SHENZHEN, China , Dec. 14 /Xinhua-PRNewswire-FirstCall/ -- China Public
Security Technology, Inc., (OTC Bulletin Board: CPBY) (" China Public Security"
or the "Company"), a leading provider of public security information
technology and Geographic Information Systems ("GIS") software services, today
announced it signed an agreement with Bocom Venture, Inc. ("Bocom") on
December 9, 2007 , for the purchase of Bocom's wholly-owned subsidiary, Bocom
Multimedia Display Technology Company Ltd. ("Bocom Multimedia") by the
Company's wholly-owned subsidiary, China Public Security Holdings Limited
("CPSH") for a total purchase price of approximately
Bocom has pledged to return 300,000 of the Company's shares deliverable
under the acquisition agreement if Bocom Multimedia does not achieve a net
income target of
Bocom Multimedia is a leading provider of advanced multimedia display and control technology in China . Their products have been widely applied in the fields of public security, communication and multimedia in China . Bocom Multimedia has successfully completed over 100 multimedia display and control projects for police bureaus and municipal governments in more than ten provinces in China , including Beijing , Shanghai , Chongqing , Sichuan, Hulan, Guangdong and Fujian.
"Bocom Multimedia has a solid presence in multimedia display and control market in China due to their brand recognition and nationwide distribution network," commented Mr. Jiang Huai Lin , Chief Executive Officer of China Public Security. "We expect that the acquisition of Bocom Multimedia will create immediate synergies, provide numerous cross- and up-sell opportunities for our products and services, and enable us to accelerate our geographic expansion plans outside of Guangdong Province. In addition, we believe that Bocom Multimedia will significantly enhance our PGIS product line by providing full turnkey solutions to our customers."
As a result of the Company's contract awards during 2007 and its increased
visibility in the public security marketplace, the Company's management has
raised its 2007 financial guidance for revenues, from
About China Public Security Technology, Inc.
Through its wholly-owned Chinese subsidiary, China Public Security is focused on the development and implementation of large scale, high-tech public security and Geographic Information System ("GIS") related projects. The Company provides a broad portfolio of fully integrated solutions and services, including public security information technology (First Responder Coordination Platform, Intelligent Border Control and Intelligent Security Surveillance), Geographic Information System (Police-use GIS and Civil-use GIS), and e- Government Platform services, software sales and maintenance. Through its exclusive contractual arrangement with Shenzhen iASPEC Software Engineering Company Limited (iASPEC), China Public Security has the licenses to 16 registered and copyrighted software applications in China . In addition, iASPEC is considered the Company's variable interest entity, and its financial data and information is consolidated into the Company's accounts. To learn more about the Company, please visit the corporate website at http://www.chinacpby.com .
Safe Harbor Statement
This press release may contain certain "forward-looking statements" relating to the business of China Public Security Technology, Inc., and its subsidiary companies. All statements, other than statements of historical fact included herein are "forward-looking statements" including statements regarding the effect of the Bocom Multimedia acquisition on the Company's ability to market its products and services; the general ability of the Company to achieve its commercial objectives; the business strategy, plans and objectives of the Company and its subsidiaries; and any other statements of non-historical information. These forward-looking statements are often identified by the use of forward-looking terminology such as "believes," "expects" or similar expressions, involve known and unknown risks and uncertainties. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. 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 those discussed in the Company's periodic reports that are filed with the Securities and Exchange Commission and available on its website ( http://www.sec.gov ). All forward-looking statements attributable to the Company or 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.
SOURCE China Public Security Technology, Inc.