ONTARIO, Calif., July 11, 2008 (PRIME NEWSWIRE) -- SOYO Inc. (OTCBB:SOYO) today updates it shareholders on a recent industry event. On Tuesday, July 8th Syntax-Brillian filed a chapter 11 bankruptcy petition. SOYO has received a number of calls and emails regarding this recent event, and although we would not normally comment on this type of news we understand many shareholders are concerned given the current economic climate.
SOYO Inc. Chairman and CEO Ming Chok said, "I want to reassure our shareholders that although we have seen some softening in certain channels, our overall business remains solid, and we continue to make good progress in attaining our stated goals for 2008. We have just concluded our second quarter and are in the process of closing our books, and although it is too early to affirm our second quarter revenues and profits, we look forward to updating our shareholders as soon as possible. We are on-track with our roll out of the Honeywell Altura Brand of televisions and continue to gain placement for the entire line of Honeywell Branded products.
Today SOYO has extended an offer to fill the vacant position of Investor Relations and Public Relations Professional. We have decided to hire a professional firm to help us better communicate SOYO's fundamental value with the investment community to broaden our shareholder base.
About SOYO Inc.
SOYO, Inc. is a global provider of Computer, Consumer Electronics, and Home Theater Furniture products and services. SOYO sells it products under the following brand names: SOYO www.soyo.com, Honeywell www.honeywellce.com, Prive www.privedisplays.com, Le Vello www.levellofurniture.com and Dragon. Headquartered in Ontario, Calif., with sales offices in Latin America, SOYO sells its products through an extensive network of authorized retailers, distributors, and ecommerce companies. For more information about the company and its products, please call 909-292-2500 or visit our Web sites.
"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.