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The E-city framework agreement with Huayin City is valued at approximately RMB1.5 billion (approximately US$219.3 million). The detailed execution time and value of Huayin E-city project will be subjected to specific agreements, and corresponding revenues will be recognized upon the further signing and execution of binding contracts, which is expected to be carried out in 2010. The Huayin E-city project is designed to advance the information facilities of Huayin City, to provide an integrated digital platform of its tourism information, to strengthen its position as a tourism destination and enhance regional economic growth.
Huayin City, a county with a history of over 2,300 years, is located at the north of Huashan Mountain (or "Mt. Huashan") of Shaanxi Province. Huayin City is a famous scenic zone with profound history, unusual tourism resources of cultural relics, and abundant natural reserves. Huayin City is one of the key economic development areas of Shaanxi Province driven by the national western development strategy.
The E-city framework agreement with Shangluo City is valued at approximately RMB1.2 billion (approximately US$175.4 million). The detailed execution time and value of Shangluo E-city project will be subjected to specific agreements, and corresponding revenues will be recognized upon the further signing and execution of binding contracts, which is expected to be carried out in 2010. The Shangluo E-city project aims to build out a fully integrated Safe City platform, an Emergency Response System and an Information-based Transportation Management System to improve urban information communication and management infrastructure and thus speed up the urbanization process and economic growth in the region.
Shangluo City, located in the southeast of Shaanxi Province, has a population of 2.4 million people and is renowned for its flourishing agriculture and natural resources. Within the one-hour economic circle of the capital of Shaanxi Province, Xi'an City, Shangluo City has enjoyed vigorous economic growth and embraced many foreign investments. In 2008, Shangluo City's local fiscal revenue growth ranked No. 2 in Shaanxi province.
Mr. Guoshen Tu, Chief Executive Officer of CSST, commented, "We are very excited to announce these two E-city framework agreements with Huayin City and Shangluo City, respectively. These two pending projects further demonstrate CSST's leading brand and unparalleled scale and scope as we continue to win large government projects. We are confident that our solid industry experience, comprehensive digital solutions, and successful track record of previous E-city contract wins will position CSST for additional government projects and initiatives that promote digitized urbanization in China."
Mr. Tu continued, "We also believe that our established cooperation with large Chinese banks on factoring facilities and other financing arrangements will continue to serve as a strategic advantage in securing government projects. We are confident that with our improved capital structure and strengthened financial position, CSST will continue to seize opportunities to secure more E-city projects and expand our market presence, and ultimately to deliver sustainable financial performance and create more value for our shareholders."
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 140 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: ir@csst.com
Investor Contact:
ICR:
Michael Tieu
Tel: +86-10-6599-7960
Email: michael.tieu@icrinc.com
Bill Zima
Tel: +1-203-682-8200
Email: bill.zima@icrinc.com
Media Contact:
Patrick Yu
Fleishman-Hillard Hong Kong
Tel: +852-2530-2577
Email: patrick.yu@fleishman.com
SOURCE China Security & Surveillance Technology, Inc.
http://www.csst.com
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