HONG KONG, Nov 12, 2016 /PRNewswire/ -- SGOCO Group, Ltd. (Nasdaq: SGOC) ("SGOCO" or the "Company"), a company focused on product design, distribution, and brand development in the display and computer product market in China as well as energy saving products and services worldwide, today announced that BOCA International Limited ("BOCA"), a wholly owned subsidiary of the Company, has signed a BocaPCM-TES Contract (the "Contract") with Differ Commercial Management Ltd. ("Differ"). Pursuant to the Contract, BOCA will supply and install a set of BocaPCM-TES to Differ in Xiamen City, China, for RMB 23.6 million (approximately $3.4 million).
BocaPCM-TES uses a salt based aqueous solution that is environmentally friendly, which allows the freezing point and solidification point of the eutectic salts to be manipulated to desired temperature. The system have similar characteristics as ice or water thermal energy storage systems, however it allows a wider range of temperature for the solidification process. BocaPCM-TES allows an even and controllable energy usage, drawing energy from the storage directly during peak hour, which ultimately reduces the operating costs.
As a company committed to environmentally friendly energy-saving products, Boca will install BocaPCM-TES for Differ real estate projects by using optimal control methods that most likely will cut the power usage in half, which will also reduce power facilities investment and construction costs for Differ as well as benefit the community with lower energy consumption and costs.
BOCA has successfully installed and operated BocaPCM-TES for a number of real estate projects worldwide, including the United Kingdom, Italy, Australia, Malaysia and Hong Kong. Regarding this new project of BOCA which the Company acquired at the end of last year, Mr. Shi-Bin Xie, Chief Executive Officer of SGOCO, commented, "We are pleased to see the initial results of the integration of Boca and transformation of the Company to the energy saving and environmental protection business. The company will continue its efforts to further develop such new business and achieve our goals. And now, we are happy to enter into the energy saving market in mainland China through this Contract."
About SGOCO Group, Ltd.
SGOCO Group, Ltd. is focused on product design, brand development and distribution in the Chinese display and computer product market 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:
For investor and media inquiries, please contact:
SGOCO Group, Ltd.
Tony Zhong
Vice President of Finance
Tel: +852 3610 7777
Email: ir@sgoco.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, 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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