Message #25 From:
NewsBot Date: December 29, 2006 02:25:00 PM
SOYO News SOYO Comments on 8K Filed December 27, 2006
ONTARIO, Calif.--(BUSINESS WIRE)--SOYO Group Inc. (OTCBB: SOYO),
a provider of computer and consumer electronics products, commented on
its 8K filed December 27, 2006.
SOYO’s CEO Ming Chok said, “While
we feel the 8K was clear we have received several inquiries and wish to
clear up any confusion. We have been working towards these settlements
for some time and we are pleased we could agree to terms that were
acceptable to all parties.
“By agreeing to payment terms with Corion and
Eastech, we will pay off the balances over the next two years. These
arrangements allow us to plan our cash flow while focusing on our core
business. It will also likely result in a reclassification of a portion
of our current debt as long term debt. We believe the arrangements are
fair and allow us to meet our obligations in an orderly and responsible
manner.”
SOYO Group Inc. is a provider of computer, consumer electronics, and
broadband telecommunications products and services. Headquartered in
Ontario, Calif., 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, including Best Buy, Circuit City, Staples, Micro
Center, Target.com, Walmart.com, eCost.com, Fry's Electronics, PC Mall,
and Office Depot, among others. Products are sold under the Go Video and
SOYO brand names. For more information about SOYO and its products,
please call 909-292-2500 or visit SOYO's Web site at http://www.soyogroup.com.
Safe Harbor Act Notice
This information contains forward-looking statements within the meaning
of the Private Securities Litigation Reform Act of 1995 (the "Act"). In
particular, when used in the preceding discussion, 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 Act and are subject
to the safe harbor created by the Act. 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. Such risks and uncertainties include, but are not limited
to, market conditions, the availability of components and successful
production of the company's products, general acceptance of the
company's products and technologies, competitive factors, timing, and
other risks described in the company's SEC reports and filings.
Third-party statements contained herein and information contained on any
third-party Web site are not endorsed by or adopted by SOYO, nor has
their accuracy been verified by SOYO.
