SHENZHEN, China, Feb. 3, 2016 /PRNewswire/ -- SGOCO Group, Ltd. (Nasdaq: SGOC) ("SGOCO" or the "Company"), a company focused on product design, distribution and brand development in the Chinese display and computer product market, today announced the Company has signed a cooperative agreement through its fully owned subsidiary - BOCA International Limited (BOCA) with a Korean company Blue F.I. Group. Under the terms of the agreement, BOCA authorized Blue F.I. Group to be the exclusive distributor of BOCA's phase change energy storage system in South Korea.
Blue F.I. Group was founded more than 20 years ago in South Korea. It focuses on construction, property, energy and electricity development in South Korea, China, Pakistan, United Arab Emirates, Egypt and other countries, with total investment value of more than $1.5 billion.
Installing the phase change energy storage system of BOCA can significantly reduce the cost of energy, besides, it can improve the durability of the original system and attribute to the environmental friendly business. As one of the most energy conservation effective countries in East Asia, Korea has tremendous demand of electronic energy saving products for both cold and heat air conditioning. Korea is now consuming a huge amount of electricity in its apartment buildings, entertainment areas and hotels. Introducing BOCA's phase change energy storage system in Korea can not only reduce electricity consumption, but also improve carbon emission control in the long term.
By now, Korea is still at the primary stage in terms of energy saving technologies and there are enormous potentialities in the Korean market, as our estimation, projects amounting to $0.2 billion in value are waiting to be established and improved.
Mr. Shi-Bin Xie, the Chef Executive Officer of SGOCO is delighted regarding the agreement with Blue F.I. Group and commented: "Cooperating with a Korean company is an initial achievement in our East Asia development plan. In the future, we will continue to move forward in the direction of development in Asia. "
About SGOCO Group, Ltd.
SGOCO Group, Ltd. is focused on product design, brand development and distribution in the Chinese display and computer product market. SGOCO sells its products and services in the Chinese market and abroad. For more information about SGOCO, please visit our investor relations website:
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SGOCO Group, Ltd.
Vice President of Finance
HK Office: +852 3610 9180
Shenzhen Office: +86-755-2697-8199 ext:7500
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, 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; 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.
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SOURCE SGOCO Group, Ltd.