SHENZHEN, China, Dec. 22, 2015 /PRNewswire/ -- SGOCO Group, Ltd.
(Nasdaq: SGOC), ("SGOCO" or the "Company") a company focused on
product design, distribution and brand development in the Chinese
display and computer product market, today announced that the Board
of Directors has appointed Mr. Cheng Kim
Sing (Eric) as an Independent Director of the Company,
effective December 22, 2015, to
replace Ms. Wai Man (Helen)
Hsu, who had resigned from the Board for personal reasons and
confirmed no disagreements with the Company. The Company also
announced that the Board of Directors has appointed Mr.
Wai Hok Fung as an independent
member to the Company's Board of Directors effective December 22, 2015
Mr. Cheng is a professional accountant of Hong Kong and China and
has over 15 years of experience in finance and
accounting responsibilities. Prior to joining the
commercial filed, Mr. Cheng had been professionally trained in two
audit firms. After that in 2004, he joined Formosa
Handbag Company Limited which is one of major subcontractor of Nike
Inc. in China. Subsequently in 2007, Mr. Cheng
joined Wofoo Plastics Limited which is the largest PVC compound
producer in the Great China. From 2008 till now, Mr.
Cheng is the Finance Manager of Good View Fruits Company Limited
which is the top-tier fruits wholesaler and manufacturer in
Hong Kong and Macau.
Mr. Wai is an expert in solar industry, dredging, highway
construction and power stations projects. Mr. Wai also has
many years of experience in M&A, fund raising and pre-IPO deal.
In the early 2008, he set up Hebort International Ltd, a
Hong Kong based company which
associates with a few of China State Owned Enterprises include
China Harbour, China Communication
Construction, CNTIC and Shenhua group. Hebort later becomes a
partner of Silverbear Capital and strategic partner of UNIDO in
exploring solar, Green and energy saving industry for more than 6
years. Mr. Wai still serves as the director of Wahfong
Industrial Development Co Ltd based in Guangdong China for luxury garment
business.
Mr. Shi-Bin Xie, Chief Executive
Officer of SGOCO, commented, "I would like to welcome Mr. Cheng and
Mr. Wai to the SGOCO Board. We are confident that his strong
financial background and industry expertise will prove valuable as
the Company continues to expand its position in the Chinese display
and computer product market. I also want to thank Ms. Wai Man (Helen) Hsu for her contributions during
her tenure as a Director of the Company and wish her success in her
future endeavors."
About SGOCO Group, Ltd.
SGOCO Group, Ltd. is focused on product design, brand
development and distribution in the Chinese display and computer
product market. 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.
For investor and media inquiries, please contact:
SGOCO Group, Ltd.
Tony Zhong
Vice President of Finance
Tel: (+86) 0755-26978199 ext: 7500
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 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.
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SOURCE SGOCO Group, Ltd.