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China Security & Surveillance Signs Distribution Agreement with LG Electronics of South Korea
Jan 24, 2008 (08:01 AM EST)
SHENZHEN, China, Jan. 24 /Xinhua-PRNewswire/ -- China Security & Surveillance Technology, Inc. ("China Security") , a leading provider of digital surveillance technology in China, today announced that it has signed a distribution agreement with Shanghai LG Electronics Co., Ltd. a unit of South Korean conglomerate LG Group. Under the agreement, for a three- year period beginning January 1, 2008, China Security will have the exclusive right to distribute in China, all CCTV security products and accessories manufactured by LG. As part of the agreement LG will provide after sales support for all of its products sold under the agreement.
This distribution agreement is a result of China Security's recent initiative to build an international products division, the goal of which is to help non-Chinese security solutions providers enter the Chinese market by leveraging the Company's distribution and sales network while also allowing the Company the opportunity to introduce international providers' products into its total solutions.
Mr. Guo Shen Tu, Chief Executive Officer of China Security, commented, "We are thrilled to announce this new partnership with LG. This agreement allows us to add to our product portfolio and also represents a show of confidence from one of the world's leading international conglomerates. Over the long term we believe the international products division will allow us to leverage the expertise of our partners, build turnkey solutions using their products and our own, and help shift our revenue model from one strictly of project work to recurring revenue. This agreement with LG represents an important step toward those goals."
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 .
Safe Harbor Statement
This press release includes 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 (EDGAR) at http://www.sec.gov .
For more information, please contact: Company Contact: Kewa Luo Tel: +1-212-588-0885 Email: firstname.lastname@example.org Investor Contact: ICR: Bill Zima & Ashley Ammon MacFarlane Tel: +1-203-682-8200
CONTACT: Kewa Luo of China Security & Surveillance Technology, Inc., +1- email@example.com, or , or Bill Zima & Ashley Ammon MacFarlane,+1-203- 682-8200, both of ICR for China Security & Surveillance Technology,Inc.
Web site: http://www.csst.com/