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SOURCE Yosen Group, Inc.
HANGZHOU, China, Dec. 19, 2013 /PRNewswire/ -- Yosen Group, Inc. (stock symbol: YOSN) ("Yosen", or "the Company") today announced signing a strategic cooperation agreement (the "Agreement") with the Hangzhou branch of China Mobile Limited ("China Mobile"). According to the Agreement, Yosen will promote a full range of China Mobile's telecommunication services and products in Yosen's stores. The Agreement will be effective for three years. As of now, Yosen has established its cooperation with each of China's three telecom operators (China Mobile, China Unicom, and China Telecom).
According to the Agreement, Yosen will be authorized to use China Mobile's logo, set up a dedicated China Mobile's service counter and communication products exhibition area in Yosen's selected existing stores and new stores to be opened. As such, Yosen will promote China Mobile's services and products, including but not limited to assigning new customer mobile phone numbers and SIM cards, signing contracts, marketing and selling popular cell phone products as well as landline and broadband packages. Consumers will be able to enjoy China Mobile's one-stop shop experience at Yosen's stores.
Mr. Tong Zhang, China Mobile Hangzhou Binjiang Branch's General Manager, commented, "With an open mind, China Mobile has always been pursuing to cooperate with the best partners in our supply chain and establish extensive channels in all dimensions. By signing this Agreement with Yosen, we have made an important experiment in our channel development efforts. Through the first half of next year, China Mobile will promote more than 50 kinds of new 4G mobile phones. By leveraging Yosen's sales and distribution network in Zhejiang Province, we hope we can fully embrace an anticipated explosive growth in the number of China Mobile's 4G customers."
According to Yosen's CEO Mr. Zhenggang Wang, the industry of 3C (Computer, Communication, and Consumer electronics) retail has become increasingly competitive over the last few years. The small and midsize retailers are facing more challenges than ever before. He commented that "Yosen has always committed to reducing our operating cost and enhancing our brand power. We have closed most of the poor performing stores and cut excessive headcount so that we can minimize our cost. In the meanwhile, we have established a new strategic position as focusing on cooperating with the first class players. For example, after as long as two years' efforts, we successfully signed a Reseller Agreement with Apple last month. After our restructuring efforts over the past few years, Yosen's new business model has successfully passed the market test and has been well recognized by our cooperation partners. We anticipate the Company to reach a positive net income next year for the first time since 2009."
About Yosen Group, Inc.
Yosen Group 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 operates under the Yosen and Wang Da brand names. For more information, visit http://www.yosn.com/.
About China Mobile
China Mobile Limited is a Chinese state-owned telecommunication company that provides mobile voice and multimedia services through its nationwide mobile telecommunications network. It is listed on both the NYSE and the Hong Kong stock exchange. As of July 2013, China Mobile is the world's largest mobile phone operator by subscribers with about 740 million.
Safe Harbor Statement
Certain statements in this press release, constitute forward-looking statements for purposes of the safe harbor provisions under The Private Securities Litigation Reform Act of 1995. These statements include, without limitation, statements regarding the Company's future performance. The Company has based these forward-looking statements largely on its current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy and financial needs. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the periodic reports that are filed with the Securities and Exchange Commission. All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors. The Company undertakes no duty to update these forward-looking statements except as required by law.
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