BEIJING, July 6, 2015 /PRNewswire/ -- Vimicro
International Corporation ("Vimicro" or the "Company") (NASDAQ:
VIMC), a leading video surveillance technology and solution
provider, today announced that a special committee of independent
directors of the Company's board of directors (the "Special
Committee") has retained Duff & Phelps, LLC and Duff &
Phelps Securities, LLC (collectively referred to as "Duff &
Phelps") as its financial advisor and Kirkland & Ellis
("Kirkland & Ellis") as its legal counsel.
As previously announced, the Company's board of directors formed
the Special Committee to consider a "going-private" transaction
(the "Transaction") for $3.375 in
cash per ordinary share or $13.50 in
cash per American depositary share (each representing four ordinary
shares), proposed by Dr. Zhonghan (John)
Deng, the Company's founder, chairman and chief executive
officer and, Zhaowei (Kevin) Jin,
the Company's co-chief executive officer in a preliminary
non-binding proposal letter, dated June 21,
2015.
Duff & Phelps and Kirkland & Ellis will assist the
Special Committee in its work in connection with the Transaction
and any potential alternatives. No decisions have been made by the
Special Committee with respect to the Company's response to the
Transaction. There can be no assurance that any definitive offer
will be made, that any agreement will be executed or that this or
any other transaction will be approved or consummated. The Company
does not undertake any obligation to provide any updates with
respect to this or any other transaction, except as required under
applicable law.
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 increase its
sales of PC camera processors, as well as video surveillance
products; the expected growth of the video surveillance market; 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
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 and
fluctuations in the markets in which the Company competes. 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