-- Project Valued Approximately RMB 1 Billion over the Next 3-5 Years --
SHENZHEN, China, Sept. 3 /PRNewswire-Asia/ -- China Security & Surveillance Technology, Inc. ("CSST" or the "Company") (NYSE: CSR; Nasdaq Dubai: CSR), a leading provider of digital surveillance technology in the PRC, today announced it has signed an E-city project framework agreement valued at approximately RMB 1 billion (approximately US$146.2 million based on an exchange rate of USD 1.00 to RMB 6.84) with the local government of Haimen City in the southeast of Jiangsu Province.
Haimen City, located at the Changjiang River Delta, is one of the largest industrial cities close to Shanghai and has a Gross Regional Product of RMB 36 billion in 2008, according to http://www.haimen.gov.cn . The Haimen E-city project involves the build out of a fully integrated Safe City platform, Emergency Response System and Digital City Network, as well as the digitization of the Binjiang Industry & Trade Zone to support the development of Haimen City. The project features the combination of broadband communications infrastructure, flexible and service-oriented computer systems, and multi-media and mass storage platforms; as well as the integration of innovative GIS, GPS, remote sensing and various other technologies to meet the needs of the government, citizens and businesses. The project will be performed on a standard Build-and-Transfer arrangement whereby CSST will undertake the construction of the E-city project and transfer the work to the Haimen government upon completion.
Mr. Guoshen Tu, Chief Executive Officer of CSST, commented, "We are very excited to be able to sign this E-city framework agreement with Haimen City. This project highlights the expansion of CSST’s solutions to include not only surveillance and safety offerings but also other broader digital infrastructure offerings, which parallels CSST’s strategic development."
Mr. Tu continued, "We are also very excited that our leading brand and unparalleled scale and scope continue to be the key winning criteria for these ever larger projects. Our proven reputation of success and our competitive advantage to provide comprehensive digital solutions further differentiate CSST to our local government customers, as they increasingly demand more features and capabilities beyond the scope of Safe City architecture. We believe our expanding customer portfolio of these large scale E-city projects will in turn drive additional wins in other major cities throughout China."
About China Security & Surveillance Technology, Inc.
Based in Shenzhen, China, CSST manufactures, distributes, installs and services surveillance and safety products and systems as well as develops surveillance and safety related software in China. Its customers are mainly comprised of commercial and government entities and non-profit organizations. CSST has built a diversified customer base through its extensive sales and service network that includes over 150 branch offices and distribution points throughout China. To learn more about the Company visit http://www.csst.com
Safe Harbor Statement
This press release may include certain statements that are not descriptions of historical facts, but are forward-looking statements. Such statements include, among others, those concerning our participation in E-city projects, our expected financial performance and strategic and operational plans, our future operating results, our expectations regarding the market for our products, as well as all assumptions, expectations, predictions, intentions or beliefs about our relative strength and about future events. Forward-looking statements can be identified by the use of forward-looking terminology such as ‘will,’ ‘believes,’ ‘expects’ or similar expressions. Such information is based upon expectations of our management that were reasonable when made but may prove to be incorrect. All of such assumptions are inherently subject to uncertainties and contingencies beyond our control and based upon premises with respect to future business decisions, which are subject to change. We do not undertake to update the forward-looking statements contained in this press release. For a description of the risks and uncertainties that may cause actual results to differ from the forward-looking statements contained in this press release, see our most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission (‘SEC’), and our subsequent SEC filings. Copies of filings made with the SEC are available through the SEC’s electronic data gathering analysis retrieval system at http://www.sec.gov .
For more information, please contact:
Company Contact:
Terence Yap
Tel: +86-755-8351-5634
Email: ir@csst.com
Investor Contact:
ICR:
Michael Tieu
Tel: +86-10-6599-7960
Email: michael.tieu@icrinc.com
Bill Zima
Tel: +1-203-682-8200
Email: bill.zima@icrinc.com
Media Contact:
Patrick Yu
Fleishman-Hillard Hong Kong
Tel: +852-2530-2577
Email: patrick.yu@fleishman.com
