government with advanced, effective solutions to improve its efficiency in handling emergencies and general public safety," commented Mr. Guo Shen Tu, Chief Executive Officer of China Security. "This contract is very meaningful for our business and is further proof that many of our Safe City project customers are moving to larger revenue generating projects. Many of the towns and cities throughout China are actively working to implement security and surveillance installations with strong encouragement from the central government."
"Existing and prospective customers have become more aware of our growing product offering and we plan to leverage our increasing visibility by offering our customers a broader spectrum of security solutions. We will continue to enlarge our scale and scope with effective project management, excellent service and growing familiarity among local and city governments and private businesses for the products and brands in our portfolio," concluded Tu.
The monetary exchange rate used to describe the new contract terms is USD$1.00: RMB 7.62.
About China Security & Surveillance Technology, Inc.
Based in Shenzhen, China, China Security manufactures, distributes, installs and maintains security and surveillance systems throughout China. China Security has manufacturing facilities in China and an R&D facility, which maintains an exclusive collaboration agreement with Beijing University. China Security has built a diversified customer base through its extensive sales and service network throughout China. To learn more about the Company, visit http://www.csst.com .
Safe Harbor Statement
This press release includes certain statements that are not descriptions of historical facts, but are forward-looking statements. Such statements include, among others, those concerning our expected financial performance and strategic and operational plans, our future operating results, our expectations regarding the market for security and surveillance products, our expectations regarding the performance of the contract with the Binzhou government, as well as all assumptions, expectations, predictions, intentions or beliefs about future events. You are cautioned that any such forward-looking statements are not guarantees of future performance and that a number of risks and uncertainties could cause our actual results to differ materially from those anticipated, expressed or implied in the forward-looking statements. These risks and uncertainties include, but not limited to, the factors mentioned in the "Risk Factors" section of our Annual Report on Form 10-K for the year ended December 31, 2006, and other risks mentioned in our other reports filed with the Securities Exchange Commission (the "SEC"). Copies of filings made with the SEC are available through the SEC's electronic data gathering analysis retrieval system (EDGAR) at http://www.sec.gov . The words "believe," "expect," "anticipate," "project," "targets," "optimistic," "intend," "aim," "will" or similar expressions are intended to identify forward-looking statements. All statements other than statements of historical fact are statements that could be deemed forward-looking statements. The Company assumes no obligation and does not intend to update any forward-looking statements, except as required by law.
For more information, please contact:
Company Contact:
Terence Yap
Tel: +1-646-713-4888
Email: terence.yap@csst.com
Investor Contact:
ICR: Bill Zima & Ashley Ammon MacFarlane
Tel: +1-203-682-8200
