27 Apr, 2012, 08:00 ET
BEIJING, April 27, 2012 /PRNewswire-Asia-FirstCall/ -- Vimicro International Corporation (NASDAQ: VIMC) ("Vimicro" or the "Company"), a leading multimedia semiconductor and IP-based surveillance solution provider, today announced the signing of a strategic cooperative agreement (the "Agreement") with Tianjin Samsung Techwin Opto-Electronic Co., Ltd. outlining broad-based cooperation in the areas of technology, products, and business development. Tianjin Samsung Techwin Opto-Electronics Co., Ltd. ("Samsung") is a joint venture that was founded by Samsung Techwin Co., Ltd. and Tianjin Zhonghuan Electronic Information Group in 2008.
Through this strategic partnership, Vimicro and Samsung will engage in comprehensive cooperation, collaborating both domestically and internationally on technology, products, and business practices, as well as jointly developing products for the China security surveillance market. For example, the companies will jointly focus on improving sales of Samsung's front-end surveillance equipment and Vimicro's ViSS large-scale video surveillance platform and NVR bulk-storage network video storage and management platform.
According to the Agreement, Samsung and Vimicro will improve the compatibility of their respective existing network-based surveillance products and jointly develop new functions with broader compatibility. In terms of technology and product development, Samsung will primarily focus on front-end surveillance equipment and Vimicro will primarily focus on security surveillance system platform development.
"We are pleased to have established this important strategic partnership with Samsung," said Mr. Jiaowei (Kevin) Jin, Vimicro's President and Chief Operating Officer. "By leveraging Samsung's world-class technology and R&D capabilities along with our domestic leading market position, we look forward to developing even more-advanced security surveillance products and integrated solutions for our industry clients, as well as expanding the Chinese security surveillance market."
About Tianjin Samsung Techwin Opto-Electronics Co., Ltd
Tianjin Samsung Techwin Opto-Electronics Co., Ltd. was jointly founded by Samsung Techwin Co., Ltd. and Tianjin Zhonghuan Electronic Information Group in 2008 with a total investment of $25 million and registered capital of $10 million. The company is affiliated to Samsung of South Korea and specializes in the production and sale of diverse optoelectronics and digital products, e.g. closed-circuit television (CCTV), mobile phone cameras, video presenters, digital cameras, etc. The company, on the basis of its advanced optical and digital imaging technologies, continues to develop and produce a wide range of high-quality security monitoring products, which are widely used in public security organizations, government departments, financial institutions, etc.
About Vimicro International Corporation
Vimicro International Corporation is a leading multimedia semiconductor and 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 markets. Vimicro is aggressively expanding business into the surveillance market with system-level solutions and semiconductor products to capitalize on China's domestic demand. Vimicro's ADSs, each of which represents four ordinary shares, are currently trading on the NASDAQ Global Market under the ticker symbol "VIMC."
SOURCE Vimicro International Corporation
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