BEIJING, Nov. 1, 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 that its subsidiary Vimicro
Electronics Corporation has secured a major government purchase
contract (the "Contract") from the Jinzhong City Public Security
Bureau of Shanxi province to
provide Surveillance Video and Audio Coding (SVAC)-based security
surveillance products and services (the "Project").
Vimicro Electronics Corporation, together with local partners,
including Jinzhong Broadcast and TV Network Co., Ltd., will develop
the Project. Vimicro Electronics Corporation will supply the
products and services for the Project, including key video
surveillance-related hardware and software. Vimicro
Electronics Corporation's portion of the contract value will be US
$6.23 million (RMB 39.49 million), out of a total contract value
of US $13.1 million (RMB 82.5 million), which will be shared by all
partners. Work on the Project is expected to be completed by
the end of February 2013.
"We are pleased to receive this significant contract from a
local government entity," said David
Tang, Chief Financial Officer of Vimicro. "The award
of this project shows that Vimicro's surveillance technology is
achieving recognition by the market, especially by the important
public security sector we are targeting. We look forward to working
with our partners to implement a surveillance system centered on
our SVAC-based products and services. The success of this
implementation should enable Vimicro to secure additional
surveillance contracts in the future."
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 PC/Notebook, consumer electronics and surveillance
markets. Vimicro is aggressively expanding business into the
surveillance market with system-level solutions and semiconductor
products to capitalize on China's
domestic demand. 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