BEIJING, May 21, 2012 /PRNewswire-Asia/ -- SGOCO Group, Ltd. (NASDAQ: SGOC), (the "Company" or "SGOCO"), a company focused on building its own brands and retail distribution network in the Chinese flat panel display market, including LCD/LED monitors, TVs, and application specific products, today announced that its independent auditor, Grant Thornton, the China member firm of Grant Thornton International, has resigned as of May 14, 2012.
SGOCO and members of the Audit Committee of the Board of Directors have been meeting with other qualified independent auditing firms to replace Grant Thornton and will announce the new independent auditor once one is engaged.
As a result of Grant Thornton's resignation, the Company has missed the May 15, 2012 filing deadline for its 2011 annual report on Form 20-F. SGOCO will work diligently with its new auditor to complete the audit of its financial statements for the year 2011 and file its annual report on Form 20-F as soon as practicable.
As a result of the Form 20-F filing delay, Nasdaq halted trading of the Company's ordinary shares. SGOCO is working with its advisors to have Nasdaq resume trading.
SGOCO remains fully operational, continues to make strides with its current business plan and believes its existing and future growth initiatives will maximize SGOCO's performance in 2012 and beyond.
About SGOCO Group, Ltd.
SGOCO Group, Ltd. is focused on building its own brands and retail distribution network in the flat panel display market, including LCD/LED monitors, TVs, and application specific products. With a network of hundreds of SGOCO Image branded retail partners, the Company is rapidly expanding in China's tier 3 and tier 4 cities. By providing international standard quality products at competitive prices, the Company believes it is well positioned to take advantage of the emergence of China's new consumer culture. For more information about SGOCO's stock, please visit www.sgocogroup.com or for product information visit www.sgoco.com.
For investor and media inquiries, please contact:
SGOCO Group, Ltd. (China)
ICR, LLC (China)
Bill Krolicki, VP of Finance
Tel: + 86-10-8587-0173
SGOCO Group Investor Relations Department
SOURCE SGOCO Group, Ltd.