ONTARIO, Calif., Oct. 21, 2008 (GLOBE NEWSWIRE) -- SOYO Group Inc. ("SOYO" or "Company") (OTCBB:SOYO), today announced that it has signed an agreement with Transportation on Demand to provide third party transportation logistics. The agreement is expected to save SOYO significant ground transportation costs, plus any reduction in fuel costs and improve its in-transit visibility and scheduling.
"We began using Transportation on Demand in July and have gradually integrated them into our transportation operations," said SOYO Chairman and CEO, Ming Chok, "This is a very good agreement for us and I believe it will help our bottom line significantly in fourth quarter." Transportation on Demand is expected to streamline SOYO's ground transportation costs, by managing and monitoring its transportation needs in all 50 U.S. States and Canada.
In July, SOYO began to test different methods to reduce transportation costs; especially its Less-than-Truckload (LTL) shipping and receiving operations. These measures included enlisting the assistance of various third party logistics and trucking operators. In addition, the Company is in the process of redesigning some of their LCD Monitors, with the goal of reducing the shipping container size and thereby increasing the number of products shipped per truck and shipping container. The Company also noted that it did not experience significant changes in diesel fuel and surcharge costs between second and third quarters.
While it is still too early to provide guidance on all transportation costs for fourth quarter, the Company feels confident that it can achieve a minimum of 15 Percent reduction in ground transportation costs over second quarter, plus any reduction in fuel costs.
About SOYO Inc.
SOYO Inc. is an innovative provider of consumer electronics and IT products such as LCD Monitors, LCD HD Televisions, Bluetooth Devices, Portable Storage, and Home Theater Furniture products and services. Headquartered in Ontario, California, with additional sales offices in Latin America, SOYO sells its products through an extensive network of authorized retailers, distributors, resellers, system integrators, VARs, and ecommerce web sites. 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 http://www.sec.gov.