SHENZHEN, China , Nov. 6 /Xinhua-PRNewswire/ -- China Security & Surveillance Technology, Inc. ("China Security", "CSST" or the "Company") (NYSE: CSR)(DIFX: CSR), a leading provider of digital surveillance technology in China , today announced that the Company has signed a Strategic Partnership Agreement with Shanghai Pudong Development Bank ("SPD Bank") Shenzhen Branch to obtain factoring service for its Safe City projects.
Under the terms of the agreement, beginning in 2009, SPD Bank will purchase accounts receivable related to certain Safe City projects, providing the Company with additional cash flow flexibility. The benefits for such factoring service are improving the Company's operational efficiencies, reducing accounts receivable, days sales outstanding (DSO's), and working capital requirements as well as provide the Company with an ability to accelerate its Safe City Project work.
Mr. Guoshen Tu, Chief Executive Officer of China Security commented, "We are very pleased to have the opportunity to work with a reputable organization like SPD Bank to effectively manage our cash flow needs while we continue to grow our business. The factoring financing service is a tactical addition to our existing financing options that will offer us more flexible funding solutions and provide an opportunity to aggressively take on additional Safe City project work. We are extremely pleased to have developed a unique business model to facilitate and meet local government needs. This new financing service along with our financing agreements with China Construction Bank and IBM position us well for Safe City project expansion throughout China . We look forward to this strategic partnership with SPD Bank."
About Shanghai Pudong Development Bank
Shanghai Pudong Development Bank, SPDB, incorporated on January 9, 1993
with the approval of the People's Bank of China (28th, August, 1992), is a
joint-stock commercial bank with its headquarters located in Shanghai .
Shanghai Pudong Development Bank launched a 400 million A-share offer on
September 23 on the Shanghai Stock Exchange becoming the first shareholding
commercial bank to list with both central bank and China Securities Regulatory
Commission's approval since the enforcement of "Commercial Bank Law" and
"Securities Law." Thus the registered capital reaches
About China Security & Surveillance Technology, Inc.
Based in Shenzhen, China , China Security manufactures, distributes, installs and services security and surveillance products and systems as well as develops security and surveillance related software in China . Its customers are mainly comprised of commercial and government entities and non-profit organizations. China Security 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 includes certain statements that are not descriptions of historical facts, but are forward-looking statements. Such statements include, among others, those concerning our expected financial performance and strategic and operational plans, our future operating results, our expectations regarding the market for security and surveillance products, our expectations regarding the continued growth of the security and surveillance market, as well as all assumptions, expectations, predictions, intentions or beliefs about future events. You are cautioned that any such forward-looking statements are not guarantees of future performance and that a number of risks and uncertainties could cause our actual results to differ materially from those anticipated, expressed or implied in the forward-looking statements. These risks and uncertainties include, but not limited to, the factors mentioned in the "Risk Factors" section of our Annual Report on Form 10-K for the year ended December 31, 2007 , and other risks mentioned in our other reports filed with the Securities Exchange Commission, or SEC. Copies of filings made with the SEC are available through the SEC's electronic data gathering analysis retrieval system (EDGAR) at http://www.sec.gov . The words "believe," "expect," "anticipate," "project," "targets," "optimistic," "intend," "aim," "will" or similar expressions are intended to identify forward-looking statements. All statements other than statements of historical fact are statements that could be deemed forward-looking statements. The Company assumes no obligation and does not intend to update any forward- looking statements, except as required by law.
SOURCE China Security & Surveillance Technology, Inc.