HUIZHOU, China, March 9, 2011 /PRNewswire-Asia-FirstCall/ -- NIVS IntelliMedia Technology Group, Inc. ("NIVS" or the "Company") (NYSE Amex: NIV), a comprehensive consumer electronics company that designs, manufactures and sells intelligent audio and visual products and mobile phones, today announced that it has been awarded the highest "AAA" credit rating by China Export & Credit Insurance Corp. ("Sinosure").
The credit risk rating assessment by Sinosure takes place on an annual basis and this is the 5th straight year NIVS has maintained the "AAA" grade, which is the highest level awarded. Sinosure is the largest and only state backed insurer in China whose main purpose is to facilitate international, import and export businesses in the areas that are encouraged by the PRC. In NIVS' case, it falls into the high-tech electronic export business category.
In the Guangdong province there are 188 companies that have been granted "AAA," "AA" and "A" ratings by Sinosure, and among which only NIVS and 14 others have been endowed the highest "AAA" credit rating. The credit rating reflects a company's solid legal status, business scale, credit history, and business prospect, and the "AAA" rating recognizes an enterprise's excellence in business operation, credit worthiness, and internal risk management.
"We are pleased to announce the continuation of Sinosure's 'AAA' rating for NIVS since 2006," commented Mr. Tianfu Li, Chairman and CEO of NIVS. "This entitlement is a strong recognition of NIVS' risk management and internal control. As we proceed with our planned expansion of our electronics business, in particular our growing mobile phone business in both domestic and overseas markets, we are confident that our comprehensive risk management and highest credit rating will further strengthen NIVS' market position and brand awareness, while enhance our competitive advantages. With our highly-disciplined internal controls and risk management system in China's electronics industry, we are confident we will maintain our 'AAA' rating in the years to come."
Sinosure is the only policy-oriented Chinese insurance company specializing in export credit insurance, and its rating system employs a combination of qualitative and quantitative analysis of an entity's macro environment, management team, internal controls, financial strength, suppliers and customers. Sinosure's export risk management rating aims to strengthen export enterprises' risk management, internal control process, and ultimately overall risk management. Sinosure's mission is to support national enterprises and hi-tech corporations with innovative technologies and products to develop overseas markets.
Sinosure was established in late 2001, shortly after the China's accession to the World Trade Organization. It was formed from the merger of the export credit insurance arm of the China Export and Import Bank with the People's Insurance Company of China. Since its founding, Sinosure has been supporting and promoting the export of hi-tech products, through a series of services including short-term and long-term export credit insurance, domestic trade credit insurance and guarantee, international debt collection, credit rating and financing facilities under credit insurance, to guarantee export trade of hi-tech corporations all-around and build an insurance chain covering various credit risks for hi-tech corporations.
About NIVS IntelliMedia Technology Group, Inc.
NIVS IntelliMedia Technology Group (NYSE Amex: NIV) is an integrated consumer electronics company that designs, manufactures, markets and sells intelligent audio and video products and mobile phones in China, Greater Asia, Europe, and North America. The NIVS brand has received "Most Popular Brand" distinction in China's acoustic industry for three consecutive years, among numerous other awards. NIVS has developed leading Chinese speech interactive technology, which forms a foundation for the Company's intelligent audio and visual systems, including digital audio, LCD televisions, digital video broadcasting ("DVB") set-top boxes, peripherals and more.
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Safe Harbor Statement
This release contains certain "forward-looking statements" relating to the business of the Company and its subsidiary companies. All statements, other than statements of historical fact included herein are "forward-looking statements" including statements regarding: the Company's business and operations; 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. Investors 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.
Chief Financial Officer
Vice President Investor Relations
Trilogy Capital Partners - Asia
Darren Minton, President
SOURCE NIVS IntelliMedia Technology Group, Inc.