HONG KONG, Nov. 3, 2014 /PRNewswire/ -- SGOCO Group,
Ltd. (Nasdaq: SGOC), ("SGOCO" or the "Company"), a company focused
on product design, distribution and brand development in the
China display market, today
announced its Board of Directors has appointed Mr. Shi-bin Xie to assume the new role as the
President and Chief Executive Officer ("CEO") of the Company,
effective on November 1, 2014, to
replace Mr. David Xu, who had
resigned from the Board and as President and CEO for personal
reasons and confirmed no disagreement with the Company.
With more than 15 years of experience in sales and marketing,
specializing in Chinese display products, Mr. Shi-bin Xie was named as the President and CEO
of SGOCO. He joined the Company in July
2012 and was promoted to the Vice President of Sales to
handle a wide range of responsibilities in 2013. Prior to joining
SGOCO, he was the Vice President of Sales in Shenzhen Dongqiao
Huahan Technology Co., Ltd. From 2005 to 2010, Mr. Xie took a key
role as the General Manager of Shenzhen Qinghua Ziguang Technology
Co., Ltd and he also served as sales and marketing manager in
various companies in China from
1997 to 2005. In addition, Mr. Xie holds a Bachelor of Science in
Engineering from the East China Institute of Technology.
"The members of the Board consider Mr. Xie as the right person
to lead the Company forward." Mr. Tin Man Or, Chairman of the Board
commented on the new position change. "We would also like to thank
David for his leadership and contribution during the previous years
and wish him all the best in his future endeavors".
He continued, "We are delighted to welcome Mr. Xie as
our new President and CEO effective immediately. With the new role,
he will be deeply involved in management, operation and financial
strategy of the Company. We are confident that SGOCO will achieve
long-term sustainable growth and tap the new opportunities in the
display market under his leadership."
Last but not least, the newly appointed President and CEO Mr.
Xie added, "I am honored to take this challenging role and look
forward to working more closely with the entire team. In order to
create the best share value and potential growth opportunities, our
team will make concerted efforts and mutually cooperate in the
foreseeable future to achieve our goals."
About SGOCO Group, Ltd.
SGOCO Group, Ltd. is focused on product design, brand
development and distribution in the Chinese display market,
including computer monitors, All-In-One ("AIO") and Parts-In-One
("PIO") computers and application specific products. SGOCO sells
its products and services in the China 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; 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.
Kathy Ko
Investor Relations Officer
Tel: +852 2501 0128
US: +1(646) - 5831616 (Voice mail)
Email: ir@sgoco.com
SOURCE SGOCO Group, Ltd.