Cantronic, IFELC form Chinese credit alliance
VANCOUVER: Cantronic Systems Inc. has entered a strategic cooperative agreement with International Far Eastern Leasing Co. Ltd. (IFELC) to provide credit for China’s Safe City and other surveillance projects.
China’s government-mandated Safe City initiative involves the deployment of networked surveillance camera systems in more than 660 cities across China.
Cantronic, a Vancouver-based manufacturer of infrared vision and video security surveillance technologies, and IFELC, a financial leasing company operating in China, will provide a leasing credit facility of up to approximately $765 million to the medium and large cities involved in the massive project.
“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, Cantronic’s president and CEO.
The company is the primary contractor for the $3.9-million Safe City project in Haicheng City, Liaoning province.
Cantronic provides high-speed and digital networked video surveillance systems in China through China subsidiaries Cantronic Security Systems (China) Co. Ltd., Beijing Advanced Videoinfo Technology Co. Ltd., Shenzhen Huanghe Digital Technology Co. Ltd., and Actiontop Electronics (Shenzhen) Co. Ltd.
IFELC is owned by the Sinochem Group, Kohlberg Kravis Roberts & Co. L.P., Government of Singapore Investment Corporation, and China International Capital Corp. Ltd.