Vimicro Establishes Joint Venture with TEDA and Expands Surveillance Business
06 1월 2009 - 10:00PM
PR Newswire (US)
BEIJING, Jan. 6 /PRNewswire-Asia-FirstCall/ -- Vimicro
International Corporation (NASDAQ:VIMC) ("Vimicro" or the
"Company"), a leading fabless semiconductor company that designs
advanced mixed-signal multimedia products and solutions, today
announced the establishment of Vimicro Electronics Corporation, a
joint venture that includes Vimicro, the Administrative Commission
of the Tianjin Economic-Technological Development Area ("TEDA") and
a venture capital fund formed by certain members of Vimicro's
management (the "Management Fund") in Tianjin, China. The new joint
venture focuses on the design and sale of digital video
surveillance products and further extends Vimicro's penetration of
the fast-growing surveillance market. (Logo:
http://www.newscom.com/cgi-bin/prnh/20070528/CNM014LOGO ) Both
Vimicro and TEDA each contributed RMB250 million in cash
(approximately US$36.8 million) to the joint venture as initial
registered capital and each hold close to a 50 percent equity
interest in the new entity. The Management Fund holds a nominal
equity interest in the joint venture. "We are pleased with today's
announcement of a joint venture with TEDA, which resulted from
Vimicro's strategic research and development efforts targeted at
the fast-growing surveillance market in China," commented David
Tang, Chief Financial Officer of Vimicro. "The domestic Chinese
surveillance market is projected to grow 25% annually and will
reach US$43.1 billion in 2010. The further expansion of the
Company's presence in the surveillance market represents a
significant step for Vimicro going forward." Mr. Tang continued,
"An increasing number of regional Chinese governments are demanding
more sophisticated features and capabilities from surveillance
products under the Safe City project. Our turnkey solutions and
advanced technology offerings are able to accommodate their needs
throughout China. We also anticipate that the implementation of the
extensive economic stimulus package by the Chinese government will
increase the need for our surveillance products in the coming
years. In particular, the structure of the joint venture allows us
to benefit from the Chinese government's purchase plans." "This
significant event demonstrates Vimicro's commitment to ongoing
technological development and will further expand our growth in
promising multimedia sectors, such as the surveillance market as
well as personal computing and mobile communications." Mr. Tang
concluded, "During this challenging economic period, our
diversified product mix, expanded domestic reach and increased
capital resources enable us to consolidate our position in the
surveillance market and capitalize on select opportunities in order
to strengthen Vimicro's business prospects in 2009 and beyond."
About Tianjin Economic-Technological Development Area ("TEDA") The
establishment of TEDA was approved by the central Chinese
government on December 6, 1984. Through the years, TEDA has become
one of the country's most influential centers for high-tech and new
industries. TEDA has hosted and cooperated with companies such as
Airbus, Motorola, Toyota, Samsung, Coca-Cola, Boeing and Sinopec,
among others. TEDA is included in the National Development Strategy
and is one of its key beneficiaries in terms of free-market
policies, fiscal incentives, capital and credit support, and state
monetary injections. About Vimicro International Corporation
Vimicro International Corporation is a worldwide leading fabless
semiconductor company that designs, develops and markets
proprietary embedded multimedia signal processing chips and
solutions that enable multimedia applications for mobile phones
over 2.5G/3G networks and PCs over broadband Internet. Vimicro's
ADSs, each of which represents four ordinary shares, are currently
trading on the NASDAQ Global Market under the ticker symbol "VIMC."
Forward-Looking Statements This announcement contains
forward-looking statements. These statements are made under the
"safe harbor" provisions of the U.S. Private Securities Litigation
Reform Act of 1995. These forward-looking statements can be
identified by terminology such as "will," "expects," "anticipates,"
"future," "intends," "plans," "believes," "estimates," "confident"
and similar statements. Among other things, the quotations from
management in this announcement, as well as Vimicro's expectations
and forecasts, contain forward-looking statements. Forward-looking
statements involve inherent risks and uncertainties. A number of
factors could cause actual results to differ materially from those
contained in any forward- looking statement, including but not
limited to the following: our limited history of achieving net
profit; our growth strategies; our future business development,
results of operations and financial condition; our ability to
develop and sell mobile multimedia processors that meet changing
consumer preferences and industry standards; decrease in the demand
for our notebook and PC camera multimedia processors and
third-party image sensors which we bundle with some of our PC
camera multimedia processors; that multimedia opportunities
associated with the 3G build out in China will make a significant
contribution to our longer-term growth; our ability to increase our
penetration of the PC and notebook multimedia markets; our ability
to secure sufficient foundry capacity in a timely manner; our
ability to maintain existing customers and attract new customers;
and the expected growth of the mobile multimedia processor market.
Further information regarding these and other risks is included in
our annual report on Form 20-F filed with the Securities and
Exchange Commission. Vimicro does not undertake any obligation to
update any forward-looking statement, except as required under
applicable law. All information provided in this press release is
as the date hereof, and Vimicro undertakes no duty to update such
information, except as required under applicable law. For further
information about Vimicro, please contact: Investor Contact: Emilie
Deng Investor Relations Manager Tel: +86-10-6894-8888 x7143 Email:
Web: http://www.vimicro.com/ Shelton Group Ryan Bright Tel:
+1-972-239-5119 x159 Email:
http://www.newscom.com/cgi-bin/prnh/20070528/CNM014LOGO DATASOURCE:
Vimicro International Corporation CONTACT: Investor Contact: Emilie
Deng, Investor Relations Manager, +86- 10-6894-8888 x7143, or ;
Shelton Group - Ryan Bright, +1- 972-239-5119 x159, or Web Site:
http://www.vimicro.com/
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