Vimicro International Enters Into Strategic Partnership with Fuzhou Municipal Government for Security-Surveillance Facility
Vimicro International Corporation (NASDAQ: VIMC) today announced that, as part of its efforts to develop and ramp-up its surveillance business, the Company recently entered into a strategic cooperative framework agreement (the "Agreement") with the local municipal government to jointly develop, produce, and market Surveillance Video and Audio Coding (SVAC)-based security surveillance products in Fuzhou, the capital city of Fujian province. The new venture will be named Fuzhou Vimicro. Mr. Raymond Zhang, Company's Chief Technology Officer, will be responsible for leading all business and development activities in Fuzhou Vimicro.
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