HUIZHOU, China, July 30 /PRNewswire-Asia/ -- NIVS IntelliMedia Technology Group, Inc., (NYSE Amex: NIV) ("NIVS" or "the Company"), an integrated consumer electronics company that designs, manufactures, markets and sells intelligent audio and video products, today announces that it has been awarded the highest "AAA" credit rating by China Export & Credit Insurance Corp. ("Sinosure").
There are 62 companies from the Guangdong province that have been granted "AAA," "AA" and "A" ratings by Sinosure, and among which only NIVS and three others have been endowed the highest "AAA" credit rating. The credit rating reflects a company’s solid legal status, business scale, credit history, and business prospect, and the "AAA" rating recognizes an enterprise’s excellence in business operation, credit worthiness, and internal risk management.
Sinosure is the only policy-oriented Chinese insurance company specializing in export credit insurance, and its rating system employs a combination of qualitative and quantitative analysis of an entity’s macro environment, management team, internal controls, financial strength, suppliers and customers. Sinosure’s export risk management rating aims to strengthen export enterprises’ risk management, internal control process, and ultimately overall risk management. Sinosure’s mission is to support national enterprises and hi-tech corporations with innovative technologies and products to develop overseas markets. Since its founding, Sinosure has been supporting and promoting the export of hi-tech products, through a series of services including short-term and long-term export credit insurance, domestic trade credit insurance and guarantee, international debt collection, credit rating and financing facilities under credit insurance, to guarantee export trade of hi-tech corporations all-around and build an insurance chain covering various credit risks for hi-tech corporations.
"We are very proud to be granted Sinosure’s 'AAA' rating for three consecutive years since 2006," commented Mr. Tianfu Li, Chairman and CEO of NIVS. "This entitlement is a strong recognition of NIVS’ strong risk management and internal control. As the global financial crisis continues to impact the region’s export business, the strategic partnership between industries and financial institutions will help Chinese enterprises gain more exposure in the international market. A sound and well-implemented risk control system becomes an inevitable requirement for sustainable corporate development, and as we proceed with our planned expansion in both domestic and overseas markets, we are confident that our comprehensive risk management and highest credit rating will further strengthen NIVS’ market position and brand awareness, enhance our competitive advantages. As we continue to strengthen our internal controls and risk management, we are confident to maintain our 'AAA' rating in the coming years."
About NIVS IntelliMedia Technology Group, Inc.
NIVS IntelliMedia Technology Group is an integrated consumer electronics company that designs, manufactures, markets and sells intelligent audio and video products in China, Greater Asia, Europe, and North America. The NIVS brand has received "Most Popular Brand" distinction in China’s acoustic industry for three consecutive years, among numerous other awards. Ranked 43rd on Forbes’ Top 100 Chinese Research and Development Companies, NIVS has developed leading Chinese speech interactive technology, which forms a foundation for the Company’s intelligent audio and visual systems, including digital audio, LCD televisions, digital video broadcasting ("DVB") set-top boxes, peripherals and more.
Safe Harbor Statement
This release contains certain "forward-looking statements" relating to the business of the Company and its subsidiary companies. These forward looking statements are often identified by the use of forward-looking terminology such as "believes, expects" or similar expressions. Such forward looking statements involve known and unknown risks and uncertainties, including, but not limited to the Company’s reliance on its major customers for a large portion of its net sales; the Company’s ability to develop and market new products; the Company’s ability to continue to borrow and raise additional capital to fund its operations; the Company’s ability to collect aging trade receivables and the effect of a growing doubtful account allowance; the Company’s ability to accurately forecast amounts of supplies needed to meet customer demand; exposure to market risk through sales in international markets; the market acceptance of the Company’s products; exposure to product liability and defect claims; fluctuations in the availability of raw materials and components needed for the Company’s products; protection of the Company’s intellectual property rights; changes in the laws of the PRC that affect the Company’s operations; development of a public trading market for the Company’s securities; and the cost of complying with current and future governmental regulations and the impact of any changes in the regulations on the Company’s operations. Investors 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 the discussed above and in the Company’s periodic reports that are filed with the Securities and Exchange Commission and available on its website (www.sec.gov). All forward-looking statements attributable the Company or to 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.
For more information, please contact:
Company Contact:
Jason Wong
Vice President Investor Relations
Tel: +86-138-2991-6919
Email: jason@nivsgroup.com
Investor Contact:
ICR
Michael Tieu
Tel: +86-10-6599-7960
Email: michael.tieu@icrinc.com
In the U.S.:
Brian M. Prenoveau, CFA
Tel: +1-203-682-8200
Email: brian.prenoveau@icrinc.com
