Vimicro Announces $29.5 Million Asset-Backed Loan.
"We are pleased to enter this loan agreement with China Construction Bank," stated Mr. Kevin Jin, Vimicro's president and Chief Operating Officer. "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 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 Global Market under the ticker symbol "VIMC."
For more information, visit http://www.vimicro.com or call 310/954-1332.
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|Date:||May 1, 2012|
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