HONG KONG, May 8, 2017 /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 the acquisition of 100% of
the issued share capital of Century Skyway Limited ("CSL"), a private holding company
incorporated in Hong Kong, from
its sole legal and beneficial owner - Full Linkage Limited (the
"Vendor").
CSL is principally engaged in VR device and technologies
research and development. Its development center and main
researchers are in Shenzhen China.
CSL's R&D team has extensive experience and expertise in the VR
industry. The R&D team cooperated with Razer to develop
Open-Source Virtual Reality ("OSVR") product aimed at VR-Gaming. The OSVR
product was on display
at the 2017 US CES exhibition in Las Vegas in January, 2017.
CSL develops VR technology and applies them on VR device. CSL's
VR technology applies to VR
Head-mounted display ("HMD") which can reduce the number of cables
needed for a VR signal/data link between HMD and the source unit.
It's also use ultrasound to calibrate VR devices' attitude without
user's intervention.
Regarding the acquisition of CSL, Mr. Xie Shi Bin, Chief
Executive Officer of SGOCO commented, "We are increasing our
investment in new information technologies in order to rapidly grow
one of our core product segments. We believe this acquisition will
accelerate our transition from a traditional computer and flat
screen company to a new information technology, 3D and virtual
reality technical company. We are excited the new business
opportunities brought forth through this acquisition which will
help us to generate additional revenue and eventually contribute to
sustainable profitability for the Company."
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.