HONG KONG, Nov. 11, 2016 /PRNewswire/ -- SGOCO Group, Ltd.
(Nasdaq: SGOC) ("SGOCO" or the "Company"), a company focused on
product design, distribution, and brand development in the display
and computer product market in China as well as energy saving products and
services worldwide, today announced that BOCA International Limited
("BOCA"), a wholly owned subsidiary of the Company, has signed a
BocaPCM-TES Contract (the "Contract") with Differ Commercial
Management Ltd. ("Differ"). Pursuant to the Contract, BOCA will
supply and install a set of BocaPCM-TES to Differ in Xiamen City, China, for RMB 23.6
million (approximately $3.4
million).
BocaPCM-TES uses a salt based aqueous solution that is
environmentally friendly, which allows the freezing point and
solidification point of the eutectic salts to be manipulated to
desired temperature. The system have similar characteristics as ice
or water thermal energy storage systems, however it allows a wider
range of temperature for the solidification process. BocaPCM-TES
allows an even and controllable energy usage, drawing energy from
the storage directly during peak hour, which ultimately reduces the
operating costs.
As a company committed to environmentally friendly energy-saving
products, Boca will install BocaPCM-TES for Differ real estate
projects by using optimal control methods that most likely will cut
the power usage in half, which will also reduce power facilities
investment and construction costs for Differ as well as benefit the
community with lower energy consumption and costs.
BOCA has successfully installed and operated BocaPCM-TES for a
number of real estate projects worldwide, including the
United Kingdom, Italy, Australia, Malaysia and Hong
Kong. Regarding this new project of BOCA which the Company
acquired at the end of last year, Mr. Shi-Bin Xie, Chief
Executive Officer of SGOCO, commented, "We are pleased to see the
initial results of the integration of Boca
and transformation of the Company to the energy saving
and environmental protection business. The company will continue
its efforts to further develop such new business and achieve our
goals. And now, we are happy to enter into the energy saving market
in mainland China through this
Contract."
About SGOCO Group, Ltd.
SGOCO Group, Ltd. is focused on product design, brand
development and distribution in the Chinese display and computer
product market as well as energy saving products and services.
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: +852 3610 7777
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.