BEIJING, June 26, 2014 /PRNewswire/ -- Vimicro
International Corporation (NASDAQ: VIMC) ("Vimicro" or the
"Company"), a leading video surveillance technology and solution
provider, today announced that its joint venture, Shanxi
Zhongtianxin Science and Technology Co., Ltd. (Zhongtianxin), has
won two contracts to provide SVAC-compliant video surveillance
products and systems for traffic control in Taiyuan City,
aggregated to USD 14.21 million
approximately.
Zhongtianxin is a 51% joint venture owned by Vimicro, and 49%
owned by Shanxi Guoxin Investment Co., a state-owned investment
company of Shanxi Province. One
contract is to cover 28 streets of video surveillance valued at
RMB 76.68 million, or USD 12.37 million approximately, with the other
covering 3 streets valued at RMB 11.42
million, or USD 1.84 million
approximately. SVAC is China's
national video surveillance technology standard, standing for
Surveillance Video and Audio Coding, promulgated in May 2011.
"We are pleased to announce two contract wins to supply
SVAC-compliant video surveillance products for traffic control in
Taiyuan. As one of the only two co-leading developers of
China's SVAC national standard and
the only SVAC technology and solution provider, Vimicro is working
with various cities in Shanxi to
roll out SVAC-compliant video surveillance systems for public
security in an orderly manner. Along with this orderly roll-out, we
are also seeing a great opportunity of SVAC adoption in other
sectors and applications in these cities, such as traffic control
and commercial use. The two contract wins is a validation of this
opportunity captured in expanded SVAC adoption to other sectors,"
commented Dr. John Deng, Vimicro's
Chairman and CEO. "We will continue to leverage our first-mover
advantages in China's SVAC
national standard adoption to further penetrate China's video surveillance market, from both
geographic and sector perspectives, to create long-term value for
our shareholders.".
About Vimicro International Corporation
Vimicro International Corporation (NASDAQ: VIMC) is a leading
video surveillance technology and solution provider that designs,
develops and markets a full range of video surveillance products
and solutions to governments, private enterprises, and consumers in
China. Vimicro co-developed SVAC
(Surveillance Video and Audio Coding), the national video
surveillance technological standard, which demonstrates its unique
strengths in proprietary multimedia IC technology, making it a
leader in China's fast-growing
security and surveillance market. Vimicro is headquartered in
Beijing, China and has
subsidiaries and offices throughout China and in Silicon Valley. 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:
Mr. John Harmon, CFA, VP of
Investor Relations
Phone: +86 (186) 1151 1730 (Beijing)
E-mail: ir@vimicro.com
Investor Contact:
Ms. Daisy Wang, IR Manager
Phone: +8610-5884-8898 Ext: 3036
E-mail: ir@vimicro.com
SOURCE Vimicro International Corporation