SGOCO Group, Ltd. Appoints Johnson Lau As Chief Financial Officer
BEIJING, July 2, 2013
BEIJING, July 2, 2013 /PRNewswire/ -- SGOCO Group, Ltd. (NASDAQ: "SGOC")
("SGOCO" or the "Company"), a company focused on building its own brands and
retail distribution network in the Chinese flat panel display market, today
announced that its board of directors appointed Mr. Johnson Lau to serve as
the Company's Chief Financial Officer ("CFO"), effective immediately, to
replace Mr. David Xu. Mr. David Xu will transition his chief financial officer
duties to Mr. Lau and serve as the Company's Chief Operating Officer.
Mr. Johnson Lau, age 39,is a Certified Public Accountant of the Hong Kong
Institute of Certified Public Accountants and CPA Australia. Mr. Lau has over
17 years of experience in the accounting profession. Mr. Lau started his
career in Deloitte in Hong Kong and Beijing from 1997 to 2004. Prior to
joining SGOCO, Mr. Lau worked in various public companies in the United States
and England as Director of Finance and CFO for nine years. He holds a bachelor
degree in commerce from Monash University, Australia.
Mr. Burnette Or, President and Chief Executive Officer of SGOCO, commented,
"We are delighted to welcome Johnson as our new CFO. We believe Mr. Lau's
strong financial management and reporting background as well as his proven
skills in communicating with the investor community will make significant
contributions to SGOCO's growth and development. "
"We are also delighted to engage our former CFO, Mr. David Xu as our new COO
effective immediately. David will be extensively involved in our sales and
operations in China in his new role, which allows the management team to be
better-positioned in achieving long-term sustainable growth and value creation
for our shareholders," Mr. Or continued.
About SGOCO Group, Ltd.
SGOCO Group, Ltd. is focused on product design, brand development and
distribution in the Chinese flat-panel display market, including computer
monitors, TVs and application specific products. SGOCO sells its products and
services in the Chinese market and abroad. For more information about SGOCO,
please visit our investor relations website http://www.sgocogroup.com.
Safe Harbor and Informational Statement
This announcement 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. These statements are made under the "safe harbor"
provisions of the U.S. Private Securities Litigation Reform Act of 1995. All
statements, other than statements of historical fact, including, without
limitation, those with respect to 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
effectiveness of the Company's multiple-brand, multiple channel strategy and
the transitioning of its product development and sales focus and to a
"light-asset" model, Although the Company's management believes that such
forward-looking statements are reasonable, it cannot guarantee that such
expectations are, or will be, correct. 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, requirements or changes adversely affecting the LCD and LED market
in China; fluctuations in customer demand for LCD and LED products generally;
our success in promoting our brand of LCD and LED products in China and
elsewhere; our ability to have effective internal control over financial
reporting; our success in designing and distributing products under brands
licensed from others; management of sales trend and client mix; possibility of
securing loans and other financing without efficient fixed assets as
collaterals; changes in government policy in China; the fluctuations and
competition in sales and sale prices of LCD and LED products in China; China's
overall economic conditions and local market economic conditions; our ability
to expand through strategic acquisitions and establishment of new locations;
changing principles of generally accepted accounting principles; compliance
with government regulations; legislation or regulatory environments;
geopolitical events, and other events and/or risks outlined in SGOCO's filings
with the U.S. Securities and Exchange Commission, including its annual report
on Form 20-F and other filings. All information provided in this press release
and in the attachments is as of the date of the issuance, and SGOCO does not
undertake any obligation to update any forward-looking statement, except as
required under applicable law.
For investor and media inquiries, please contact:
SGOCO Group, Ltd.
Investor Relations Manager
Tel: +86 (10) - 85870173 (China)
US: +1(646) - 5831616 (Voice mail)
SOURCE SGOCO Group, Ltd.
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