BEIJING, June 1, 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 that Vimicro's Chairman and CEO, Dr. John Deng, met with China's State Councilor and Minister of Public Security, Mr. Jianzhu Meng, on May 24, 2012 in Beijing. The meeting took place before Dr. Deng delivered a speech on the Internet of Things and Public Security to a national audience of police officers, both onsite and via video conference. During the meeting, Mr. Meng highly praised the role that SVAC (Surveillance Video and Audio Coding) plays in strengthening China's law enforcement and also thanked Dr. Deng and the other scientists and engineers who participated in the development of this national standard.
Earlier this year, the Chinese Ministry of Public Security issued a "Task Mandate for All Public Security Agencies Regarding Video Image Integration and Sharing," and has officially adopted Vimicro's SVAC standard as a core required industry standard in China. Previously, the SVAC standard was approved and officially released by the Standardization Administration of China in December 2010.
"We are pleased that SVAC has been selected as a core required technology standard by the Ministry of Public Security," commented Dr. John Deng, Vimicro's Chairman and CEO. "We firmly believe that SVAC will significantly advance the domestic surveillance market and that the use of SVAC-based chips and related products will become commonplace in China. We look forward to SVAC chips and products also becoming a significant growth driver for Vimicro as we further develop the technology."
The Surveillance Video and Audio Coding (SVAC) is the first national standard for the Chinese security and surveillance industry and is considered crucial for the establishment of the public security and criminal prevention system in China. SVAC has been approved and officially released by the Standardization Administration of China and the first Research Institute of the Ministry of Public Security of China. SVAC was initiated and co-developed by Vimicro and the Ministry of Public Security, along with contributions from more than 40 scientific research institutes, universities and security industry companies. SVAC aims to promote the orderly development of the surveillance industry in China, while enabling greater interconnectivity and providing more intelligent data analysis through the use of digital technologies and rules-based processes. SVAC is also the first fundamental technology that will enable surveillance's transition from the analog world to a fully digital, high definition, open and intelligent surveillance network. SVAC is the preferred protocol in Chinese government contracts and available to all companies participating in the surveillance industry in China.
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."
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.
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