-- Agreement Valued at Approximately RMB200 Million --
SHENZHEN, China, Sept. 17 /Xinhua-PRNewswire / -- China Security & Surveillance Technology, Inc. (NYSE: CSR)(‘CSST’), a leading provider of security solutions in China, today announced that it has signed a safe city framework agreement valued at approximately RMB 200 million (approximately US$29 million) with a local project contractor in Nanjing City.
Nanjing City is the capital of East China’s Jiangsu Province with a population of roughly 8 million people. It is one of biggest and most important cities in China. This project involves a build out of fully integrated security network infrastructure in Nanjing City’s High-Tech Zone to support the intelligent security network, environmental analysis and forecasting, biological security development and security software design. This includes the installation of security cameras, biological detectors & related software all integrated into security platform. The revenue is expected to be recognized in the second half of 2009.
Mr. Guoshen Tu, Chief Executive Officer of CSST commented, “We are very excited to announce this Safe City framework agreement with Nanjing City, which is one of the major cities in China. This agreement highlights that our brand name and capabilities in providing comprehensive total solutions have become more reputable in the major cities of China and underscores the fact that many local Chinese governments are increasingly demanding more features and capabilities to be added into each Safe City project. We are very confident in the demand of our business and look forward to the continued success in winning more Safe City projects throughout China.”
About China Security & Surveillance Technology, Inc.
Based in Shenzhen, China, China Security manufactures, distributes, installs and maintains security and surveillance systems throughout the PRC. China Security has manufacturing facilities located in China and an R&D facility which maintains an exclusive collaboration agreement with Beijing University and Wuhan University. China Security has built a diversified customer base through its extensive sales and service network that includes numerous points of presence throughout the PRC. 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 continued growth of the security and surveillance market, 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, 2007, and other risks mentioned in our other reports filed with the Securities Exchange Commission, or 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.
