China Security & Surveillance Technology CEO Purchases Shares
March 24 2008 - 8:30AM
PR Newswire (US)
SHENZHEN, China, March 24 /Xinhua-PRNewswire/ -- China Security
& Surveillance Technology, Inc. (the "Company" or 'China
Security') (NYSE: CSR), a leading provider of digital surveillance
technology in China, today announced that its Chief Executive
Officer, Mr. Guo Shen Tu, has purchased an aggregate of 151,000
shares of China Security stock in the open market during the course
of the last week. In addition, his wholly owned company, Whitehorse
Technology Limited ('Whitehorse'), has adopted a Rule 10b5-1 plan
for the purpose of buying China Security's shares in open market
transactions within a specified price range. The written plan was
adopted in accordance with Rule 10b5-1 of the Securities Exchange
Act of 1934, as amended. Under this written plan, Whitehorse
intends to purchase up to US$4.8 million worth of the Company's
common stock. These purchases will take place weekly over a five
month period beginning April 2008 and will be subject to a maximum
price limit of $30 per share. Transactions under this plan will be
disclosed publicly through Securities and Exchange Commission
filings. Whitehorse's share purchases are being funded from the $50
million loan of Whitehorse announced in January 2008. Mr. Tu
commented, 'These recent transactions, including the establishment
of a share purchase plan, highlight my belief that China Security's
current share price levels do not reflect the true value of China
Security. China Security has a highly compelling platform for
growth with an exciting array of initiatives that are expected to
contribute significantly to future success. I am pleased to be able
to take advantage of weakness in the market through a stock
purchase program and am fully prepared to adopt additional purchase
plans in the future.' Rule 10b5-1 allows insiders who are not in
possession of material nonpublic information to establish
prearranged plans to buy or sell company stocks over a specified
period of time or at a specific price in the future, regardless of
any subsequent material nonpublic information they receive. About
China Security & Surveillance Technology, Inc. Based in
Shenzhen, China, China Security manufactures, distributes, installs
and maintains security and surveillance systems throughout China.
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 China.
To learn more about the Company visit http://www.csst.com/ .
DATASOURCE: China Security & Surveillance Technology, Inc.
CONTACT: Kewa Luo for the Company at +1-212-588-0885 or ; Investor
contact: Bill Zima & Ashley Ammon MacFarlane of ICR at
+1-203-682- 8200 Web site: http://www.csst.com/
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