SHENZHEN, China, Nov. 29 /Xinhua-PRNewswire/ -- China Security &
Surveillance Technology, Inc., "China Security" (OTC Bulletin Board: CSCT), a
leading provider of digital surveillance technology in China, announced today
that it has completed a private placement with 3 funds associated with JLF
Asset Management raising $10.0 million in gross proceeds in exchange for
1,538,462 shares.
China Security is obligated to file a registration statement to cover the
1,538,462 shares on or before April 30, 2007 and use its best efforts to cause
such registration statement to be declared effective on or before December 31,
2007. China Security also granted the investors piggyback registration rights
with respect to these shares. As part of the agreement, investors committed
not to sell their shares on or before November 26, 2007 regardless if the
registration statement becomes effective prior to that date. JLF Asset
Management is not requiring a make good provision as has been the case in
prior capital raises. China Security plans on using the proceeds to bolster
the Company's working capital position.
"We are pleased to raise additional capital as these proceeds will augment
our existing organic growth while providing us the opportunity to identify
additional complementary acquisitions, commented Mr. Tu Guo Shen, Chief
Executive Officer of China Security. "Our institutional sponsorship continues
to increase and we are pleased to welcome new investors to our shareholder
base."
About China Security & Surveillance Technology, Inc.
Based in Shenzhen, China, China Security manufactures, distributes,
installs and maintains security and surveillance systems through its wholly
owned subsidiary, Golden Group Corporation (Shenzhen) Limited. China Security
has a manufacturing facility located in Shenzhen and a R&D facility which
leverages an exclusive collaboration agreement with Beijing University. In
addition, China Security has built a diversified customer base through its
extensive sales and service network that includes 37 points of presence
throughout the PRC. To learn more about China Security, visit their website
at: http://www.goldengroup.cn/eindex.asp
Safe Harbor Statement
This press release includes certain statements that are not descriptions
of historical facts, but are forward-looking statements within the meaning of
Section 27A of the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934. These forward-looking statements may include statements
about our proposed discussions related to our business or growth strategy,
which is subject to change. 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 upon assumptions with respect to future business
decisions, which are subject to change. For a further description of other
risks and uncertainties, see our most recent Annual Report filed with the
Securities and Exchange Commission (SEC) on Form 20-F, and our subsequent SEC
filings. Copies of filings made with the SEC are available through the SEC's
electronic data gathering analysis retrieval system (EDGAR) at www.sec.gov.