China Security & Surveillance Technology, Inc. Announces Closing of Its $25.35 Million Registered Direct Offering
31 August 2009 - 8:00PM
PR Newswire (US)
SHENZHEN, China, Aug. 31 /PRNewswire-Asia/ -- China Security &
Surveillance Technology, Inc. ("CSST" or the "Company") (NYSE: CSR;
Nasdaq Dubai: CSR), a leading provider of digital surveillance
technology in the PRC, today announced that it has completed its
registered direct offering with certain accredited investors for
4.056 million shares of its common stock at a price of $6.25 per
share under its Form S-3 Registration Statement resulting in gross
proceeds to the Company of $25.35 million, before deducting
placement agent fees and expenses of the offering. In addition, the
Company has issued to the investors warrants to purchase up to
1.014 million shares of common stock, subject to adjustment in
certain circumstances, at a price of $8.62 per share for a term of
one year. Brean Murray, Carret & Co., LLC acted as the lead
placement agent and sole bookrunner and Imperial Capital, LLC acted
as a co-placement agent on the transaction. The net proceeds from
the offering will be used to restructure the notes issued to
Citadel Equity Fund Ltd. in accordance with the Company's
previously announced restructuring of its outstanding guaranteed
senior unsecured convertible notes. Pending such restructuring, the
Company will use the net proceeds from the offering for working
capital and general corporate purposes. Mr. Guoshen Tu, Chief
Executive Officer of CSST, commented, "We are very pleased to
announce the closing of this registered direct offering. We believe
this transaction, together with our announced restructuring of the
guaranteed senior unsecured convertible notes, will further
strengthen our balance sheet and improve our capital structure. We
are encouraged by the strong interest and solid participation by
reputable long-term shareholders in our offering. As we continue to
execute our strategic growth plan, we aim to deliver strong,
sustainable, long-term financial performance, and ultimately to
reward our existing and new investors with shareholder value."
About China Security & Surveillance Technology, Inc. Based in
Shenzhen, China, CSST manufactures, distributes, installs and
services surveillance and safety products and systems as well as
develops surveillance and safety related software in China. Its
customers are mainly comprised of commercial and government
entities and non-profit organizations. CSST has built a diversified
customer base through its extensive sales and service network that
includes over 150 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. 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 Tel: +86-755-8351-5634 Email: Investor
Contact: ICR: Michael Tieu Tel: +86-10-6599-7960 Email: Bill Zima
Tel: +1-203-682-8200 Email: Media Contact: Patrick Yu
Fleishman-Hillard Hong Kong Tel: +852-2530-2577 Email: DATASOURCE:
China Security & Surveillance Technology, Inc. CONTACT: Terence
Yap of China Security & Surveillance Technology, Inc.,
+86-755-8351-5634, ; or Investors, Michael Tieu, +86-10-6599-7960,
, or Bill Zima, +1-203-682-8200, , both of ICR; or Patrick Yu of
Fleishman-Hillard Hong Kong, +852-2530-2577, , all for CSR
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