SHENZHEN, China, Aug. 11 /PRNewswire-Asia/ -- China Security & Surveillance Technology, Inc. ("CSST" or the "Company") (NYSE: CSR;
Nasdaq Dubai: CSR), a leading integrated surveillance and safety solutions provider in the P.R.C., today announced it has recently signed an approximately RMB650 million E-city contract with the government of Huainan City, Anhui Province, China.
The parties will use build-transfer model for the E-city development in the Huainan Shijian Lake National Wetland area in Huainan City. In addition to the two-year contract, CSST may further support in the construction of an environment protection and pollution control system, a water conservation and rehabilitation system, a public safety and fire safety system, an energy saving and emission reduction system, and an emergency control system.
Located in the Eastern China region along the Huaihe, Huainan City is the second largest city in Anhui Province. The Huainan Shijian Lake National Wetland area is one of the key development projects for the Huainan government. With a planned area of more than 10 million square meters, the Huainan Shijian Lake National Wetland area is crucial to protect the natural resources in the wetland environment and optimize urban planning for the Huainan City.
CSST also announced earlier that the Company has secured several significant government agreements in 2010, including E-city contract with Baotou City.
"We are excited to see positive signs of growth in large-scale government projects, especially E-cities. This contract is another testament to CSST's capabilities in large-scale government projects," said Mr. Guoshen Tu, Chairman and Chief Executive Officer of CSST. "We are committed to developing a safer, more convenient and efficient Huainan E-city."
"We continue to ensure effective management of large-scale government projects in China. We are glad that most of them are on track to completion, which speaks to the quality of our execution and effective project management," added Mr. Tu. "Our fundamentals are strong. We build on our industry-leading products and solutions, and capitalize on the established relationship with local banks in China to provide us with factoring and financing facilities to fuel the growth. These fundamentals add to our confidence in embracing the business opportunities ahead in the government sector," concluded Mr. Tu.
About China Security & Surveillance Technology, Inc.
Based in Shenzhen, China, CSST designs, manufactures, sells, installs, services and monitors electronic surveillance and safety products and solutions, including related software, in China. Its customers are mainly comprised of government, commercial, industrial and education entities. CSST has built a diversified customer base through its extensive sales and service network that includes 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 E-city contracts, performance and progress of such contracts and their anticipated financial impact, our expected financial performance and strategic and operational plans, our future operating results, our expectations regarding the market for surveillance and safety products, as well as all assumptions, expectations, predictions, intentions or beliefs about future events. Readers are cautioned that the effectiveness of the Huainan E-city contract is subject to, among other things, government approvals from various government agencies. The contract terms and values disclosed herein are based on the information available to the Company upon execution of the contract and may be revised throughout the term of the contract. 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, Chief Financial Officer and Vice Chairman
China Security & Surveillance Technology, Inc.
Tel: +86-755-8351-5634
Email: ir@csst.com
Investor and Media Contact:
Patrick Yu, Fleishman-Hillard Hong Kong
Tel: +852-2530-2577
Email: patrick.yu@fleishman.com
