BEIJING, April 21, 2014 /PRNewswire/ -- Vimicro
International Corporation (NASDAQ: VIMC) ("Vimicro" or the
"Company"), a leading video processing IC and surveillance solution
provider, today announced that the Company signed an agreement
regarding SVAC-compliant chips with the First Research Institute of
the Ministry of Public Security. The signing ceremony was held on
April 18 in Beijing and was attended by: Party Secretary
Mr. Wang Gang, Director Mr. Qiu
Baoli, Deputy Director Ms. Chen Zhaowu, etc. of the First Research
Institute of Ministry of Public Security; Vimicro's CEO, Dr.
Zhonghan (John) Deng, and the
President Mr. Zhaowei (Kevin)
Jin.
![CNM014LOGO CNM014LOGO](http://photos.prnewswire.com/prnvar/20070528/CNM014LOGO)
The SVAC (Surveillance Video and Audio Coding) surveillance
standard represents one of the most important achievements in the
field of security and surveillance monitoring and it is the only
codec specifically designed for security surveillance needs. SVAC
was promulgated in 2011 as a national standard, and it was
initiated and co-developed by the First Research Institute of the
Ministry of Public Security and Vimicro, under the leadership of
the Ministry of Public Security and the Ministry of Industry and
Information Technology, with the goal of ensuring national safety
and security. To-date, SVAC has been implemented in Shanxi and Hebei provinces and in other regions to
provide public security, urban management, and in other large-scale
industrial applications. Recently, the Ministry of Public Security
selected Guangdong Province as the
first province for a national SVAC standard demonstration running
through October 2014, along with
video collection points funded by Guangdong provincial government, which
together will comprise a uniform implementation of the SVAC
national standard.
With SVAC's mature technology and increasing recognition, the
total surveillance market is at approximately 300 billion Yuan (approximately USD $50 million) in 2012 and is estimated to be
growing at an annual growth rate of approximately 20%. The close
cooperation between Vimicro and First Research Institute of the
Ministry of Public Security will continue to develop future SVAC
national standards with the respect to core chips, safety programs,
promotions, and other system features, which will benefit from both
parties' common resources, common strengths, and the promotion of
development of future SVAC-compliant products, as well as system
applications and industrial processes using video surveillance.
Moreover, SVAC sets an example for the cooperation between
government and industry on the development of national standards,
the promotion of domestic high-tech industries, and the achievement
of major successes.
About Vimicro International Corporation
Vimicro International Corporation is a leading video processing
IC and surveillance 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
applications. Vimicro has aggressively entered the surveillance
market with system-level solutions and semiconductor products to
capitalize on China's domestic
demand. Vimicro's ADSs each represent four ordinary shares and are
traded on the NASDAQ Global Market exchange 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.
Investor Contact:
Vimicro International Corporation
Mr. John Harmon, CFA, VP of
Finance
Phone: +86 186 1151 1730 (Beijing)
E-mail: john.harmon@vimicro.com
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SOURCE Vimicro International Corporation