BEIJING, July 25, 2013 /PRNewswire-FirstCall/ -- Vimicro
International Corporation (NASDAQ: VIMC) ("Vimicro" or the
"Company"), a leading image processing IC and surveillance solution
provider, today announced that it has commenced the deployment of a
technology solution based on SVAC (Surveillance Video and Audio
Coding) and that its Zhongtianxin Science and Technology Co., Ltd.
("ZTX") joint venture has received a large order for SVAC-based
video surveillance products and solutions, valued at approximately
USD $20 million.
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ZTX has signed an agreement with the Public Security Bureau of a
large Chinese city for the first phase of a major
video-surveillance system, to be installed along highways,
sidewalks, and at key public facilities. The project will be
completed in three stages-analysis and work allocation, project
implementation, and system test-which are expected to be completed
during the next two months. The city government's plan calls
for the implementation of a large-scale SVAC-based surveillance
system over the next three years.
The project will feature SVAC technology, which is a core
standard for video surveillance in China, co-developed by Vimicro and the
Ministry of Public Security, along with contributions from more
than 40 scientific research institutes, universities, and
security-industry companies. For the past two years, Vimicro has
installed many SVAC test sites across China and recently completed a successful
field-trial of the SVAC standard.
"We are pleased to have been selected as the primary technology
and solution provider for this major video-surveillance system in a
large Chinese city. This represents the first major citywide
surveillance system employing our national SVAC technology
standard," commented Dr. John Deng,
Vimicro's Chairman and Chief Executive Officer. "This key
project is a major validation of the SVAC standard and also of
Vimicro's technology and capabilities and marks the start of a wave
of SVAC deployment."
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.
Company
Contact:
Vimicro International
Corporation
Mr. David Tang, Chief
Strategy Officer Phone: +86
(10) 6894 8888 ext. 8811
E-mail:
tangzhenyu@vimicro.com
Ms. Serena Zhang,
Investor Relations Assistant
Phone: +86 (10) 6894
8888 ext. 7552
E-mail:
zhangna@vimicro.com
www.vimicro.com
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Investor Contact:
CCG Investor
Relations
Mr. John Harmon, CFA,
Sr. Account Manager
Phone: +86 (10) 8573
1014 (Beijing)
E-mail:
john.harmon@ccgir.com
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SOURCE Vimicro International Corporation