The net proceeds from the offering will be used to repay the Company's
Mr. Guoshen Tu, Chief Executive Officer of CSST, commented, "We are very pleased by the strong interest to our offering and to be able to sign the term sheet with Citadel to retire the Tranche A Notes. We believe the combination of these two transactions will further strengthen our balance sheet, create additional cost savings, improve future cash flows, and enhance our capital structure. These ongoing efforts should augment our financial flexibility and help us support our strategic expansion and long term growth."
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any sale of these
securities in any jurisdiction in which such offer, solicitation or sale would
be unlawful prior to the registration or qualification under the securities
laws of any jurisdiction. The shares of common stock may only be offered by
means of a prospectus. Copies of the final prospectus supplement and
accompanying base prospectus can be obtained from
Existing Notes Details
The Tranche A Notes have a principal amount of
The Tranche B Notes, which are not convertible, have a principal amount of
The Company is entitled to redeem the two tranches of notes at any time with no premium or penalty at a redemption price equal to 100% of the principal amount of the notes to be redeemed, plus default interest, if any.
About China Security & Surveillance Technology, Inc.
Safe Harbor Statement
This press release may include certain statements, including without limitation statements concerning the proposed transactions and its impact on our prospects, that are not descriptions of historical facts, but are forward- looking statements. Such statements include, among others, those concerning our expectations regarding the closing of the registered direct offering, those concerning the repurchase of the Tranche A Zero Coupon Guaranteed Senior Unsecured Convertible Notes, 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. The proposed transaction described in this press release may not proceed as described or at all. 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: firstname.lastname@example.org Investor Contact: ICR: Michael Tieu Tel: +86-10-6599-7960 Email: email@example.com Bill Zima Tel: +1-203-682-8200 Email: firstname.lastname@example.org Media Contact: Fleishman-Hillard Hong Kong Patrick Yu Tel: +852-2530-2577 Email: email@example.com
SOURCE China Security & Surveillance Technology, Inc.