Vimicro Announces Strategic Alliance Agreement With State Grid Hunan Electric Power Corporation Of China
Beijing /PRNewswire/ - Vimicro International Corporation (NASDAQ: VIMC) ("Vimicro" or the "Company"), a leading video surveillance technology and solution provider in China, today announced that the Company has signed a strategic alliance agreement with State Grid Hunan Electric Power Corporation to jointly develop video surveillance applications and systems for the electric power industry based on China's national SVAC (Surveillance Video and Audio Coding) video surveillance technology standard.
Dr. John Deng, Vimicro's Chairman and CEO, commented, "We are pleased to form this strategic alliance with the State Grid Hunan Electric Power Corporation, which is a testament of the adoption of the SVAC national video surveillance technology standard by China's electric power industry. As a co-leading developer of China's SVAC national standard, Vimicro has continued this leadership in China's fast growing security and surveillance market, leveraging our proprietary multimedia processor technology. Given heightened concerns for public security in China and the central government's push for the nationwide adoption of this national standard, Vimicro will continue to benefit from the accelerated adoption of SVAC-compliant video surveillance products by a growing number of provinces and industries. We also aim to further leverage our first-mover advantage and brand recognition in China's marketplace in order to create long-term value for our shareholders," concluded Dr. Deng.
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."
About State Grid Hunan Electric Power Corporation
State Grid Hunan Electric Power Corporation is a wholly owned subsidiary of State Grid Corporation of China, engaging in power supply services encompassing construction, operation, and management of the power grid in Hunan Province. It has 45,000 employees with 33 divisions of power generation, power grid construction, and research centers, 6 controlled subsidiaries, and 24 county power companies. Its service area covers 96% of the provincial population.
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