VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 28, 2010) - Cantronic Systems Inc. ("Cantronic" or the "Company") (TSX VENTURE:CTS) today announced that it has entered a strategic cooperative agreement with International Far Eastern Leasing Co., Ltd. ("IFELC") to provide a leasing credit facility of up to RMB5 billion (approximately C$765 million) to customers pursuing Safe City and other video surveillance projects. IFELC is a leading provider of financial leasing in China and is owned by Sinochem Group, Kohlberg Kravis Roberts & Co. L.P., Government of Singapore Investment Corporation, and China International Capital Corporation Limited.
"By providing a financing alternative to cities that are looking to implement Safe City networked video surveillance systems, we expect to be able to accelerate the growth of our Safe City project business," said James Zahn, President and CEO of Cantronic. "We are very pleased to partner with a highly reputable industry leader in financial leasing in China. IFELC has extensive experience in providing innovative and industry-tailored financing solutions to its clients."
Safe City is a Chinese government-mandated initiative to deploy networked surveillance camera systems in over 660 medium-sized to large cities across China. It is a major growth driver for the video surveillance industry in China. Cantronic was recently selected as primary contractor for the RMB25-million Safe City project of Haicheng City in the province of Liaoning.
About Cantronic Systems Inc.
Cantronic Systems Inc. manufactures, distributes, and provides training and services in the fields of infrared vision and video security surveillance technologies, specializing in passive and active infrared cameras, infrared illuminators, low light infrared sensitive CCD cameras and long-range night vision surveillance systems for demanding homeland security and surveillance applications.
Cantronic, through its U.S. subsidiary QWIP Technologies, Inc. ("QWIPTECH"), holds a worldwide, exclusive license from the California Institute of Technology ("Caltech") to produce and sell infrared detectors and sensors based on Caltech's Quantum Well Infrared Photodetector technology.
Cantronic, through its China subsidiaries Cantronic Security Systems (China) Co. Ltd., Beijing Advanced Videoinfo Technology Co. Ltd. ("AVINFO"), Shenzhen Huanghe Digital Technology Co. Ltd. ("Yellow River") and Actiontop Electronics (Shenzhen) Co. Ltd. ("Actiontop") provides high-speed and digital networked video surveillance solutions to government and corporate customers in China.
Cantronic is a Tier 1 issuer on the TSX-V exchange, trading under the symbol CTS. For further information about Cantronic and Cantronic China, please visit our websites at www.cantronics.com and www.cantronics.com.cn.
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This news release contains forward-looking statements, within the meaning of applicable securities legislation, concerning Cantronic Systems Inc. and the markets in which it operates. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance and achievements of Cantronic to be materially different from any future results, performance or achievements expressed or implied by said forward-looking statements.
Forward-looking statements include, but are not limited to: the completion of the Proposed Transaction, anticipated share capital following completion of the Proposed Transaction, expectations, opinions, forecasts, projections and other similar statements concerning anticipated future events, conditions or results that are not historical facts. In certain cases, forward-looking statements can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved".
Readers are cautioned not to place undue reliance on such forward-looking statements. Forward-looking information is provided as of the date of this news release, and Cantronic Systems Inc. assumes no obligation to update or revise them to reflect new events or circumstances, except as may be required under applicable securities laws.
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