BEIJING, July 2, 2013 /PRNewswire/ -- SGOCO Group, Ltd.
(NASDAQ: "SGOC") ("SGOCO" or the "Company"), a company
focused on building its own brands and retail distribution network
in the Chinese flat panel display market, today announced that its
board of directors appointed Mr. Johnson
Lau to serve as the Company's Chief Financial Officer
("CFO"), effective immediately, to replace Mr. David Xu. Mr. David
Xu will transition his chief financial officer duties to Mr.
Lau and serve as the Company's Chief Operating Officer.
Mr. Johnson Lau, age 39, is
a Certified Public Accountant of the Hong Kong Institute of
Certified Public Accountants and CPA Australia. Mr. Lau has over 17
years of experience in the accounting profession. Mr. Lau started
his career in Deloitte in Hong
Kong and Beijing from 1997
to 2004. Prior to joining SGOCO, Mr. Lau worked in various public
companies in the United States and
England as Director of Finance and
CFO for nine years. He holds a bachelor degree in commerce from
Monash University, Australia.
Mr. Burnette Or, President and
Chief Executive Officer of SGOCO, commented, "We are delighted to
welcome Johnson as our new CFO. We believe Mr. Lau's strong
financial management and reporting background as well as his proven
skills in communicating with the investor community will make
significant contributions to SGOCO's growth and development. "
"We are also delighted to engage our former CFO, Mr.
David Xu as our new COO effective
immediately. David will be extensively involved in our sales and
operations in China in his new
role, which allows the management team to be better-positioned in
achieving long-term sustainable growth and value creation for our
shareholders," Mr. Or continued.
About SGOCO Group, Ltd.
SGOCO Group, Ltd. is focused on product design, brand
development and distribution in the Chinese flat-panel display
market, including computer monitors, TVs and application specific
products. 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.
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 market in China; fluctuations in customer demand for LCD
and LED products generally; our success in promoting our brand of
LCD and LED 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 LCD and
LED 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.
For investor and media inquiries, please contact:
SGOCO Group, Ltd.
Serena Wu
Investor Relations Manager
Tel: +86 (10) - 85870173 (China)
US: +1(646) - 5831616 (Voice mail)
Email:ir@sgoco.com
SOURCE SGOCO Group, Ltd.