Net Revenue for the First Quarter Was $24,795,315

 Net Revenue Increases 68.8 Percent from First Quarter Fiscal Year 2007

          EBITDA Increases 218% over First Quarter 2007

             Net Income before Dividends was $460,347

ONTARIO, Calif., May 15, 2008 (PRIME NEWSWIRE) -- SOYO Inc. (OTCBB:SOYO) today announced its first quarter financial results for the period ending March 31, 2008.

The Company reported first quarter net revenues of $24,795,315 for the three months ending March 31, 2008, an increase of 68.8% compared to $14,691,110 in the first quarter fiscal year 2007. Gross margin for the first quarter 2008 was 3,106,104, as compared to 2,608,196 for the first quarter fiscal year 2007. Income from operations for the three months ending March 31, 2008 was 809,567 as compared to 414,437 for the same period in 2007. EBITDA grew to $833,000 during the quarter of 2008, from $382,000 during the first quarter of 2007. Net income for the three months ending March 31, 2008 was $460,347, as compared to $522,190 or $.01 per share for the same period in 2007.

The Company will hold a conference call today at 3pm Pacific Time (6pm Eastern) to discuss these financial results. Information for the call is as follows:

Date/Time: Thursday, May 15, 2008 3pm Pacific (6pm Eastern)

U.S./Canada Toll-Free Call-in Number: (866) 830-4434

International Toll-Free Call-in Number: (706) 679-4957

Pass code: # 47478573

It is recommended that participants call in approximately five to ten minutes prior to the beginning of the call. The call will be recorded and posted on SOYO's website at http://www.soyo.com/content/downloads/155/&download_category=Investor+Conference+Call&back.

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.


                     SOYO Group, Inc. and Subsidiary
                 Condensed Consolidated Balance Sheets


                                               March 31,   December 31,
                                                  2008         2007
                                              -----------  -----------
                                              (Unaudited)  (Restated)
 ASSETS
 Current Assets
 Cash and cash equivalents                      3,560,952    1,848,249
 Accounts receivable, net of allowance for
   doubtful accounts of $ 1,105,663 and
   $783,573 at March 31, 2008 and
   December 31, 2007 respectively              29,636,628   27,123,985
 Inventories, net of allowance for
   inventory obsolescence of $222,044 and
   $88,114 as of March 31, 2008 and
   December 31, 2007 and respectively          15,612,047   12,221,265
 Prepaid expenses                                 723,893      187,749
 Deferred income tax assets                       582,963      544,688
 Deposits                                       8,766,995    8,808,408
                                              -----------  -----------
     Total Current Assets                      58,883,478   50,734,344
                                              -----------  -----------

 Investment in 247 MGI                            800,000      400,000

 Property and equipment                           319,252      316,287
 Less accumulated depreciation
    and amortization                             (154,248)    (141,613)
                                              -----------  -----------
                                                  165,004      174,674

 Deferred income tax - noncurrent                 677,037      658,312
     Total noncurrent assets                    1,642,041    1,232,986

 Total Assets                                 $60,525,519  $51,967,330
                                              ===========  ===========

 LIABILITIES AND STOCKHOLDERS' EQUITY
 Current liabilities
 Accounts payable                             $19,051,452  $14,336,196
 Accrued liabilities                              825,987      789,526
 Commercial Loans due to UCB                   26,359,020   27,824,490
 Gateway Trade Finance                          4,279,110           --
                                              -----------  -----------

 Income Tax Payable                             1,170,876      889,518
                                              -----------  -----------
    Total current liabilities                  51,686,445   43,839,730
                                              -----------  -----------
 Long term payable                                      0           --
                                              -----------  -----------
 Total liabilities                             51,686,445   43,839,730
                                              -----------  -----------

 EQUITY
 Class B Preferred stock, $0.001 par value,
  authorized - 10,000,000 shares, Issued
  and outstanding - 3,181,357 shares in
  2008 and 2,797,738 shares in 2006             2,263,678    2,187,165
 Preferred stock backup withholding              (253,356)    (230,402)
 Common stock, $0.001 par value.
    Authorized - 75,000,000 shares, Issued
     and outstanding - 52,179,656 shares
     in 2008 and 52,004,656 shares in 2007         52,180       52,005
 Additional paid-in capital                    20,685,530   20,233,500
 Accumulated deficit                          (13,908,958) (14,114,668)
                                              -----------  -----------
    Total shareholders' Equity                  8,839,074    8,127,600
                                              -----------  -----------

 Total liabilities and shareholders'
  equity                                      $60,525,519  $51,967,330
                                              ===========  ===========


                    SOYO Group, Inc. and Subsidiary
            Condensed Consolidated Statements of Operations
                              (Unaudited)

                                                 Three months ended 
                                                      March 31,
                                                  2008         2007
 Net revenues                                 $24,795,315  $14,691,110
 Cost of revenues                              21,689,211   12,082,914
 Gross margin                                   3,106,104    2,608,196
 Costs and expenses:
 Sales and marketing                              427,635      590,856
 General and                                   
  administrative                                1,404,177    1,578,174
 Provision for doubtful accounts                  452,090        1,438
 Depreciation and amortization: 
    Property and equipment                         12,635       23,291
 Total costs and expenses                       2,296,537    2,193,759
 Income from operations                           809,567      414,437
 Other income (expense):
    Interest income                                12,107       31,385
    Interest expense                             (385,147)     (59,715)
    Other income (expense)                        400,000      (87,690)
    Other income (expense), net                    26,960     (116,020)
 Income before provision for income            
  taxes                                           836,527      298,417
 Provision for income taxes                       433,180       63,085
 Deferred income tax benefit                      (57,000)    (286,858)
 Net income (loss)                                460,347      522,190

 Less: dividends on convertible preferred        
  stock                                           254,638       61,763
 Net income (loss) attributable to common         205,709      460,427
  shareholders
 Net income (loss) per common share -                 .00          .01
 Basic and diluted                                    .00          .01

 Weighted average number of shares of          50,111,501   49,025,511
  common stock outstanding - Basic and         55,067,176   54,706,506
  diluted

  
                   SOYO Group, Inc. and Subsidiary
            Condensed Consolidated Statements of Cash Flows
                              (Unaudited)

                                                  Three months ended
                                                       March 31,
                                                   2008         2007
 OPERATING ACTIVITIES
 Net Income (loss)                                460,347      522,190
 Adjustments to reconcile net income to
  net cash used in operating activities:
 Depreciation and Amortization                     12,635       23,290
  Unrealized gain on investment in 247MGI        (400,000)          --
 Non cash payments for director's
  compensation
 Stock based compensation                         212,831      176,794
 Provision for doubtful accounts                  322,090        1,438
 Provision for inventory obsolescence              53,444           --
 Changes in operating assets and
  liabilities:
 (Increase) decrease in:
 Accounts Receivable                           (2,834,733)     230,273
 Inventories                                   (3,444,226)    (541,848)
 Prepaid expenses                                (536,144)       7,309
 Deposits                                          41,413      (70,133)
 Deferred income tax asset - current              (38,275)    (286,858)
 Deferred income tax asset - non current          (18,725)          --
 Increase (Decrease) in:
 Accounts payable                               4,715,256   (6,931,802)
 Accrued liabilities                               36,461        3,766
 Income tax payable                               281,358           --
                                              ------------------------
 Net cash used in operating activities         (1,136,268)  (6,865,581)
                                              ------------------------


 INVESTING ACTIVITIES

 Purchase of property and equipment                (2,965)      (9,791)
 Proceeds from sale of equipment
                                              ------------------------
 Net cash used in investing activities             (2,965)      (9,791)
                                              ------------------------


 FINANCING ACTIVITIES

 Proceeds from issuance of common stock            61,250           --
 Proceeds from accounts receivable
  discounting                                          --    1,294,217
 Repayments of accounts receivable
  discounting                                          --   (4,882,620)
 Proceeds from business loan                    4,279,110   11,000,512
 Repayment of business loan                    (1,465,470)          --
 Payment of backup withholding tax on
  accreted dividends on preferred stock           (22,954)     (18,529)
 Short term loan                                       --     (100,000)
                                              ------------------------
 Net cash used in financing activities          2,851,936    7,293,580
                                              ------------------------

 CASH AND CASH EQUIVALENTS

 Net Increase (Decrease)                        1,712,703      418,208
 At beginning of Period                         1,848,249    1,501,040
                                              ------------------------
 At End of Period                               3,560,952    1,919,248
                                              ========================




 Non cash investing and financing
  activities

 Accretion of discount on Class B
  preferred stock                                  76,513       61,763
 Stock Option Compensation                             --      176,794
 Unrealized gain on available for sale
  securities                                      400,000           --

"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.

SOYO Inc.
Public Relations and Investor Relations
Ashten Giardine
(909) 292-2504