UPDATE: OmniVision Reports Receipt of Non-Binding $29/Share Cash Offer from Group Led by HCM

OmniVision Technologies,Inc. (NASDAQ: OVTI), a leading developer of advanced digital imagingsolutions, today announced that its board of directors has received apreliminary non-binding proposal letter dated August 12, 2014 from Hua CapitalManagement Ltd. ("HCM"), a Beijing-based investment management company,pursuant to which a group of investors led by HCM proposes to acquire all ofthe outstanding shares of common stock of the Company in cash, at US$29.00 pershare. The investment group led by HCM includes Shanghai Pudong Science andTechnology Investment Co. Ltd., a wholly state-owned limited liabilitycompany, established directly under the Pudong New Area government ofShanghai.The Company's board of directors is reviewing and evaluating HCM's proposal.No decision has been made with respect to the proposed transaction. There canbe no assurance that any definitive offer will be made, that any agreementwill be executed or that this or any other transaction will be approved orconsummated. The Company does not undertake any obligation to provide anyupdates with respect to this or any other transaction, except as requiredunder applicable law.The Company has retained J.P. Morgan Securities LLC as its financial advisor,and Wilson Sonsini Goodrich & Rosati, P.C. as its legal counsel.