ONTARIO, Calif., June 26, 2007 (PRIME NEWSWIRE) -- SOYO Group Inc. (OTCBB:SOYO), an innovative provider of computer, consumer electronics and broadband telecommunications products, addressed their current lack of effective shareholder communication, as well as recent accomplishments and goals for the near term.
Ming Chok, CEO of SOYO commented, "SOYO has long suffered from what can only be categorized as poor communication. For that, I am sorry. In recent months we have completed some very important steps in building and improving our business. I want to give you some key milestones that we have met, and also assure you that we have begun the necessary steps to start open communications. We are also setting some near term goals for you to gauge SOYO and its team by."
Recent Accomplishments:
-- We have licensed the Honeywell brand name for use on all types of
Consumer Electronics including TVs.
-- Increased our sales 27% from Q1 2006 to Q1 2007
-- We are currently selling Prive branded LCD TV's which are in-stock
at Wal-Mart Canada.
-- Developed new internal forecasting system to increase inventory
turns.
-- We have hired a public and investor relations professional to
begin the communications process.
-- Our products have started to appear in major Home Theater
Publications.
-- We have begun our sales expansion into Mexico and hired a
Manufactures Representative for Mexico.
-- Considerable brand awareness for SOYO through our sponsorship in
Mixed Martial Arts marketing.
-- Instituted an Employee Stock Option plan that puts our employees'
goals more in line with our shareholders.
-- Received Microsoft Vista Certification for our Citrine Wide Screen
LCD Monitors line.
Financial Highlights:
-- We have increased shareholder equity by $6 million from 2004 to
2006.
-- Increased borrowing capabilities beyond previously announced
credit limits, based on commitments from major retailers.
-- EPS has progressed from (-.10) in 2004 to (-.01) in 2005 to +.01
in 2006.
Goals For Near Term:
-- Launch of Honeywell Products
-- A consistent communication platform created and used more
regularly.
-- A revised Website.
-- A revised IR section accessible on our website.
-- Plan for getting off the OTCBB and onto a more formal exchange.
-- Investor and Corporate fact sheets available monthly.
-- More communications about where we are going and the steps we will
take to get there, including a full "State of the Union" type
Shareholder Update
-- Launch of Le Vello website
-- Launch of Prive website
-- Launch of Honeywell Consumer Electronics Website
-- Add one additional National Retailer for our LCD Monitors.
-- Expand product line and presence into Mexico.
-- Launch Extended Warranty program
-- Continued double digit sales growth through the year 2009.
In closing Ming Chok said, "We felt it was important to tell you, our investors, that we acknowledge that we have not done the job you expect of us in communicating our value proposition. This is not something we take lightly. We appreciate the support and trust you have in our team and this is an important step to rebuild communications."
About SOYO Group
SOYO Group Inc. is an innovative provider of consumer electronics such as, LCD Monitors, LCD Televisions, Bluetooth, Portable Storage, LCD Furniture and broadband telecommunications products and services. Headquartered in Ontario, California, with additional sales offices in South America, SOYO Group sells its products through an extensive network of authorized distributors, resellers, system integrators, VARs, retailers, mail-order catalogs and e-tailers. Products are sold under the SOYO, Dragon, Onyx, Dymond, Honeywell, Le Vello, and Prive brand names. For more information, please visit http://www.soyogroup.com.
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The information in this news release includes certain forward-looking statements that are based upon assumptions that in the future may prove not to have been accurate and are subject to significant risks and uncertainties, including statements to the future financial performance of the company. The words "plan," "confident that," "believe," "scheduled," "expect," or "intend to," and similar conditional expressions, are intended to identify forward-looking statements within the meaning of the Securities Act of 1933, as amended. Such statements are subject to certain risks and uncertainties and actual results could differ materially from those expressed in any of the forward-looking statements. Although the company believes that the expectations reflected in its forward-looking statements are reasonable, it can give no assurance that such expectations or any of its forward-looking statements will prove to be correct. Factors that could cause results to differ include, but are not limited to, the availability of components and successful production of the company's products, general acceptance of the company's products and technologies, successful performance of internal plans, product development and acceptance, the impact of competitive services and pricing, general economic risks and uncertainties, and various other information detailed from time to time in the company's filings with the United States Securities and Exchange Commission. The company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof. Please refer to the company's filings at http://www.sec.gov.
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