SHENZHEN, China , Feb. 17 /PRNewswire-Asia/ -- China Security & Surveillance Technology, Inc. ("China Security" or "CSST" or the "Company") (NYSE: CSR; Nasdaq Dubai: CSR), a leading provider of digital surveillance technology in the PRC, today announced that the Industrial and Commercial Bank of China ("ICBC") - the biggest corporate bank in China with over 2.7 million corporate customers - has approved the Company's application for accounts receivable factoring service for the Kunming Safe City Project. ICBC has confirmed that it will acquire all accounts receivable from the Kunming Safe City Project and without delay pay China Security cash when the project is completed and has passed inspection. Subsequently, the Kunming Municipal Government shall pay in full to ICBC by installments over five years, without recourse to China Security.
In March 2008 , China Security announced that it received the winning bid
Mr. Guoshen Tu, Chief Executive Officer of CSST commented, "We are very excited that China Security and ICBC have reached a consensus for ICBC's factoring service that converts unrealized accounts receivable from the Kunming City Safe City Project to cash. We believe this initiative can significantly improve our cash flows, reduce our accounts receivable, and lower our working capital requirements. Further, this factoring service is a model we intend to replicate for other Safe City projects and is one that further enhances our competitive advantages in winning additional large Safe City projects throughout China .
"Despite a downturn of the global economy, we believe demand for security
and surveillance solutions in China remains strong. Moreover, as this
factoring agreement is consistent with the Chinese government's objective of
expanding banks' lending capacity, we anticipate that the government's USD
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 may include certain statements that are not descriptions of historical facts, but are forward-looking statements. 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 upon assumptions 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 filed with the Securities and Exchange Commission ("SEC") on Form 10-K, 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 www.sec.gov.