Deswell Names Edward So Kin Chung as Chief Executive Officer
MACAO -- November 29, 2013
Deswell Industries, Inc. (Nasdaq: DSWL) today announced the appointment of
Edward So Kin Chung as Chief Executive Officer, effective December 2, 2013.
Mr. So replaces Mr. Franki Tse Shing Fung who has resigned for personal
Mr. So has been in the electronic manufacturing industry internationally and
in China for more than 15 years and has been with Deswell for 8 years. He was
recently appointed Managing Director of the electronics division. Previously,
Mr. So spent five years at Peavey Electronics in increasing roles of
responsibility and prior to that was employed at HSBC. Mr. So holds a
Bachelor's degree in Electrical and Electronic Engineering from the University
of Hong Kong, and a Master's in Business Administration from Royal Holloway,
University of London.
Mr. Tse has confirmed that there is no disagreement with the board of
directors of the Company and there are no matters that need to be brought to
the attention of the shareholders of the Company with respect to his
The board of directors of the Company would like to take this opportunity to
thank Mr. Tse for his invaluable contribution to the Company during his tenure
Deswell manufactures injection-molded plastic parts and components, electronic
products and subassemblies, and metallic products for original equipment
manufacturers (“OEMs”) and contract manufacturers at its factories in the
People’s Republic of China. The Company produces a wide variety of plastic
parts and components used in the manufacture of consumer and industrial
products; printed circuit board assemblies using surface mount (“SMT”) and
finished products such as telephones, telephone answering machines,
sophisticated studio-quality audio equipment and computer peripherals. The
Company’s customers include Vtech Telecommunications Ltd. and Lenbrook
To learn more about Deswell Industries, Inc., please visit the Company’s
website at www.deswell.com.
Statements in this press release that are "forward-looking statements" are
based on current expectations and assumptions that are subject to risks and
uncertainties. For example, our statements regarding our expected growth in
sales from the electronic and metallic division in the coming year and our
efforts to reduce overhead costs in our plastic division are forward-looking
statements. Actual results could differ materially because of the following
factors, among others, which may cause revenues and income to fall short of
anticipated levels or our overhead expenses to increase: our dependence on a
few major customers; vigorous competition forcing product price reductions or
discounts; the timing and amount of significant orders from our relatively few
significant customers; continuing increases in resin prices that cannot be
passed on to customers; unexpected production delays; obsolete inventory or
product returns; losses resulting from fraudulent activity of our customers or
employees; labor shortages that increase labor and costs; changes in the mix
of product products we manufacture and sell; adverse currency fluctuations in
the renminbi and Hong Kong dollar when translated to US dollars; potential new
accounting pronouncements; and the effects of travel restrictions and
quarantines associated with major health problems, such as the Severe Acute
Respiratory Syndrome, on general economic activity.
For further information regarding risks and uncertainties associated with the
Company’s business, please refer to the “Risk Factors” section of Company’s
Annual Report on Form 20-F, copies of which may be obtained from the Website
maintained by the Securities and Exchange Commission at http://www.sec.gov.
All information in this release is made as of the date of this press release.
Deswell undertakes no duty to update any forward-looking statement to conform
the statement to actual results or changes in Deswell’s expectations.
Institutional Marketing Services (IMS)
John Nesbett/Jennifer Belodeau
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