SHENZHEN, China , Aug. 1 /Xinhua-PRNewswire/ -- China Security & Surveillance Technology, Inc. ('The Company' & 'CSST')(NYSE: CSR), a leading provider of digital surveillance technology in China, today announced its intention to acquire three Chinese security and surveillance companies.
Letters of intent have recently been signed with Shenzhen Coson Electronic
Co. Ltd. ("Coson"), DIT Digital Co., Ltd. ("DIT"), and Shenzhen Skyrise
Technology Co., Ltd. ("Skyrise") for 100% ownership of each business. The
total amount of consideration payable for all three acquisitions will be
Based in Shenzhen and established in 1994, Coson is a leading intelligent access control solution provider. The company provides control access solutions to a wide ranging group of clients that include government buildings, banks, post offices, universities and large residential properties.
DIT Digital is a Zhuhai-based security product supplier that specializes in residential security solutions. Its products include CCTV security solutions and home intruder & alarm systems. DIT has an extensive international distribution network covering US, Japan and Europe . In addition, DIT retails its products under the "KARE" brand. The company is CE, UL and FCC certified.
Established in 2003, Shenzhen Skyrise Technology is a leading high-tech and software enterprise, specializing in design and development of digital and IP security videophone systems. Skyrise has R&D partnerships with Philips, Huawei Technologies Co., Ltd. and ZTE Corporation. It has been appointed as the third party design partner for Huawei Hisilicon and serves as an equipment supplier and strategic partner for China Telecom, China Netcom , and China Tie Tong.
Mr. Guoshen Tu, Chief Executive Officer of China Security commented, "We are pleased to announce these three acquisitions and believe that the products offered by each acquisition will add to our expanding range of products and services. The addition of Coson's products into our portfolio, will allow the group to begin penetrating the residential markets which will ultimately provide the customer base for our operating services business. DIT has leading security products that can expand our position further into the consumer product category. Its customer base of well known electronics retailers around the world will further expand our export opportunities. Skyrise has a well established brand in the digital and IP security videophone market. Its systems have been widely implemented in China and its product portfolio will enhance our security surveillance solutions for the residential and corporate markets. As we seek additional Safe City projects and expand our business into the residential and commercial markets, these three acquisitions will further position our company as the one-stop solutions provider for security and surveillance needs."
Mr. Tu continued, "For the remainder of 2008, we do not anticipate announcing any additional acquisitions and intend to focus on the integration of our acquisitions as well as on the continued expansion and development of our security products and service portfolio. We remain comfortable with our cash position and have sufficient funds to meet our ongoing working capital and acquisition integration needs."
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 an R&D facility which maintains an exclusive collaboration agreement with Beijing University and Wuhan 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
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.