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News Breaks | | | | September 12, 2012 | | 08:06 EDT |  | VIMC | Vimicro establishes subsidiary in Shanxi province
Vimicro announced that the company recently entered into a strategic cooperative agreement with Shanxi Guoxin Investment to establish a subsidiary to develop, produce and market Surveillance Video and Audio Coding. This subsidiary will be located in Taiyuan, the capital city of Shanxi province. Vimicro Corporation, Guoxin Group, and VMF Consulting Company will each make cash capital contributions of RMB 26M, RMB 98M and RMB 4M, respectively, to the subsidiary. In addition, Vimicro will also provide certain intellectual property, appraised at RMB 72M by an independent third-party valuation firm, as part of its capital contribution to the subsidiary. | |
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