HONG KONG, Nov. 28, 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 (the "Board") has received notification dated November 21, 2017 from John Chen a member of the Board of Directors of the Company that he will not stand for re-election as a director at the Company's 2017 annual shareholders' meeting. Mr. Chen indicated that his decision was due to personal reasons and not because of a disagreement with the Company.
On November 27, 2017, the Board nominated Christina Leung as the new candidate for a position on the Board to be approved by the Company's shareholders at its 2017 annual meeting.
Christina Leung, aged 46, has been a qualified accountant registered in Hong Kong for over 14 years. Ms. Leung obtained her bachelor honour degree in Accountancy from Hong Kong Polytechnic in 1994 and started her career with Hong Kong Inland Revenue Department in the same year. From 1998 to June, 2007, Ms. Leung worked at the tax and business advisory team and tax investigation team of a Big 4 international accounting firm in Hong Kong, where she has been involved with various kind of businesses and clients, both local and international.
From August, 2007 to January, 2017, Ms. Leung worked as Financial Controller of a family-owned business in Hong Kong which has 50-year history. Ms. Leung's responsibilities as Financial Controller included accounting, financial function and participation in business planning and strategic development and management. Ms. Leung also led an ERP project and supervised the Industrial Engineer of that company with an objective to modernize the production management and improve the production productivity. In February, 2017, Ms. Leung established her own company - Siona Property Investments Ltd in Hong Kong, which is a Hong Kong incorporated company principally represent LRC Group in the sales of its commercial and residential properties investment projects in Asia.
The Board has determined based on its investigation and the information supplied to the Board with respect to Ms. Leung that she 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 Ms. Leung does not have a relationship that would interfere with the exercise of independent judgment in carrying out the responsibilities of a director, if elected at the Company's 2017 annual shareholders meeting.
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.
Vice President of Finance
Tel: +852 2386 3328
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.
SOURCE SGOCO Group, Ltd.