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SOURCE Yosen Group, Inc.
HANGZHOU, China, March 11, 2013 /PRNewswire-FirstCall/ -- Yosen Group, Inc. (stock symbol: YOSN) ("Yosen", or "the Company"), announced today that it opened its first super specialty store in cooperation with China Telecom Zhejiang. Operated by Yosen, the store is located in Hangzhou Century Lianhua Hypermarket ("Century Lianhua") Yunhe Branch, a busy shopping center. Mr. Zhenggang Wang, CEO of Yosen, Mr. Yunhua Jiang, Deputy General Manager of China Telecom Hangzhou Branch, and Mr. Wenwu Liu, Deputy General Manager of Zhejiang Lianhua Huashang Group Co., Ltd (which operates Century Lianhua), all attended the opening ceremony.
Occupying a sales space of 60 square meters, approximately 646 square feet, the Yosen sales room is a specialty store dedicated to China's leading telecom operator China Telecom, and the best selling brands Apple and Samsung. In support of this business venture, China Telecom provided a subsidy at roughly RMB10,000 (approximately USD1,600) per 1 square meter (approximately 10.7 square feet), or about 30% of the total renovation cost. At the same time, Samsung took charge of and subsidized the decoration and display of the entire Samsung sales area pursuant to Samsung's standard.
On the first day of the store launch, Yosen generated gross sales of over RMB 170,000 (approximately USD27,200). This super specialty store is Yosen's unique business model under which Yosen cooperates with China's dominant telecommunication operators such as China Telecom. Besides that, Yosen also cooperates with China Telecom's rival China Unicom. The ultimate goal is to a provide top notch shopping convenience for consumers overall.
Yosen's CEO Mr. Zhenggang Wang commented, "The successful launch of the superstore is a strong validation of Yosen's capability of integrating multiple brands at one single outlet. Through this operation, we can accomplish a number of objectives benefiting multiple parties. For example, we can assist China Telecom Zhejiang's first step towards its Year 2013 transition to a specialty store sales model and improve customers' shopping experience. We can also help Century Lianhua to bring mobile operators to their stores. Further, we can meet our own objective of innovation and break-through in our highly competitive environment, from selling a single brand or operating a single brand counter to integrating multiple brands with an innovative shopping environment and improving the service experience for our shoppers all around. We want to introduce high quality products, provide shopping guidance, enhance brand image, all of which is anticipated to strengthen Yosen's competitiveness." This specialty store model has received very positive feedback and strong support from Yosen's partners China Telecom and Century Lianhua. Yosen expects the cooperation to continue and that more stores will be opened this year in Zhejiang Province, where Yosen is based.
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/.
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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