Vimicro Announces $29.5 Million Asset-Backed Loan.The loan has a 5-year term with an annualized variable interest rate equal to 105% of the benchmark lending rate designated by the People's Bank of China The People's Bank of China (PBC or PBOC) (Simplified Chinese: 中国人民银行; Traditional Chinese: (currently 6.9%). Under the terms of the loan agreement, the proceeds will be used to fund the research and development of SVAC SVAC Sedona Visual Artists' Coalition (Sedona, AZ)
SVAC Shared Virtual Array Console (The Surveillance Video and Audio Coding) project, including the construction and outfitting of an R&D facility. The first disbursement of RMB RMB Right Mouse Button
RMB Regional Management Board (USACE)
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RMB Ren Min Bi (currency of People's Republic of China) 30 million has already been transferred to the company.
"We are pleased to enter this loan agreement with China Construction Bank," stated Mr. Kevin Jin, Vimicro's president and Chief Operating Officer Chief Operating Officer (COO)
The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. . "The SVAC Project is a key project for Vimicro's future growth and development in the domestic surveillance market. With this timely financial support, we are confident that we can successfully and efficiently complete the project's construction. We will strictly honor our commitments to CCB CCB Calcium channel blocker, see there and look forward to making the SVAC Project a key driver for Vimicro's future growth."
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 NASDAQ
in full National Association of Securities Dealers Automated Quotations
U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on Global Market under the ticker symbol "VIMC."
For more information, visit http://www.vimicro.com or call 310/954-1332.