Vimicro Announces Return of David Tang as Chief Financial Officer,
Receipt of NASDAQ Notice
BEIJING, Oct. 16, 2012 /PRNewswire-FirstCall/
-- Vimicro International Corporation (NASDAQ: VIMC) ("Vimicro"
or the "Company"), a leading PC-camera processor and IP-based
surveillance solution provider, today announced the return of Mr.
David Tang as Chief Financial
Officer, effective October 20, 2012
to replace Richard Wu, who is
leaving the company for personal reasons. Separately, the Company
announced the receipt of a notice from the NASDAQ Stock Market
regarding compliance with the minimum $1.00 per share requirement for continued
listing.
The Company is pleased to announce the return of David Tang to his prior role as Chief Financial
Officer of Vimicro. Mr. Tang is an experienced financial
professional, with extensive experience as the chief financial
officer of Vimicro and other NASDAQ and Hong Kong-listed companies and as a Wall
Street securities analyst. Most recently, he was active as an
investor and as a managing partner of iFirst Capital LLC, a
Shenzhen-based VC/PE firm. Before
that, Tang served as Vice President and Chief Financial Officer of
Vimicro from July 2008 to November
2010. Prior to that, he served as the Chief Financial Officer
of CNinsure Inc. a NASDAQ listed company operating in China, and before that, Tang served as the
Chief Financial Officer of IRICO Group and Chinasoft International,
both Hong Kong-listed companies.
Prior to those positions, he worked as an equity research analyst
at Merrill Lynch & Co. in New York. Tang received an MBA
degree from the Stern School of Business, New
York University.
"I am pleased to welcome David back to Vimicro, and we look
forward to benefiting from his experience gained as CFO of Vimicro
and other listed companies. We believe that we will benefit
from his good relationship with investors and his profound insight
to our business development. David was instrumental in developing
our strategy to enter the surveillance business and implemented
many of the changes that today define our Company's transformation,
accelerate the delivery of value to shareholders, and have launched
the rapid expansion of our security-surveillance business. I
would also like to thank Richard Wu
for his service to the Company, and we wish him well in his future
endeavors."
Separately, the Company has received a notification from the
NASDAQ Stock Market, indicating that the minimum bid price of the
Company's ADS has been below $1.00
per ADS for 30 consecutive business days and as a result, the
Company is not in compliance with the minimum bid price requirement
for continued listing set forth in NASDAQ Listing Rule 5450(a)(1).
The NASDAQ notice has no immediate effect on the listing or trading
of the Company's ADS. Under NASDAQ Listing Rule 5810(c)(3)(A), the
Company has a grace period of 180 calendar days, or until April 8,
2013, within which to regain compliance with the minimum bid price
rule. To regain compliance, the closing bid price of the Company's
ADS must meet or exceed $1.00 per ADS for a minimum of ten
consecutive business days during this 180-day grace period.
The Company actively monitors the price of its ADSes and will
consider available options, including, but not limited to, changing
the ADS ratio, to regain compliance with the continued listing
standards of the NASDAQ.
About Vimicro International Corporation
Vimicro International Corporation is a leading multimedia
semiconductor and solution provider that designs, develops and
markets mixed-signal semiconductor products and system-level
solutions that enable multimedia capabilities in a variety of
products for the consumer electronics and communications markets.
Vimicro is also expanding business into the surveillance market
with system-level solutions and semiconductor products. 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. Vimicro may also make written or oral
forward-looking statements in its periodic reports to the U.S.
Securities and Exchange Commission on forms 20-F and 6-K, etc., in
its annual report to shareholders, in press releases and other
written materials and in oral statements made by its officers,
directors or employees to third parties. Statements that are not
historical facts, including statements about Vimicro's beliefs and
expectations, are 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: the company's ability to develop and sell
new mobile multimedia products; the expected growth of the mobile
multimedia market; the company's ability to increase sales of
notebook camera multimedia processors; the company's ability to
retain existing customers and acquire new customers and respond to
competitive market conditions; the company's ability to respond in
a timely manner to the evolving multimedia market and changing
consumer preferences and industry standards and to stay abreast of
technological changes; the company's ability to secure sufficient
foundry capacity in a timely manner; the company's ability to
effectively protect its intellectual property and the risk that it
may infringe on the intellectual property of others; and
cyclicality of the semiconductor industry. Further information
regarding these and other risks is included in Vimicro's 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 of the date
hereof, and Vimicro undertakes no duty to update such information,
except as required under applicable law.
SOURCE Vimicro International Corporation