SHENZHEN, China, Nov. 26, 2013 /PRNewswire/ -- Cogo Group, Inc.
(NASDAQ: COGO) ("Cogo" or the "Company"), a provider of supply
chain financial services and enterprise solutions for the
technology industry in China,
today announced that the Company has changed its name to Viewtran
Group, Inc. ("Viewtran"). The Company's trading symbol will be
changed to "VIEW" effective the opening of trading today.
There will be a six-month transition period while Viewtran
continues to restructure its business into a services business. The
board of directors is recruiting management candidates for the new
services business. Jeffrey Kang will
remain company CEO during the transition period and until a
replacement is identified.
"The name Viewtran represents the new company that we have
become and our vision to be recognized as a leading provider in the
financial services and enterprise solutions for the Tech industry
in China," said Mr. Jeffrey Kang, CEO of Viewtran.
Viewtran also announced that it has closed on the sale of
certain of its assets to Brilliant Group Global Limited ("Brilliant
Group"), a company owned by Jeffrey
Kang. The Company has received the entire purchase
price ($80 million) from Brilliant
Group. As of November 25, 2013,
Viewtran has over $140 million in
cash, including pledged bank deposits, or cash of approximately
$4.81 per share. The Company has no
debt outstanding.
Through November 25, 2013, the
Company had repurchased 6,791,761 shares at a weighted average
price of $2.1243 per share under its
current buyback program. The Company currently has over 29 million
shares outstanding, of which insiders own approximately 42%. The
board of directors has approved an additional plan to repurchase up
to 10 million additional shares. Purchases under the new plan
will be made on the same terms and conditions as the current plan,
and will begin once shares are no longer available under the
current plan.
About Viewtran Group, Inc.:
Viewtran Group, Inc. (Nasdaq: VIEW) is a provider of supply
chain financial services and enterprise solutions for the
technology industry in China. With
its comprehensive understanding of the industry and an extensive
range of supply chain financial services, Viewtran is uniquely
positioned to deliver effective technology and financing solutions
to customers. The Company simplifies the acquisition of the latest
technologies through flexible, tailored and one-stop services,
helping organizations maintain their competitiveness, especially in
uncertain economic times.
For further information:
Investor Relations
http://www.viewtran.com
ir@viewtran.com
H.K.: +852 2730 1518
U.S.: +1 (646) 291 8998
Fax: +86 755 2674 3522
Safe Harbor Statement:
This press release includes certain statements that are not
descriptions of historical facts, but are forward-looking
statements within the meaning of Section 27A of the Securities Act
of 1933 and Section 21E of the Securities and Exchange Act of 1934.
These forward-looking statements may include statements about our
proposed discussions related to our business or growth strategy,
which are subject to change. Such information is based upon
expectations of our management that were reasonable when made, but
may prove to be incorrect. All such assumptions are inherently
subject to uncertainties and contingencies beyond our control and
upon assumptions with respect to future business decisions, which
are subject to change. For further descriptions of other risks and
uncertainties, see our most recent Annual Report filed with the
Securities and Exchange Commission (SEC) on Form 20-F, and our
subsequent SEC filings. Copies of filings made with the SEC are
available through the SEC's electronic data gathering analysis
retrieval system (EDGAR) at www.sec.gov.
SOURCE Viewtran Group, Inc.