SGOCO Group, Ltd. Announces: (1) Annual Shareholders Meeting; (2) Update on
Growth Initiatives; (3) New Staff Appointments
BEIJING, Dec. 24, 2012
BEIJING, Dec. 24, 2012 /PRNewswire/ -- SGOCO Group, Ltd. (Nasdaq: SGOC),
("SGOCO" or the "Company") a company focused on product design, distribution
and brand development in the Chinese flat-panel display market, today
1.Annual Shareholders Meeting
The Company's annual shareholders meeting will be held on December 28, 2012,
at 9:00 a.m. Beijing Time. The meeting will take place at the Company's
Beijing office, located at Suite 1817, Beijing Silver Tower, Chaoyang
District, Beijing, China.
The matters to be voted on at the meeting are set forth in the Company's Proxy
Statement filed with the U.S. Securities and Exchange Commission on November
26, 2012. Shareholders of record on November 16, 2012 will be eligible to vote
at this meeting.
2.Update on Growth Initiatives
The Company is transitioning to a "light-asset" business model. The Company is
implementing several strategic initiatives that are expected to drive and
contribute to its revenue and profit growth over the next 12-24 months:
1).Diversify Product Portfolio: SGOCO is expanding its existing flat-panel
display product lines to include e-boards and smart phones. The Company is
also in the stage of researching application specific products (ASPs) and
integrated solution products.
2).Broaden Customer Base: SGOCO continues to expand into the US flat-panel
display market through its US subsidiary, SGO Corp., in addition to its core
Chinese domestic customer base.
3).Increase Brand Portfolio: SGOCO intends to further enhance its brand
portfolio of five flat-panel display brands by signing licensing agreements
with new brand owners.
4).Resource Optimization: SGOCO plans to continue its efforts to reduce
costs and increase resource optimization to better serve customers and improve
overall efficiency in the areas of management, sales, brand and product
development. The change in the Company's business model from a "heavy asset"
model to a "light asset" model is expected to shift the sales and distribution
model from its current distributor-focus to a more diversified model including
direct sales to the industry end-customers with its tailor-made ASP products.
It is also anticipated the Company will change its sales and distribution team
to meet its customers' evolving needs.
Mr. Burnette Or, Chairman and Chief Executive Officer of SGOCO, commented "We
believe implementing the preceding initiatives – multi-products,
multi-channels, multi-brands and resource optimization – will establish SGOCO
as a leading innovator of flat-panel display products for years to come. We
expect to build a new sales team focusing on higher-margin products, including
ASP integrated-solution sales. We believe implementing the latest
technological innovations and developing more sophisticated flat-panel display
products will further increase our market recognition domestically and
internationally. That should result in greater revenue and profit growth in
2013 and beyond."
3.New Staff Appointments
In addition, Mr. Or stated that "we are pleased to have appointed Ms. Serena
Wu as our new Investor Relations Manager to enhance our communication with the
investment community. In addition, we are equally pleased to have appointed
Ms. Liang Cheng as our new Internal Control Manager to strengthen our overall
internal controls over financial reporting. SGOCO strives to improve
continuously the management of its business, and further enhance its public
About SGOCO Group, Ltd.
SGOCO Group, Ltd. is a company focused on product design, brand development
and distribution in the Chinese flat panel display market, including computer
monitors, TVs and application specific products. The Company sells its
products and services in the Chinese market and abroad.
For more information about SGOCO, please visit our investor relations website
Safe Harbor and Informational Statement
This press release contains "forward-looking" statements within the meaning of
Section 27A of the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934. All statements, other than statements of historical
fact, including, without limitation, those regarding the objectives, plans and
strategies of the Company set forth herein and those preceded by or that
include the words "believe," "expect," "anticipate," "future," "will,"
"intend," "plan," "estimate" or similar expressions, are "forward-looking
statements". Forward-looking statements in this release include, without
limitation, the Company's strategic initiatives and the effectiveness of the
Company's multiple-brand, multiple-channel strategy.
The Company's management believes that such forward-looking statements are
reasonable. But, it cannot guarantee that such beliefs are, or will be,
These forward-looking statements involve a number of risks and uncertainties,
which could cause the Company's future results to differ materially from those
anticipated. These forward-looking statements can change as a result of many
possible events or factors not all of which are known to the Company, which
may include, without limitation:
1. the Company's ability to successfully implement its strategic
initiatives, including designing and
successfully marketing new product lines, expand international sales and add
2. requirements or changes adversely affecting the LCD and LED market in
3. fluctuating customer demand for LCD and LED products generally;
4. our success in promoting our brand of LCD and LED products in China and
5. our success in expanding our "SGOCO Image" model;
6. our ability to maintain effective internal control over financial
7. our success in manufacturing and distributing products under brands
licensed from others;
management of rapid growth;
8. changes in government policy including policy regarding subsidies for
purchase of consumer
electronic products and local production of consumer goods in China;
9. the fluctuations in sales of LCD and LED products in China;
10. China's overall economic conditions and local market economic conditions;
11. our ability to expand through strategic acquisitions and establishment of
12.changing principles of generally accepted accounting principles;
13.compliance with government regulations;
14.legislation or regulatory environments;
15.geopolitical events; and
16. other events and factors described in the "Key Information – Risk
Factors" section in the Company's annual report on Form 20-F filed with the
U.S. Securities and Exchange Commission on August 30, 2012.
The Company assumes no obligation to update any of the information contained
or referenced in this press release.
For investor and media inquiries, please contact:
SGOCO Group, Ltd. (China)
Investor Relations Manager
Tel: +86-10-8587-0170 ext 815
US: 1- (646) 583-1616
SOURCE SGOCO Group, Ltd.
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