China Security & Surveillance Technology, Inc. Announces Pricing of Public Offering of 15,000,000 Shares of Common Stock
SHENZHEN, China, May 26 /PRNewswire-Asia/ -- China Security & Surveillance Technology, Inc. ("CSST" or the "Company") (NYSE: CSR; Nasdaq Dubai: CSR), a leading integrated security and surveillance solution provider in the P.R.C., announced today the pricing of its offering of 15,000,000 shares of its common stock at $4.00 per share. In addition, CSST has granted the underwriters a 30-day option to purchase up to an additional 2,250,000 shares of its common stock to cover over-allotments, if any. Oppenheimer & Co. and Brean Murray, Carret & Co. are acting as joint book-running managers for the offering.
CSST expects net proceeds from the offering to be approximately $57,150,000. The Company intends to use the net proceeds from this offering for general corporate purposes, including future capacity expansion, strategic acquisitions, capital expenditures and research and development expenditures. Part of the proceeds may also be used for the repurchase or repayment of the remaining balance of its Tranche B Zero Coupon Guaranteed Senior Unsecured Notes.
Mr. Guoshen Tu, Chairman and Chief Executive Officer of CSST, commented, "The completion of our public offering further strengthens our financial position and enables us to comfortably fund our current expansion plans. We continue to maintain a very healthy balance sheet and capitalize on our financial strength, our market leadership and solid execution, to create long-term value for our shareholders."
The securities described above are being offered by the Company pursuant to registration statements on Form S-3 previously filed and declared effective by the Securities and Exchange Commission. The offering may be made only by means of the prospectus relating to the proposed offering, copies of which, when available, may be obtained from
-- Oppenheimer & Co. Inc., Attention: Syndicate Prospectus Department, 300 Madison Avenue, 4th Floor, New York, NY 10017, Phone (212) 667-8563, Fax (212) 667-6141, or [email protected]; or from
-- Brean Murray, Carret & Co., LLC, Attention: Syndicate Department, 570 Lexington Avenue, New York, NY 10022, Phone (212) 702-6667, Fax (212) 702-6649, or [email protected]
The offering is expected to close, subject to customary closing conditions, on June 1, 2010.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities of the Company, nor shall there be any sale of securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About China Security & Surveillance Technology, Inc.
Based in Shenzhen, China, CSST designs, manufactures, sells, installs, services and monitors electronic surveillance and safety products and solutions, including related software, in China. Its customers are mainly comprised of government, commercial, industrial and education entities. CSST has built a diversified customer base through its extensive sales and service network that includes branch offices and distribution points throughout China. To learn more about the Company visit http://www.csst.com .
Safe Harbor Statement
This press release may include certain statements that are not descriptions of historical facts, but are forward-looking statements. Such statements include, among others, those concerning our securities offering and the anticipated use of the net proceeds of the offering, as well as all assumptions, expectations, predictions, intentions or beliefs about future events. 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 based upon premises 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 on Form 10-K filed with the Securities and Exchange Commission ("SEC"), and our subsequent SEC filings. Copies of filings made with the SEC are available through the SEC's electronic data gathering analysis retrieval system at http://www.sec.gov .
For more information, please contact: Company Contact: Terence Yap, Chief Financial Officer and Vice Chairman China Security & Surveillance Technology, Inc. Tel: +86-755-8351-5634 Email: [email protected] Investor and Media Contact: Patrick Yu, Fleishman-Hillard Hong Kong Tel: +852-2530-2577 Email: [email protected]
SOURCE China Security & Surveillance Technology, Inc.
Share this article