HANGZHOU, China, Jan. 12 /PRNewswire-Asia-FirstCall/ -- China 3C Group
(OTC Bulletin Board: CHCG), a retailer and wholesale distributor of consumer
and business products in China, today announced that its subsidiary, Shanghai
Joy & Harmony Electronics Company Limited ("Shanghai Joy & Harmony") signed an
exclusive sales agent agreement with Shenzhen Vogue Industries Co., Ltd
("Shenzhen Vogue"), a well-known producer of auto electronics and
communication electronics in Southern China. Under the terms of the agreement,
Shanghai Joy & Harmony will be Shenzhen Vogue's exclusive sales agent at Tesco
and Auchan stores.
Shenzhen Vogue Industries Co., Ltd, founded in August 1997, is a high-tech
company that integrates R&D, manufacturing, marketing and after-sale services.
It is one of the largest and most well-known GPS manufacturers in Southern
China. Shenzhen Vogue recorded approximately USD$150 million in annual sales
in 2008. The company has a plant of more than 140,000 square feet with modern
facilities in Shenzhen city and employs more than 1,200 people.
Mr. Zhenggang Wang, CEO of China 3C, said, "We are pleased to enter into
this sales agent agreement with Shenzhen Vogue for its branded GPS products.
This cooperation will enrich China 3C's product lines. The expansion of the
auto market in China has been significant in recent years and GPS navigation
systems represent a compelling opportunity for our business. We plan on
offering Shenzhen Vogue's GPS products into all 25 of the Tesco and Auchan
stores that we currently serve with the potential to expand into other retail
locations. GPS products also have higher unit prices and higher gross margins
than most of our other existing products. We are pleased to strengthen our
product offering and brand portfolio as we head into a new year."
Guandong Chen, CEO of Shenzhen Vogue Industries Co., Ltd said, "Last year,
our sales of GPS products in Southern China increased 150% and the market is
still rapidly growing. This is the first time that our GPS products have been
sold in Eastern China and we are honored to engage China 3C Group as our sales
agent. China 3C Group is a well-known electronics retailer with an extensive
customer base and many retail stores. I believe the combination of our
advanced technology with China 3C Group's strong sales and after-service sales
platform will benefit both companies as we look to gain market share in
Eastern China."
About China 3C
China 3C is a leading wholesale distributor and retailer of 3C merchandise:
computers, communication products and consumer electronics. The company
specializes in wholesale distribution and retail sales of 3C products in
Eastern China, focusing on products that make life more comfortable,
convenient and connected. The company's goal is to become the number one
retailer of 3C products in China. For more information, visit
http://www.china3cgroup.com .
Forward-looking Statements:
Certain statements set forth in this press release constitute
"Forward-looking statements" within the meaning of the Private Securities
Litigation Reform Act of 1995. We have included and from time to time may make
in our public filings, press releases or other public statements, certain
forward-looking statements, including, without limitation, those under
"Management's Discussion and Analysis of Financial Condition and Results of
Operations" in Part II, Item 7 of our Annual Report on Form 10-K. In some
cases these statements are identifiable through the use of words such as
"anticipate," "believe," "estimate," "expect," "intend," "plan," "project,"
"target," "can," "could," "may," "should," "will," "would" or words or
expressions of similar meaning. You are cautioned not to place undue reliance
on these forward- looking statements. In addition, our management may make
forward-looking statements to analysts, investors, representatives of the
media and others. These forward-looking statements are not historical facts
and represent only our beliefs regarding future events, many of which, by
their nature, are inherently uncertain and beyond our control. There can be no
assurance that such forward-looking statements will prove to be accurate and
China 3C Group undertakes no obligation to update any forward-looking
statements or to announce revisions to any of the forward-looking statements.
SOURCE China 3C Group