SHENZHEN CITY, China, March 29 /Xinhua-PRNewswire/ -- China Public Security Technology, Inc., (OTC Bulletin Board: CPBY) ("China Public Security" or "the Company"), a public security software solution and real-time Geographic Information System (GIS) solution provider in China, today announced that iASPEC, its exclusive contracting partner, has been awarded a $3.8 million contract by Shantou Special Economic Zone for building its emergency Consolidated Command System, with 90% of the value of the contract subcontracted to Bo Hai Wen, a China Public Security subsidiary. The award will be formalized in a contract to be executed by the parties on or before May 15, 2007.
China Public Security's Consolidated Command System is a three-in-one system, which combines the functions of the police emergency system, the fire emergency system, and the traffic control emergency system. The project is expected to be completed by the end of December 2007. This is the Company's third contract award for its Consolidated Command System, following its two successful implementations of similar systems in Shenzhen City in the Guangdong Province and Dongbang City in the Hainan Province.
"We are very pleased to announce this important contract award for our Consolidated Command System, which demonstrates the competitiveness of China Public Security's solutions," said Mr. Jiang Huai Lin, the Company's CEO. "We expect to build on this momentum with additional awards as we continue to benefit from increasing market recognition of our products and services."
China Public Security's Consolidated Command System allows the integration of the police, fire and traffic control emergency systems, and employs technologies of space geography information, e-map and wireless and wireline broadband networks to enable the automation of public security services and allow the development a comprehensive system for quick decision making and rapid response. The size of the public security information technology space is estimated at $4.5 billion and analysts expect it to grow at 19% for the next five years. Close to 650 cities across China are expected to initiate the deployment of their responder emergency systems in the future. China Public Security believes that with the Consolidated Command System, the Company is well-positioned to capture market share and grow its business profitably to create shareholder value.
About China Public Security Technology, Inc.
Through its indirect wholly-owned Chinese subsidiary, China Public Security Technology, Inc. is a public security software solution and real-time Geographic Information System (GIS) solution provider in China. The Company provides a broad portfolio of fully integrated products and services, including system design and database management for Police-Use GIS, Civil-Use GIS, and e-Government and other security related products. The Company currently has an exclusive license of 16 patents in China, through its exclusive business turnkey agreement with Shenzhen iASPEC Software Engineering Company Limited (iASPEC). Under this agreement the Company acts as iASPEC's exclusive subcontractor to key customers, including Shenzhen City Public Security Bureau, China Unicom Shenzhen Division, Shenzhen Urban Planning Bureau and the Shenzhen Fire Department. To learn more about the Company, please visit the corporate website at http://www.chinapsh.com.
Safe Harbor Statement
This press release contains certain statements that may include "forward looking statements." All "forward looking statements", other than statements of historical fact included herein are "forward-looking statements" including statements regarding the benefits of the contract with the Shantou Special Economic Zone, the ability of the Company to achieve its commercial objectives, the business strategy, plans and objectives of the Company and its subsidiaries and any other statements of non-historical information. These forward looking statements are often identified by the use of forward-looking terminology such as "believes," "expects" or similar expressions, involve known and unknown risks and uncertainties. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the Company's periodic reports that are filed with the Securities and Exchange Commission and available on its website ( http://www.sec.gov ). All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.
