SGOCO Group, Ltd. (SGOC)

[tbirdman]

SGOCO Announces Delay of 2011 Year End Financial Results Due to Change of Auditor 05/21 07:40 AM

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BEIJING, May 21, 2012 /PRNewswire-Asia/ -- SGOCO Group, Ltd. (SGOC:$1.52,00$-0.349,0-18.67%) , (the "Company" or "SGOCO (SGOC:$1.52,00$-0.349,0-18.67%) "), 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 (SGOC:$1.52,00$-0.349,0-18.67%) 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 (SGOC:$1.52,00$-0.349,0-18.67%) 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 (SGOC:$1.52,00$-0.349,0-18.67%) is working with its advisors to have Nasdaq resume trading.

SGOCO (SGOC:$1.52,00$-0.349,0-18.67%) remains fully operational, continues to make strides with its current business plan and believes its existing and future growth initiatives will maximize SGOCO (SGOC:$1.52,00$-0.349,0-18.67%) 's performance in 2012 and beyond.