SHENZHEN, China , July 11 /Xinhua-PRNewswire/ -- China Security & Surveillance Technology, Inc. (the "Company" or "CSST") (NYSE: CSR), a leading provider of digital surveillance technology in China , today announced that it has completed the acquisition of Long Top Limited, a Hong Kong corporation. Long Top is a holding company and has no operations and assets other than its 100% ownership of Shenzhen Jin Lin Technology Co., Ltd. ("Jin Lin"). CSST originally announced an LOI to acquire this business on October 16, 2007 .
Under the equity transfer agreement, the Company will pay a total amount
Jin Lin, based in Shenzhen , provides professional intelligent security monitoring systems and specializes in intelligent transportation system (ITS) product development. Its product applications include electronic police systems and traffic junction controls (software and hardware manufacturer). This business also compliments China Security's existing suite for Safe City projects. Jin Lin was recently awarded the Shenzhen High-Tech Enterprise certificate.
Mr. Guoshen Tu, Chief Executive Officer of China Security commented, "We are excited to be acquiring a leading traffic management system provider. We officially welcome the Jin Lin executive management team to our company and look forward to their future contributions. Our reputation as a leading total solutions provider for security and surveillance needs continues to resonate with many local governments and businesses throughout China . This acquisition of Jin Lin further strengthens our total solutions offering and reinforces our leadership position in the market."
The monetary exchange rate used for this transaction is
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. 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 .
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SOURCE China Security & Surveillance Technology, Inc.