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China Security & Surveillance Technology, Inc. Signs Letter of Intent to Acquire Key Chinese Fire Safety Company.

Publication: PR Newswire
Publication Date: 11-AUG-09 		Format: Online
Delivery: Immediate Online Access

Article Excerpt
SHENZHEN, China, Aug. 11 /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 it has signed a letter of intent to purchase 100% ownership in Shanghai Nanxiao Fire Protection Engineering Equipment Co., Ltd. ("Shanghai Nanxiao"), one of the largest fire protection system installation companies in China for approximately RMB 100 million (approximately US$14.6 million based on an exchange rate of USD 1.00 to RMB 6.84). The payment may be made partially in cash and partially in restricted common stock of CSST over the next three years. The intended acquisition marks CSST's strategic expansion into the fire safety industry, further leveraging...

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