HUIZHOU, China, March 29 /PRNewswire-Asia/ -- NIVS IntelliMedia Technology Group, Inc. ("NIVS" or the "网易娱乐Company") (NYSE Amex: NIV), a consumer electronics company that designs, manufactures and sells intelligent audio and visual products, announced today that on March 23, 2010 at the Annual Credit Risk Management Rating Conference, the China Export & Credit Insurance Corporation (SINOSURE) awarded it the title of "2009 Annual Credit Risk Management AAA Grade Enterprise," as a result of its positive response to the global financial crisis through the strengthening of its credit risk management.
"As one of the few companies in our industry to be honored by SINOSURE for our credit risk management controls and processes we're pleased to have said processes acknowledged by such a prominent organization," stated Mr. Tianfu Li, Chairman and CEO of NIVS.
China Export & Credit Insurance Corporation (SINOSURE) is China's only policy-oriented insurance company specializing in export credit insurance. It began operations on December 18, 2001, with capital coming from the Export Credit Insurance Risk Fund as arranged by the State fiscal budget. SINOSURE has formed a nationwide service network consisting of 4 Headquarter Business Departments, 14 branches, 8 business administrative departments and 28 business offices. It also has a representative office in London, UK.
SINOSURE is mandated, in accordance with the Chinese government's diplomatic, international trade, industrial, fiscal and financial policies, to promote Chinese exports and investments, especially exports of high-tech or high value-added capital goods, by means of offering export credit insurance against non-payment risks, and providing services in financing, information and receivables management.
SINOSURE's main products include short-term export credit insurance, domestic trade credit insurance, medium- and long-term export credit insurance, investment insurance and bonds & guarantees. SINOSURE's new products include comprehensive cover insurance for small and medium-sized enterprises, credit insurance for labor export and export bill insurance. SINOSURE also provides the following services: trade financing services, international debt recovery, Sino-rating, country risk, buyer risk, and sector risk analysis. SINOSURE also introduced its e-commerce platform "SINOSURE Online" through which the policyholders are able to get fast and convenient services.
The role of export credit insurance in supporting China's foreign trade and economic cooperation has become more and more evident. Since founded, SINOSURE has supported exports, domestic trade, and investments with a total value of more than 250 billion U.S. dollars, with thousands of policyholders and more than hundreds medium and long term projects covered. In the meantime, SINOSURE also facilitated the lending of more than 450 billion Yuan by 110 different banks.
About NIVS IntelliMedia Technology Group, Inc.
NIVS IntelliMedia Technology Group is an integrated consumer electronics company that designs, manufactures, markets and sells intelligent audio and video products 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.
Safe Harbor Statement
This release contains certain "forward-looking statements" relating to the business of the Company and its subsidiary companies. These forward-looking statements are often identified by the use of forward-looking terminology such as "believeAAAAApects" or similar expressions. Such forward looking statements involve known and unknown risks and uncertainties, including, but not limited to completion and audit of the Company's financial statements for the fourth quarter and year end 2009; the Company's ability to remediate the significant deficiencies and/or material weakness(es) in its internal controls; the Company's ability to effectively integrate the operations and management of acquisition targets; the Company's ability to timely deliver products; the Company's ability to timely develop and market new products; the Company's ability to continue to borrow and raise additional capital to fund its operations; the Company's ability to accurately forecast amounts of supplies needed to meet customer demand; exposure to market risk through sales in international markets; the market acceptance of the Company's productAAAAAposure to product liability and defect claims; fluctuations in the availability of raw materials and components needed for the Company's products; protection of the Company's intellectual property rights; and changes in the laws of the PRC that affect the Company's operations. 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 the discussed above and 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 the Company or to 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 an obligation to update these forward-looking statements.
For more information, please contact:
Vice President Investor Relations
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BPC Financial Marketing
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