Vimicro International, a PC-camera processor and IP-based surveillance solution provider, announced that its subsidiary Vimicro Electronics has secured a major government purchase contract from the Jinzhong City Public Security Bureau of Shanxi province to provide surveillance video and audio coding (SVAC)-based security surveillance products and services.
Vimicro International, a PC-camera processor and IP-based surveillance solution provider, announced that its subsidiary Vimicro Electronics has secured a major government purchase contract from the Jinzhong City Public Security Bureau of Shanxi province to provide surveillance video and audio coding (SVAC)-based security surveillance products and services.
Vimicro Electronics, together with local partners, including Jinzhong broadcast and TV network will develop the Project. Vimicro Electronics will supply the products and services for the project, including key video surveillance-related hardware and software. Vimicro Electronics's portion of the contract value will be US $6.23 million (RMB 39.49 million), out of a total contract value of US $13.1 million (RMB 82.5 million), which will be shared by all partners. To work on the project is expected to be completed by the end of February 2013.
"We are pleased to receive this significant contract from a local government entity," said David Tang, CFO of Vimicro. "The award of this project shows that Vimicro's surveillance technology is achieving recognition by the market, especially by the important public security sector we are targeting. We look forward to working with our partners to implement a surveillance system centered on our SVAC-based products and services. The success of this implementation should enable Vimicro to secure additional surveillance contracts in the future."