HONG KONG, Oct. 23, 2017 /PRNewswire/ -- SGOCO Group, Ltd.
(Nasdaq: SGOC) ("SGOCO" or the "Company"), a company focused on
product design, distribution and brand development in the Chinese
display, computer and virtual reality ("VR") product markets as
well as energy saving products and services, today announced
that the Board of Directors of the Company has appointed Mr.
Li, Wang
Tai Dominic ("Dominic Li") as
the director of the Company, effective on October 16, 2017, to replace Mr. Kim Sing (Eric) Cheng, who notified the
Company his resignation from the Board, effective on October 16, 2017. Mr. Eric Cheng indicated his resignation is for
personal reason and not due to any disagreement with the
Company.
Mr. Dominic Li, age 34, is the
founder and Chief Executive Officer of The Dessert Kitchen, a
global dessert franchise with over 30 franchise stores worldwide.
Mr. Li has extensive experience in managing franchising businesses,
forming strategic allegiances, building and maintaining important
supply and distribution networks, implementing marketing and
business expansion strategies through traditional media as well as
crowdfunding platforms. Mr. Li also has over 10 years of
manufacturing and trading experience in Greater China Region and worked closely with
factories and distributors, utilizing e-commerce technology and
social media platforms. Mr. Li holds a degree in Criminology from
the University of Western Sydney,
Australia.
The Board determines based on its investigation and the
information supplied to the Board with respect to Mr. Li that he is
"independent" under the independence requirements of Rule 10A-3
promulgated under the Securities Exchange Act of 1934 and as
defined by NASDAQ Rule 5605(a)(2), and that Mr. Li does not
have a relationship that would interfere with the exercise of
independent judgment in carrying out the responsibilities of a
director.
Mr. Shi-Bin Xie, Chief Executive
Officer of SGOCO, commented, "we would like to welcome Dominic Li to the SGOCO Board. We are confident
that his professional background and industry expertise will prove
valuable as the Company continues to market and expand its products
and services in China. I also want
to thank Mr. Eric Cheng for his
contributions during his tenure as a director of the Company and
wish him success in his future endeavors."
About SGOCO Group, Ltd.
SGOCO Group, Ltd. is focused on product design, brand
development and distribution in the Chinese display, computer and
visual reality ("VR") product markets 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 2386 3328
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 and energy saving and VR markets in
China; fluctuations in customer
demand for our services and products generally; our success
in promoting our brand of our services and 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 our services and 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.