BEIJING, July 30 /Xinhua-PRNewswire-FirstCall/ -- Vimicro International Corporation (Nasdaq: VIMC), a leading fabless semiconductor company that designs and develops multimedia semiconductor products and solutions, today announced the appointment of David Tang as Chief Financial Officer and Vice President effective August 1, 2008. Mr. Tang replaces Quincy Tang, who will leave the Company effective July 31, 2008 to pursue other opportunities.
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“We are pleased to welcome David as our new Chief Financial Officer. David’s extensive experience in financial functions both domestically in China and with U.S. and Hong Kong listed companies makes him ideally suited to lead our accounting and finance efforts as we continue to grow,” said Dr. John Deng, Vimicro’s Chairman and Chief Executive Officer. “I would also like to thank Quincy for his dedication with Vimicro, during which he has made efforts to shorten the audit process and put in place the team, systems and controls that will make this an easy transition.”
Prior to joining Vimicro, Mr. Tang served as the Chief Financial Officer of CNinsure Inc. a NASDAQ listed company operating in China. Prior to CNinsure, Tang has also served as the Chief Financial Officer in two other companies, including: IRICO Group, a Hong Kong and China listed company, and Chinasoft International, a Hong Kong listed company. Prior to those positions, he was an equity research analyst at Merrill Lynch & Co. in New York. Mr. Tang received his MBA degree from Stern School of Business, New York University.
About Vimicro International Corporation
Vimicro International Corporation is a worldwide leading fabless semiconductor company that designs, develops and markets proprietary embedded multimedia signal processing chips and solutions that enable multimedia applications for mobile phones over 2.5G/3G networks and PCs over broadband Internet. Vimicro’s ADSs, each of which represents four ordinary shares, are currently trading on the NASDAQ Global Market under the ticker symbol “VIMC.”
Forward-Looking Statements
This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "confident" and similar statements. Among other things, the quotations from management in this announcement, as well as Vimicro’s expectations and forecasts, contain forward-looking statements. Vimicro may also make written or oral forward- looking statements in its periodic reports to the U.S. Securities and Exchange Commission on forms 20-F and 6-K, etc., in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about Vimicro’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward- looking statement, including but not limited to the following: our limited history of achieving net profit; our growth strategies; our future business development, results of operations and financial condition; our ability to develop and sell mobile multimedia processors that meet changing consumer preferences and industry standards; decrease in the demand for our notebook and PC camera multimedia processors and third-party image sensors which we bundle with some of our PC camera multimedia processors; that multimedia opportunities associated with the 3G build out in China will make a significant contribution to our longer-term growth; our ability to increase our penetration of the PC and notebook multimedia markets; our ability to secure sufficient foundry capacity in a timely manner; our ability to maintain existing customers and attract new customers; and the expected growth of the mobile multimedia processor market. Further information regarding these and other risks is included in our annual report on Form 20-F filed with the Securities and Exchange Commission. Vimicro does not undertake any obligation to update any forward-looking statement, except as required under applicable law. All information provided in this press release is as of July 29, 2008, and Vimicro undertakes no duty to update such information, except as required under applicable law.
For further information about Vimicro, please contact:
Investor Contact:
Ryan Bright
Shelton Group Investor Relations
Tel: +1-972-239-5119 x159
Email: rbright@sheltongroup.com
