This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Cogo Signs Letter Of Intent For Chairman And CEO Jeffrey Kang To Acquire 30.4% Of Cogo Net Assets

SHENZHEN, China, Sept. 9, 2013 /PRNewswire/ -- Cogo Group, Inc. ("Cogo," or the "Company") (NASDAQ: COGO) a leading gateway for global semiconductor companies to access the industrial and technology markets in China, announced today that the transaction to sell just over than 30% of its assets (which generated 98.7% of its revenues of its revenues in Q1 2013) to its founder, CEO and Chairman, Jeffrey Kang, is progressing smoothly since it was announced on July 15.

The Company's Audit Committee, assigned to oversee the negotiation by the Board of Directors, has signed a letter of intent relating to the sale with Mr. Kang's wholly owned company. The letter of intent calls for a purchase price of $80 million. Mr. Kang has proposed that the transaction close before the end of 2013.

At the NASDAQ close on September 6, 2013, Cogo's share price was $2.09 a share. Mr. Kang said, "We will continue to repurchase stocks and another 10b5-1 plan will be set up to allow us to buy during the blackout period from September 25, 2013."

Mr. Kang reiterated an earlier statement that there is no intention for the Company to go private; it intends to retain its listed status.

Safe Harbor Statement:This press release includes certain statements that are not descriptions of historical facts, but are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities and Exchange Act of 1934. These forward-looking statements may include statements about our proposed discussions related to our business or growth strategy such as growth in new business initiatives or potential disposals and acquisitions, all of which are subject to change. Such information is based upon expectations of our management that were reasonable when made, but may prove to be incorrect. All such assumptions are inherently subject to uncertainties and contingencies beyond our control and upon assumptions with respect to future business decisions, which are subject to change. For further descriptions of other risks and uncertainties, see our most recent Annual Report filed with the Securities and Exchange Commission (SEC) on Form 20-F, and our subsequent SEC filings. Copies of filings made with the SEC are available through the SEC's electronic data gathering analysis retrieval system (EDGAR) at

For further information:Investor Relations +852 2730 1518 U.S.: +1 (646) 291 8998Fax: +86 755 2674 3522

About Cogo Group, Inc.:Cogo Group, Inc. (Nasdaq: COGO) is the leading gateway for global semiconductor companies to access the rapidly growing Industrial and Technology sectors in China. Through its unique business-to-business services platform, Cogo designs customized embedded solutions using technology from suppliers including Broadcom, Xilinx, Atmel and others for a customer base of over 2,100 Chinese OEMs/ODMs. Cogo's customer list includes approximately 100 blue-chip companies, including ZTE, BYD and NARI, as well as nearly 2,000 Small and Medium Enterprises (SMEs). The Company serves a broad list of rapidly growing end-markets in China, including 3G Smartphones, Tablets, Automotives, High-Speed Railway, Smart Meter/Smart Grid, Healthcare and High Definition Television "HDTV."

SOURCE Cogo Group, Inc.

Copyright 2011 PR Newswire. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free


Chart of I:DJI
DOW 16,919.07 +6.78 0.04%
S&P 500 1,995.83 +15.91 0.80%
NASDAQ 4,746.5910 -44.5610 -0.93%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs