SHENZHEN, China, May 19, 2011 /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 that the Company had notified NASDAQ Dubai Limited ("NASDAQ Dubai") in writing its intention to voluntarily delist its securities from the Official List of NASDAQ Dubai effective at the close of trading on July 18, 2011. An application has also been made for immediate suspension of listing until such time as the delisting of its common stock on NASDAQ Dubai becomes effective. Under Section 40.3 of the Listing Rules of NASDAQ Dubai, an issuer with a primary listing on another exchange may voluntarily withdraw its securities from secondary listing on NASDAQ Dubai if it gives NASDAQ Dubai at least sixty (60) calendar days' advance written notice.
The decision to apply to voluntarily delist and to apply to suspend listing from NASDAQ Dubai was made by the Company's Board of Directors (the "Board") having regard to market conditions and the announcement made by the Company on May 3, 2011. The Board unanimously determined that the proposed delisting and suspension of listing were in the best interests of the Company and its stockholders. The Company's common stock has been secondarily listed at NASDAQ Dubai since October 2008. After the effectiveness of a delisting from NASDAQ Dubai, the Company's common stock will continue to be listed on its primary market, the New York Stock Exchange.
The Board believes that a delisting from NASDAQ Dubai and preceding suspension of listing of the Company's common stock on NASDAQ Dubai will not have a material impact on the Company's stockholders, its current relationships with employees, customers or suppliers, or its existing financing arrangements.
About China Security & Surveillance Technology, Inc.
Based in Shenzhen, China, CSST is primarily engaged, through its indirect Chinese subsidiaries, in the manufacturing, distributing, installing and servicing of surveillance and safety products, systems and services, and developing surveillance and safety related software primarily for governmental entities and their affiliates, non-profit organizations, and commercial entities in China. The Company 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 the proposed delisting and suspension of listing from NASDAQ Dubai and its expected impact on the Company and its stockholders, as well as all assumptions, expectations, predictions, intentions or beliefs about future events. The proposed delisting and suspension of listing from NASDAQ Dubai may not be approved on a timely basis by NASDAQ Dubai and/or other relevant authorities, or at all. 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, as amended, 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.
