Under the agreement, for a three- year period beginning January 1, 2008, China Security will have the exclusive right to distribute in China, all CCTV security products and accessories manufactured by LG. As part of the agreement LG will provide after sales support for all of its products sold under the agreement.
This distribution agreement is a result of China Securitys recent initiative to build an international products division, the goal of which is to help non-Chinese security solutions providers enter the Chinese market by leveraging the Companys distribution and sales network while also allowing the Company the opportunity to introduce international providers products into its total solutions.
Mr. Guo Shen Tu, Chief Executive Officer of China Security, commented, "We are thrilled to announce this new partnership with LG. This agreement allows us to add to our product portfolio and also represents a show of confidence from one of the worlds leading international conglomerates. Over the long term we believe the international products division will allow us to leverage the expertise of our partners, build turnkey solutions using their products and our own, and help shift our revenue model from one strictly of project work to recurring revenue. This agreement with LG represents an important step toward those goals."
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