SHENZHEN, China, Jan. 26, 2016 /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 BOCA
International Limited ("BOCA"), the
Company's recently-acquired subsidiary, has signed a long-term,
primary and exclusive agency agreement with Macau Jinyi Technology
Co., Ltd ("Macau Jinyi"). Under the terms of the agreement, BOCA
authorized Macau Jinyi to exclusively develop and marketing the
BOCA branded energy saving and environmental protection products
and technologies in Macau,
China.
Macau Jinyi is an affiliate of Macau Far East International
Group which is a real-estate developer in Macau. As an important part of Macau Far East,
Macau Jinyi is currently promoting its electric tour bus plan to
Macau government and local casinos
and resorts in an endeavor to replace the traditional buses and
thus reduce the carbon-dioxide emission and improve the air quality
in Macau. This is a niche market
for SGOCO to generate sizable revenue.
BOCA collaborates Macau Jinyi
in the development of a
cooling and heating system that is
an energy saving and environmentally friendly technology
which could massively reduce the pollution emission at hotels and
commercial buildings as well as cut down the expense on
electricity. To date, BOCA provided the technology to various
clients like government administration buildings, hospitals,
resorts, shopping malls and indoor infrastructure. According to
preliminary statistics, some large resorts spent $100-150 million to pay their electricity bills
annually and BOCA saves more
than 30% on energy
expenditures with its advanced
technology. The lifetime of the
product is 15 years and then
they can be recycled which provides economic benefits.
SGOCO could generate a
total estimated value of at least $77
million in revenue within
the next 3 years by providing services to casinos and resorts,
government buildings and shopping malls in Macau.
Regarding the acquisition of BOCA, Mr. Shi-Bin Xie, Chief Executive Officer of SGOCO,
commented, "We achieved initial results at the business transformation
level and the company will
continue to up its head to the energy saving and environmental
protection target."
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: +86-755-2697-8199 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, 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; 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.
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SOURCE SGOCO Group, Ltd.