BEIJING, Oct. 23, 2014 /PRNewswire/ -- Vimicro
International Corporation (NASDAQ: VIMC) ("Vimicro" or the
"Company"), a leading video surveillance technology and solution
provider in China, today announced
that its joint venture, Shanxi Zhongtianxin Science and Technology
Co. Ltd. ("Zhongtianxin"), won a competitive bid to provide
SVAC-compliant video surveillance cameras and system to Chenzhou
Municipal Government in Hunan
Province on October 22, 2014,
subject to a seven day public notification period. The contract
value of this bid is RMB179 million,
or USD29.2 million approximately.
Zhongtianxin is joint venture in which Vimicro holds a 51%
stake, with the remaining 49% owned by Shanxi Guoxin Investment
Co., a Shanxi provincial
government-owned investment company. The bid is for the project of
providing total solution from cameras to back-end system including
police related applications, from Police Geographic Information
System (PGIS) to face detection/recognition, based on cloud
computing.
"We are very pleased to have won the bidding to supply our
SVAC-compliant video surveillance products and system to Chenzhou
in Hunan Province, which signals
the first city-wide adoption of SVAC national standard in
Hunan Province," commented Dr.
John Deng, Vimicro's Chairman and
CEO, "Chenzhou's SVAC project will
be the role model of SVAC adoption and its application in improving
public security and management for other municipalities in
Hunan Province. As the only proven
provider of SVAC technology and solutions in the marketplace,
Vimicro will continue to leverage its first-mover advantages to
capitalize on the megatrend of SVAC national standard adoption by
the government, to further establish itself as a leading player in
China's video surveillance
market."
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.
Contact:
Vimicro International Corporation
Investor Relations
Phone: +8610-5884-8898
E-mail: ir@vimicro.com
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SOURCE Vimicro International Corporation