China Security & Surveillance Technology, Inc. Signs E-city Project Framework Agreement for Haimen City
September 03 2009 - 8:01AM
PR Newswire (US)
-- Project Valued Approximately RMB 1 Billion over the Next 3-5
Years -- SHENZHEN, China, Sept. 3 /PRNewswire-Asia/ -- China
Security & Surveillance Technology, Inc. ("CSST" or the
"Company") (NYSE: CSR; Nasdaq Dubai: CSR), a leading provider of
digital surveillance technology in the PRC, today announced it has
signed an E-city project framework agreement valued at
approximately RMB 1 billion (approximately US$146.2 million based
on an exchange rate of USD 1.00 to RMB 6.84) with the local
government of Haimen City in the southeast of Jiangsu Province.
Haimen City, located at the Changjiang River Delta, is one of the
largest industrial cities close to Shanghai and has a Gross
Regional Product of RMB 36 billion in 2008, according to
http://www.haimen.gov.cn/ . The Haimen E-city project involves the
build out of a fully integrated Safe City platform, Emergency
Response System and Digital City Network, as well as the
digitization of the Binjiang Industry & Trade Zone to support
the development of Haimen City. The project features the
combination of broadband communications infrastructure, flexible
and service-oriented computer systems, and multi-media and mass
storage platforms; as well as the integration of innovative GIS,
GPS, remote sensing and various other technologies to meet the
needs of the government, citizens and businesses. The project will
be performed on a standard Build-and-Transfer arrangement whereby
CSST will undertake the construction of the E-city project and
transfer the work to the Haimen government upon completion. Mr.
Guoshen Tu, Chief Executive Officer of CSST, commented, "We are
very excited to be able to sign this E-city framework agreement
with Haimen City. This project highlights the expansion of CSST's
solutions to include not only surveillance and safety offerings but
also other broader digital infrastructure offerings, which
parallels CSST's strategic development." Mr. Tu continued, "We are
also very excited that our leading brand and unparalleled scale and
scope continue to be the key winning criteria for these ever larger
projects. Our proven reputation of success and our competitive
advantage to provide comprehensive digital solutions further
differentiate CSST to our local government customers, as they
increasingly demand more features and capabilities beyond the scope
of Safe City architecture. We believe our expanding customer
portfolio of these large scale E-city projects will in turn drive
additional wins in other major cities throughout China." About
China Security & Surveillance Technology, Inc. Based in
Shenzhen, China, CSST manufactures, distributes, installs and
services surveillance and safety products and systems as well as
develops surveillance and safety related software in China. Its
customers are mainly comprised of commercial and government
entities and non-profit organizations. CSST has built a diversified
customer base through its extensive sales and service network that
includes over 150 branch offices and distribution points throughout
China. To learn more about the Company visit http://www.csst.com/
Safe Harbor Statement This press release may include certain
statements that are not descriptions of historical facts, but are
forward-looking statements. Such statements include, among others,
those concerning our participation in E-city projects, our expected
financial performance and strategic and operational plans, our
future operating results, our expectations regarding the market for
our products, as well as all assumptions, expectations,
predictions, intentions or beliefs about our relative strength and
about future events. Forward-looking statements can be identified
by the use of forward-looking terminology such as 'will,'
'believes,' 'expects' or similar expressions. 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 based upon premises with respect to future business
decisions, which are subject to change. We do not undertake to
update the forward-looking statements contained in this press
release. For a description of the risks and uncertainties that may
cause actual results to differ from the forward- looking statements
contained in this press release, see our most recent Annual Report
on Form 10-K filed with the Securities and Exchange Commission
('SEC'), and our subsequent SEC filings. Copies of filings made
with the SEC are available through the SEC's electronic data
gathering analysis retrieval system at http://www.sec.gov/ . For
more information, please contact: Company Contact: Terence Yap Tel:
+86-755-8351-5634 Email: Investor Contact: ICR: Michael Tieu Tel:
+86-10-6599-7960 Email: Bill Zima Tel: +1-203-682-8200 Email: Media
Contact: Patrick Yu Fleishman-Hillard Hong Kong Tel: +852-2530-2577
Email: DATASOURCE: China Security & Surveillance Technology,
Inc. CONTACT: Terence Yap, +86-755-8351-5634, or ; Or Investor
Contact: ICR: Michael Tieu, +86-10-6599-7960, or ; Or Bill Zima,
+1-203-682-8200, or ; Or Media Contact: Patrick Yu,
Fleishman-Hillard Hong Kong, +852-2530-2577, or Web site:
http://www.csst.com/
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