SGOCO Group, Ltd. Relocates Corporate Headquarters to Beijing
--Move Expected to Enhance Sales and Marketing Efforts for Higher Margin Application Specific Products--
BEIJING, Feb. 3, 2012 /PRNewswire-Asia-FirstCall/ -- SGOCO Group, Ltd. (NASDAQ: SGOC), (the "Company" or "SGOCO"), a company focused on building its own brands and retail distribution network in the Chinese flat panel display market, including LCD/LED monitors, TVs, and application specific products, today announced that the Company has relocated its corporate headquarters from Jinjiang, Fujian Province to Beijing, China. Additionally, the company has established a subsidiary, Beijing SGOCO Image Technology Company Ltd., to focus on building out its institutional sales and retail distribution network with particular focus on the high margin application specific sector. Most of the Company's executive management team including the institutional sales and finance teams will be based out of SGOCO's new corporate headquarters located at 14/F, Building #4, Beijing International Center, No. 38 East 3rd Ring Road North, Chaoyang District, Beijing, China.
Mr. Or, President and Chief Executive Officer of SGOCO commented, "We have taken a number of steps in recent months to enhance our strategic operating model and sales opportunities. Following the sale of our manufacturing facilities in November, we are now better positioned to concentrate on improving margins through increased sales of our own brands. Building on that effort, we are developing higher margin application specific products that combine hardware and software to meet the specific needs of institutional customers. Our R&D team has developed new products such as digital blackboards and tablet PC's that are customized for institutional clients such as schools and corporations. With our corporate headquarters in Beijing and a dedicated sales & marketing team working out of our new subsidiary, we are looking forward to greater success in securing institutional product orders with national reach. We believe following a strategy centered on our own brands, distribution and innovative products will drive sales and profit growth in the months and years ahead."
About SGOCO Group, Ltd.
SGOCO Group, Ltd. is focused on developing its own brands and distribution in the Chinese flat panel display market. Our main products are LCD/LED monitors, TVs, and other application specific products. Our target markets are Tier 3 and Tier 4 cities where we compete by providing high quality products at competitive prices.
For more information about SGOCO, please visit http://www.sgocogroup.com
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 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," "intend," "plan," "estimate" or similar expressions, are "forward-looking statements". Forward-looking statements in this release include, without limitation, the success of securing business and government product orders and the Company's multiple-brand, multiple channel strategy. 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 success in expanding our "SGOCO Image" model; our success in manufacturing and distributing products under brands licensed from others; management of rapid growth; changes in government policy including policy regarding subsidies for purchase of consumer electronic products and local production of consumer goods in China; the fluctuations in sales 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 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 April 29, 2011. The Company assumes no obligation to update any of the information contained or referenced in this press release.
SGOCO Group, Ltd. (China)
Bill Krolicki , VP of Finance
Phone: + 86-10-8587-0173
SGOCO Group Investor Relations Department
SOURCE SGOCO Group, Ltd.
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