SHENZHEN, China , Jan. 22 /Xinhua-PRNewswire/ -- China Security & Surveillance Technology, Inc. (" China Security") (NYSE: CSR), a leading provider of digital surveillance technology in China , today announced that it has won a bid for a Safe City project in Jie Yang City in the Guangdong province to build out a surveillance network within the city for the police department.
The project is expected to spread across four phases over four years and will be jointly implemented with China Unicom, which is responsible for the build out of the data transmission network. The Company will sign four separate contract agreements over the course of the four year period. The approximate contract value for the four years is RMB 100 million (approximately USD$13.8 million, based on a conversion price of USD: RMB 1.00:7.27) with a portion of the contract value to be paid to China Unicom. The contract value is expected to be spread equally across the 4 years, or approximately RMB25 million per year.
Mr. Guo Shen Tu , Chief Executive Officer of China Security, commented, ''This is a great contract win for our company. China Security is making good progress securing longer-term contracts and has the ability to work with high profile partners in China . There were other notable bidders on this project but we secured this win based on our comprehensive security solutions offering and competitive pricing. Our integrated offering for the Jie Yang City project will add to our revenue stream over the long term and provides us with greater credibility and experience when we bid for other similar projects in the near future.''
The Company reiterates comfort with its revenue estimate of US$80-$85 million and adjusted net income of at least US$14 million for 4Q07. It also reiterates comfort with 1Q08 revenue, adjusted net income and adjusted diluted EPS of US$68-$70 million, US$13-14 million and US$0.31-0.34, respectively, and FY08 revenue, adjusted net income and adjusted diluted EPS of US$350-$370 million, US$65-$75 million, and US$1.50-$1.75, respectively.
About China Security & Surveillance Technology, Inc.
Based in Shenzhen, China , China Security manufactures, distributes, installs and maintains security and surveillance systems throughout the PRC. China Security has manufacturing facilities located in China and a R&D facility which maintains an exclusive collaboration agreement with Beijing University. China Security has built a diversified customer base through its extensive sales and service network that includes numerous points of presence throughout the PRC. To learn more about the Company visit http://www.csst.com .
Safe Harbor Statement
Statements contained in this press release about the Company's plans, growth and strategies, may include 'forward- looking statements'. Statements regarding the Company's future events, developments and future performance, as well as management's expectations, beliefs, plans, estimates or projections relating to the future, are forward-looking statements. The Company's actual results may differ materially from those suggested as a result of various factors. You should refer to the disclosure concerning the operational and business concerns of the Company and the risk factor disclosure set forth in the Company's filings with the Securities and Exchange Commission for important factors that could make actual results differ from the forward looking statements.
SOURCE China Security & Surveillance Technology, Inc.