BEIJING, Jan. 3, 2014 /PRNewswire/ -- SGOCO Group, Ltd.
(Nasdaq: SGOC) ("SGOCO" or the "Company"), a company focused on
product design, distribution and brand development in the display
market, today announced that Mr. Burnette
Or will step down as Chief Executive officer ("CEO") and as
a member of the Board of Directors, due to his health reasons. The
Board has named Mr. David Xu,
currently SGOCO's Chief Operating Officer ("COO"), to serve as a
Director, CEO and President, effective January 1, 2014. In addition, the Company also
announced that Mr. Tin Man Or has been appointed Chairman of the
Board, also effective January 1,
2014, replacing Mr. Burnette
Or, who will act as an advisor for the Board over the next
twelve months.
Prior to his recent appointment as Chairman, Mr. Tin Man Or
previously served as a director of the Board since April 1, 2010. Mr. Or has over 35 years of
experience in the investment and marketing of the display and
trading industries throughout Greater
China. Mr. Or also owns Sun Zone Investments Limited, which
is the major shareholder of SGOCO Group, Ltd. From 2005 to 2011, he
served as General Manager of Honesty Holdings Group Limited
("Honesty Group") before SGOCO's sale of Honesty Group and
transformation into a light-asset business model. Before 2005, Mr.
Tin Man Or served as General Manager in various private companies
incorporated in Hong Kong that
were engaged in investments and general trading businesses.
Mr. David Xu served as the
Company's CFO for over 2 years whereby he oversaw the financial
management of SGOCO and successfully transformed the Company's
business model and bolstered its investor relations efforts to
achieve a higher level of visibility within the investor community.
In July 2013, David was appointed as
COO, where he played a key role in implementing SGOCO's
four-pronged growth strategy, which expanded our distribution
networks and propelled the Company towards higher growth
industries. Prior to joining SGOCO in May
2011, David served a number of important corporate
management roles in the past 20 years including his 10-year tenure
with General Electric since 1992, CFO of China Maple Leaf
Educational Systems and CFO of the World Bank IFC/CUNA Mutual
Insurance joint venture company. David has also acted as an
independent consultant advising clients including Manulife
Financial, Zurich Financial Services and TD Bank Financial
Group.
Mr. Burnette Or, outgoing
Chairman and CEO, commented on the announcement, "Both Mr. Or and
David have accumulated a wealth of experience in the industry, and
both have played key roles in shaping SGOCO's business and growth
strategies over the past few years. I am very pleased with these
appointments, and I am confident that they will strengthen our
Board and continue to excel in their new roles as we execute our
growth strategies. We are progressing quickly to move up the value
chain with our products in the display market, and having Mr. Or
and David more involved will be invaluable in helping the Company's
transition into the next phase of growth."
"On behalf of the Board of Directors," said Mr. Tin Man Or, "we
wish to thank Burnette for his many years of leadership at SGOCO,
and wish him a speedy recovery so that he may return to serve the
Company as senior management in future. In addition, we are very
pleased to have his continued support as advisor for the next
twelve months to facilitate the transition."
Regarding David's appointment, Mr. Or continued, "After a
lengthy evaluation of internal and external candidates, we have
determined that David is the perfect fit for the role of CEO.
David's tenure at SGOCO equips him with a deep understanding of our
operations, along with the financial strategy associated with our
ongoing growth initiatives. During the past year, SGOCO has
witnessed record levels of growth, breakthroughs in product
development and the creation of a robust sales team under David's
leadership. I look forward to working more closely with David in
his new role, and I am confident that he will continue to execute
the growth strategies and lead us through the transformation into a
light asset market leader in the display solution market."
Mr. David Xu, the Company's newly
appointed CEO said, "It is an honor for me to take up this
position, and take on a bigger role in leading SGOCO during this
exciting time. I believe SGOCO is in the right market, targeting
the right group of customers at the right time, and our business
strategies continue to show promising progresses both operationally
and financially with improvement in financial gains. I will
continue to build further on Burnette's achievements to focus on
leveraging our unique position to transform our Company into a
total display solution partner of choice for new industry
verticals, channel and retail customers."
ABOUT SGOCO GROUP, LTD.
SGOCO Group Ltd. (NASDAQ: SGOC) offers innovative display
products and solutions to consumers and businesses in various
industry verticals. By collaborating with its brand partners and
utilizing comprehensive industry knowledge in product development,
SGOCO addresses customers' rapidly-changing display needs by
delivering highly intelligent products and solutions that integrate
hardware and software in SGOCO's own brand and licensed brands.
Leveraging on its highly integrated distribution channels, SGOCO
primarily targets China's
rapidly-emerging tier three and four cities in China. SGOCO is also regarded as a reliable
brand developer. SGOCO was established in 2005 and maintains its
headquarters in Beijing, China.
For more information about SGOCO, please visit our investor
relations website http://www.sgocogroup.com.
For investor and media inquiries, please contact:
SGOCO Group, Ltd.
Serena Wu
Investor Relations Manager
Tel: +86 (10) - 85870173 (China)
US: +1 (646) - 5831616 (Voice mail)
Email: ir@sgoco.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 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
trends and client mix; possibility of securing loans and other
financing without fixed assets as collateral; 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; 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.
SOURCE SGOCO Group, Ltd.