SHENZHEN CITY, China, May 4 /Xinhua-PRNewswire/ -- China Public Security Technology, Inc., (OTC Bulletin Board: CPBY.OB) ("China Public Security" or "the Company"), a leading provider of large-scale high-tech public security information technology and a Geographic Information Systems ("GIS") software service operator in China, today announced that it changed the name of its indirect wholly owned operating subsidiary in China, Bo Hai Wen Technology (Shenzhen) Company Limited, to Public Security Technology (PRC) Co., Ltd. China Public Security also announced its incorporation of a new Hong Kong subsidiary, Public Security Technology (China) Co. Ltd.
China Public Security is a holding company that operates through its indirect Chinese subsidiary, Public Security Technology (PRC) Co., Ltd. The purpose of the name change is to more accurately reflect the Company's business and commercial objectives, as well as to promote and strengthen the Company's brand name both in domestic and international markets.
The purpose of the Company's new Hong Kong subsidiary, Public Security Technology (China) Co. Ltd, is to oversee the Company's business operations in China and to establish a representative office for the Company there. The new Hong Kong subsidiary will also conduct market research and customer satisfaction surveys which will assist management in improving the Company's products and services.
"We have changed our operating subsidiary's name to Public Security Technology, in order to strengthen our brand, sharpen our identity as a leading provider of public security technology and GIS solutions in China, and position the Company to grow from a regional to a national player," said Mr. Jiang Huai Lin, the Company's CEO. "We are also very excited with our new Hong Kong subsidiary, which represents an important initiative for China Public Security to better understand our customer requirements, identify new opportunities for profitable growth, and help us fulfill our mission to become the leading public security software and GIS solutions provider in China."
About China Public Security Technology, Inc.
Through its indirect wholly-owned Chinese subsidiary, China Public Security Technology, Inc. is a leading provider of public security informatization and real-time Geographic Information System (GIS) software solutions and operating services in China. The Company provides a broad portfolio of fully integrated products and services, including Consolidated Emergency Response or "Three-in-One" Platform, Police-use GIS, Civil-use GIS, Electronic Border Control System and other software sales and supporting services. The Company currently has the exclusive license of 16 patents in China, through its exclusive business turnkey agreement with Shenzhen iASPEC Software Engineering Company Limited (iASPEC). Under this agreement the Company acts as iASPEC's exclusive subcontractor to key customers, including Shenzhen City Immigration Boarder Check Station of Ministry of Public Security of PRC, Shantou City Public Security Bureau, Dongfang City Public Security Bureau of Hainan Province, Shenzhen City Traffic Police Bureau, Shenzhen City Public Security Bureau, China Unicom Shenzhen Division, Shenzhen Urban Planning Bureau and the Shenzhen Fire Department. To learn more about the Company, please visit the corporate website at http://www.chinapsh.com .
Safe Harbor Statement
This press release contains certain statements that may include "forward- looking statements". All statements other than statements of historical fact included herein are "forward-looking statements," including statements regarding the ability of the name change to promote and strengthen the Company's brand name both in domestic and international markets, the benefits of the new Hong Kong subsidiary, the ability of the Company to fulfill its mission to become the leading public security software and GIS solutions provider in China or achieve its commercial objectives, the business strategy, plans and objectives of the Company and its subsidiaries and any other statements of non-historical information. These forward-looking statements are often identified by the use of forward-looking terminology such as "believes," "expects" or similar expressions, involve known and unknown risks and uncertainties. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the Company's periodic reports that are filed with the Securities and Exchange Commission and available on its website (http://www.sec.gov ). All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.
