SinoHub Inc. Submits Application to Chinese Ministry of Industry and Information Technology for License to Sell Mobile Phones under the Topolo (TM) Brand Name in P.R. China
SHENZHEN, China, June 10, 2011 /PRNewswire-Asia/ — SinoHub Inc. (“SinoHub” or the “Company”) (NYSE Amex: SIHI), an electronics company whose main growth driver is manufacturing and distributing custom, private-label mobile phones, announced today that it has received an application acceptance notice from the Trademark Office of the State Administration for Industry and Commerce of the PRC for the use of the Topolo(TM) brand name and logo in China, which SinoHub has selected as the brand name for its self-branded line of mobile phones to be sold in the China. Topolo(TM) was derived from the name of SinoHub’s manufacturing arm, Topology. By receiving the application acceptance notice, SinoHub is authorized to begin using the Topolo(TM) brand name as an unregistered trademark (“TM”) for a period of one year. After one year, the Company will be eligible to receive final approval for use of the Topolo(TM) brand as a protected registered trademark. Upon receipt of the application acceptance notice, the Company submitted its application for a license to sell branded phones using the Topolo(TM) brand to the Chinese Ministry of Industry and Information Technology. SinoHub estimates that the approval process for the sales license may take up to two months.
Commenting on the announcement, SinoHub’s CEO, Mr. Harry Cochran said, “The approval notice for the Topolo(TM) brand represents the first step in our new initiative to launch our own line of branded mobile phones in China, the world’s largest mobile phone market. The expertise in manufacturing and insight into the mobile phone market that we have gained from our growing integrated contract manufacturing (ICM) business provides us with a strong starting point which is further bolstered by the adoption of a brand name. While the long-term opportunities in this market are clear, we intend to move forward in a prudent and deliberate manner. We expect to begin initial marketing activities upon approval of our application for a sales license, which we expect to receive within the next two months.”
About SinoHub Inc.
SinoHub, Inc. (NYSE Amex: SIHI) is a leading electronics company based in Shenzhen, PR China which services clients worldwide. The Company’s integrated contract manufacturing (ICM) business unit is currently focused on providing custom, private label mobile phones to customers in developing countries. This fast growing ICM segment is capitalizing on a trend by carriers and distributors to offer their own brands with features and functionality targeted at their local markets, including 3G smart phones, at competitive price points. The Company’s electronic component sales and services (ECSS) business unit provides procurement-fulfillment, spot component sales and supply chain management (SCM) services to manufacturers and design houses. The company’s SCM services include warehousing, delivery, import/export, and give its customers total transparency into their supply chains by delivering SinoHub SCM, a proprietary, Web-based software platform the company has been using for almost ten years. For more information, visit the Company’s Web site at www.sinohub.com and the B2B Chips Web site at www.b2bchips.com .
Cautionary Statement Regarding Forward-looking Information
Some of the statements contained in this press release that are not historical facts constitute forward-looking statements under the federal securities laws. Forward-looking statements can be identified by the use of the words “may,” “will,” “should,” “could,” “expects,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” “intends,” “potential,” “proposed,” or “continue” or the negative of those terms. These statements involve risks known to the Company, significant uncertainties, and other factors, many of which cannot be predicted with accuracy and some of which may not even be anticipated, which may cause actual results, levels of activity, performance, or achievements to be materially different from any future results, levels of activity, performance, or achievements expressed or implied by those forward-looking statements. Such risks, uncertainties and factors include, but are not limited to, the Company’s ability to expand its customer base, the ability to access capital for such expansion, assumptions concerning future economic and competitive conditions and other factors detailed from time to time in the Company’s filings with the United States Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking statements. The Company undertakes no obligation to update or revise any forward looking statements, whether as a result of new information, future events or otherwise.
Except as required by law, the company assumes no obligation to update any forward-looking statements publicly, or to update the reasons actual results could differ materially from those anticipated in any forward-looking statements, even if new information becomes available in the future. For further information on factors which could impact SinoHub and the statements contained herein, see the “Risk Factors” included in Item 1A of the Company’s Amended Annual Report on Form 10-K/A filed with the Securities Exchange Commission on May 24, 2011. The company assumes no obligation to update and supplement forward-looking statements that become untrue because of subsequent events, new information or otherwise.
Contacts: SinoHub Inc. Investor Relations (Hong Kong) Grace Wang Mahmoud Siddig Tel: +86-755-2661-1080 Taylor Rafferty Email: email@example.com Tel: +852-3196-3712 Email: sinohub Investor Relations (US) Bryan Degnan Taylor Rafferty Tel: +1-212-889-4350 Email: sinohub
SOURCE SinoHub, Inc.