Scottsdale, Arizona 8/30/2008 1:15:53 AM
News / Finance

QualityStocks News – China Security & Surveillance Technology, Inc. (CSR) Wins $44 million Shouguang City Contract

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We would like to highlight China Security & Surveillance Technology, Inc. (NYSE: CSR). The company manufactures, distributes, installs and maintains surveillance and security products, and develops related software in China through its subsidiaries. It operates in two segments. The system installation segment design, sells, installs, services and monitors electronics security systems to residential, commercial, industrial and governmental customers. The manufacturing of security and safety products segment designs, manufactures and sells security and safety products, including intrusion security, access control and video management systems.

 

In the company’s news yesterday,

 

China Security & Surveillance Technology, Inc. (CSR) announced the signing of an agreement with the government of Shouguang City worth approximately $44 million. China Security will install security cameras in public areas, and create a traffic monitoring system for this city of 1.1 million people. Work on the project is slated to begin in the second half of 2009.

 

“We are very excited to have signed another large Safe City agreement in the Shandong province,” said Guoshen Tu, Chief Executive Officer of China Security. “We have developed a strong track record of success with our Safe City projects in this region including Qingzhou City, Jining City, Jiaonan City and Binzhou City, and our extensive experience in this region helped secure this new project with Shouguang City.

 

“We continue to develop a more comprehensive product offering and are increasingly viewed by local governments around China as the preferred security total solution provider for Safe City projects. Demand for our security and surveillance services is as strong as ever and we look forward to achieving greater success in the future.”

 

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Forward-Looking Statement:

This release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All forward-looking statements are inherently uncertain as they are based on current expectations and assumptions concerning future events or future performance of the company. Readers are cautioned not to place undue reliance on these forward-looking statements, which are only predictions and speak only as of the date hereof. Risks and uncertainties applicable to the company and its business could cause the company's actual results to differ materially from those indicated in any forward-looking statements.