The very latest in digital, audio, and video compression technology is coming to China from California. On December 20, 2002, U.S. Commercial Service officials presided over the signing ceremony of a $2.185 million sales contract between San Jose, CA-based company, Vweb and Hangzhou, China-based company, Handsome Electronics Inc. (Handsome) in Beijing, China.
Hangzhou, long renowned for its scenic mountains and beautiful lake, will now also be known as leader in cutting-edge video compression technology products. The deal will allow Handsome to incorporate VWeb's state-of-the-art MPEG-4 chips into its teleconferencing, surveillance, and stream media systems that require the latest in video compression technology. VWeb's founder, president, CEO, and Chairman, Ms. Sho Long Chen, told U.S. Commercial Service officials that the chips sold to Handsome were just made available in November 2002 and were featured at this year's COMDEX show in Las Vegas, Nevada. Ms. Chen further stated that although VWeb had signed other contracts in China, the deal with Handsome was the most significant.
Handsome first learned of Vweb, a leader in MPEG compression and broadband video networking technologies, from the internet. However, it was through participation in the U.S. Commercial Service's International Buyer Program (IBP) in November 2002 that Handsome's chairman, Mr. Zhenggang Peng had the opportunity to meet with VWeb both at COMDEX and at VWeb's facility in San Jose, CA. As a result of Mr. Peng's trip to the U.S., VWeb and Handsome were able to agree on a meeting in Beijing that resulted in the signing of this contract. Handsome's General Manager, Mr. Zhong, expressed his gratitude to the U.S. Commercial Service for inviting Handsome to participate in IBP delegation to the United States and for its continued support in finding more U.S. partners such as VWeb.
Founded in January 1998 by Dr. Sho Long Chen, VWeb is the leading silicon provider of MPEG compression technologies for digital entertainment and video over IP applications. VWeb compression technologies enable video capture, storage, transmission, receiving and display for end-to-end, seamless video distribution solutions. VWeb's chips can be used everywhere in PC-based capture and compression devices, video cameras, camcorders, surveillance cameras, PVRs, DVRs, DVD-recorders, network routers and switches, video servers, set-top boxes, Internet appliances and home gateways.
Handsome is one of the top software companies in China, specializing in software solutions for securities, banking, CTI, and transportation. It is also an important software and system integration provider to telecomunications, post, and government customers. It ranked 24th in the top 100 software enterprises in China, according to a ranking by China's Ministry of Information Industry (among the top 20 are susidiaries of large multi-national companies such as Microsoft, Oracle and also traditional telecom equipment manufacturers such as Zhongxing Telecom). Handsome is a three time recepient of National Science and Technology Innovation Fund grants, and twice-recepient of Torch High-tech grants of the Chinese government.
For VWeb, the contract signifies its industry-leading role in MPEC-4 technology. For Handsome, the contract allows the company to provide video products that incorporates leading edge technology that surpasses its competition.
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