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Cantronic Signs Agreement With Hikvision to Cooperate in the $1.2B Safe City Program in Chongqing(April 04, 2012)
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 04/04/12 -- Cantronic Systems Inc. ("Cantronic" or the "Company") (TSX VENTURE:CTS)(PINKSHEETS:CRIXF) has signed a Memorandum of Understanding agreement ("Agreement") with the Chongqing subsidiary of Hikvision Digital Technology Co., Ltd.("Hikvision") to cooperate with Hikvision for the $1.2 billion US dollars Safe City program in Chongqing, China. Hikvision is the general contractor for this Safe City program which will have over 500,000 video surveillance points all over Chongqing to create a secured environment for the city.
The Agreement will allow Cantronic's Chinese subsidiary's flagship networked video management platform software to be used in the Safe City program in Chongqing. Both parties will cooperate to interconnect Cantronic platform video management software with Hikvision's main platform software already used for the Chongqing Safe City program. Cantronic will ensure its software platform is compatible with all of Hikvision's software and hardware products. The parties will share profits based on the each party's actual work share in each implementing projects. The Agreement is valid until the end of 2013.
"We are glad that we are able to work with Hikvision on this massive program. Through this cooperation, we can have compatibilities of our software and hardware with Hikvision's hardware and software products. Cantronic has so far no sizable safe city customer in Chongqing. This Agreement with Hikvison opens the doors for Cantronic to have a share in this $1.2 billion Safe City program, an opportunity expected to last 2 to 3 years," commented James Zahn, president and chief executive officer of Cantronic Systems.
About Cantronic Systems Inc.
Cantronic Systems Inc., based in Coquitlam, British Columbia, Canada, manufactures, distributes, and provides training and services in the fields of IP-based networked video security surveillance technologies, specializing in networked video management software and video analytics, IP cameras, speed dome cameras, high definition video surveillance cameras and night vision surveillance systems for demanding security and surveillance applications.
Cantronic, through its China subsidiaries Cantronic Security Systems (China) Co. Ltd. ("CSSC"), Beijing Advanced Videoinfo Technology Co. Ltd. ("AVINFO"), 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, please visit our website at www.cantronicsecurity.com.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cantronic Systems Inc.
Chief Executive Officer
604-516-6667 ext 228
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