BEIJING, Aug. 12, 2014 /PRNewswire/ -- Vimicro
International Corporation (NASDAQ: VIMC) ("Vimicro" or the
"Company"), a leading video surveillance technology and solution
provider, today announced the appointment of Grant Thornton, China member firm of Grant Thornton
International ("Grant Thornton") as
its independent registered public accounting firm, effective
August 12, 2014. Grant Thornton has replaced the Company's
previous independent registered public accounting firm, Ernst &
Young Hua Ming LLP ("Ernst & Young").
Ernst & Young's report on the Company's consolidated
financial statements for the past two years did not contain any
adverse opinion or a disclaimer of opinion and was not qualified or
modified as to uncertainty, audit scope, or accounting principles.
In the Company's two most recent fiscal years and subsequent
interim period preceding the appointment of the new auditor, there
have not been any disagreements between Vimicro and Ernst &
Young on any matter of accounting principles or practices,
financial statement disclosure, or auditing scope or procedures
that would have caused Ernst & Young to make reference to the
subject matter of the disagreement in connection with its report on
the Company's consolidated financial statements. The appointment of
Grant Thornton to replace Ernst
& Young has been approved after thorough evaluation by the
audit committee, with the concurrence of the board of directors of
the Company. Grant Thornton has
begun providing services to the Company and is working closely with
Ernst & Young to ensure a seamless transition.
"We have had a positive working relationship with Ernst &
Young and appreciate their services during the past few years,"
commented Dr. John Deng, Vimicro's
Chairman and CEO. "Moving forward, the board believes that
Grant Thornton will offer our
shareholders a strong combination of quality services, dedicated
resources, and cost-efficiency. We look forward to working with
Grant Thornton."
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."
About Grant Thornton
Grant Thornton, China firm of Grant Thornton International, is
headquartered in Beijing, with
approximately 150 partners and 3,000 professionals in 19 offices in
China. Grant Thornton offers a full range of services
including assurance, tax, advisory, asset valuation and project
cost management. Grant Thornton
serves a broad client base that encompasses more than 140 public
companies and over 2,000 state owned enterprises (SOEs) and
privately held businesses, as well as foreign-invested enterprises,
including US-listed companies such as Yanzhou Coal Mining Co., Ltd.
(NYSE: YZC), e-Future Information Technology Inc (Nasdaq: EFUT),
China Finance Online Co., Ltd. (NASDAQ:JRJC), etc., and HK-listed
companies such as Brilliance China Automotive Holdings Ltd.
(1114.HK), SINOPEC Engineering (Group) Co., Limited (02386.HK),
Geely Automobile Holdings Ltd. (0175.HK), Yanzhou Coal Mining Co.,
Ltd. (1171.HK), etc..
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.
Contact:
Vimicro International Corporation
Ms. Daisy Wang, IR Manager
Phone: +8610-5884-8898 Ext: 3036
E-mail: ir@vimicro.com
SOURCE Vimicro International Corporation