China Security & Surveillance (CSR) Signs Two E-City Project Agreements Valued at Approx. $394.7M

November 2, 2009 9:42 AM EST

China Security & Surveillance Technology, Inc. (NYSE: CSR) today announced that it has signed two E-city project framework agreements for Huayin City and Shangluo City in Shaanxi Province, together valued at approximately RMB 2.7 billion (approximately US$394.7 million). The potential revenue from these two projects is expected to be recognized within the next three to five years.

The E-city framework agreement with Huayin City is valued at approximately RMB1.5 billion (approximately US$219.3 million). The detailed execution time and value of Huayin E-city project will be subjected to specific agreements, and corresponding revenues will be recognized upon the further signing and execution of binding contracts, which is expected to be carried out in 2010. The Huayin E-city project is designed to advance the information facilities of Huayin City, to provide an integrated digital platform of its tourism information, to strengthen its position as a tourism destination and enhance regional economic growth.

The E-city framework agreement with Shangluo City is valued at approximately RMB1.2 billion (approximately US$175.4 million). The detailed execution time and value of Shangluo E-city project will be subjected to specific agreements, and corresponding revenues will be recognized upon the further signing and execution of binding contracts, which is expected to be carried out in 2010. The Shangluo E-city project aims to build out a fully integrated Safe City platform, an Emergency Response System and an Information-based Transportation Management System to improve urban information communication and management infrastructure and thus speed up the urbanization process and economic growth in the region.

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