omniture

China Security & Surveillance Technology, Inc. Raises $10.0 Million in Proceeds in a Private Transaction

China Security & Surveillance Technology, Inc.
2006-11-30 13:16 1470

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.

Source: China Security & Surveillance Technology, Inc.
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