HONG KONG, Dec. 19, 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
Project Development Agreement with Nano and Advanced Materials
Institute Ltd. in Hong
Kong("NAMI"). Pursuant to the agreement, parties agree
to work together to research and develop a new "Micro Encapsulated
Phase Change Material (mPCM) for Chiller Plant Thermal Energy
Storage System", and the project deliverables shall be the property
of BOCA. The Agreement is still subject to Hong Kong government's approval before it
could become effective.
The mPCM has advantages for the better performance of Chiller
Plant Thermal Energy Storage System (the "System"). For example,
the mPCM does not need large external tank for the System. It
reduces building weight and can be installed to the old buildings.
Additionally, it has faster response time and more efficient
heat-exchange capacity. It provides new applications in high
performance systems such as cooling of data centers.
According to BOCA's Chief Technology Officer – Dr. Richard Chan, this is an innovative design and
product, and no similar product has been created up to this date
based on our limited patent research. The installation cost can
reduce more than 30% by using new mPCM, and the mPCM Thermal
Energy Storage system validity period will be increase up to 20
years from the date of installation. By using mPCM, we do not
need to install Thermal Storage Tanks, and there will be no extra
structural load and no need for plant space to be added in the
building. This innovation will lead the saving energy industry to a
higher level and create the new market by new applications.
Regarding this agreement 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 technology and achieve our
goals".
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.