ONTARIO, Calif., March 18, 2008 (PRIME NEWSWIRE) -- SOYO Group Inc. (OTCBB:SOYO) today announced financial projections for the fiscal year 2008.
For the fiscal year 2008, SOYO projects net revenues of at least $140 million, and projects net income of at least $5 million. The Company expects to see significant growth in its SOYO and Prive brands, and a new revenue stream with the introduction of the Honeywell Consumer Electronics product line.
"I wanted to announce these projections sooner," commented Ming Chok, CEO of SOYO. "But as we reported to shareholders last year, we have been concerned with, and working on, our bank financing. Our biggest limitation as a Company has been that we have grown so quickly that we reached our maximum credit lines for buying products from our suppliers. We are still working on new credit facilities, but regardless of whether or not we can expand our credit, I am confident that we can reach $140,000,000 in revenues and earn a net profit of $5,000,000."
Mr. Chok continued, "Our shareholders need to be aware that the preferred stock we issued in 2003 must be converted to common stock in 2008. So the number of common shares outstanding will increase by approximately 3,000,000 shares, depending on the share price in the days before the conversion. Naturally, once this happens it will affect our EPS calculation, our capital structure will improve and we'll be better positioned for the future. I'm looking forward to discussing our 2008 projections with our shareholders during our conference call scheduled for March 27, 2008."
About SOYO Inc.
SOYO 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 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.soyo.com. For information on the Honeywell Consumer Electronics product lines, please visit www.honeywellce.com.
"Safe Harbor" Statement
This release contains certain statements that may be deemed "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to certain risks and uncertainties and actual results could differ materially from those expressed in any of the forward-looking statements. The words "plan," "confident that," "believe," "scheduled," "expect," or "intend to," and similar conditional expressions, are intended to identify 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, successful performance of internal plans, 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 www.sec.gov.