Yosen Group Celebrates the Grand Opening of its First Flagship Store in New York
HANGZHOU, China, March 28, 2014 /PRNewswire/ -- Yosen Group, Inc. (stock symbol: YOSN) ("Yosen", or "the Company") today announced the grand opening of its new subsidiary Yosen Trading Inc's first flagship store in Flushing, New York. Yosen Trading Inc ("Yosen Trading") is Yosen's wholly owned U.S. subsidiary. Established in January 2014, Yosen Trading will focus on import and wholesale business in Year 1 and plan to expand further to export business in the near future.
"We are excited to open a new business in the United States. By establishing our operations in the U.S., we can fully utilize our available resources in Yiwu, Zhejiang Province, and create new revenue streams with minimum cost," Yosen's CEO Mr. Zhenggang Wang commented. "The international trade business can also diversify our business portfolio and reduce the Company's otherwise concentrated exposure to the electronics market in China."
"We chose building supplies as our first line of products for our international trade business, because we think New York's real estate market offers a substantial upward potential, and we believe that now is the right time to take advantage of this market. In the future, we plan to offer more varieties of products in order to respond quickly to the rapidly changing and growing global demand," Mr. Wang added. "We are very glad that our young subsidiary generated revenue from New York's local businesses in the first quarter of its operation. Going forward, we will use the best efforts to expand outside of the New York market as well and grow our international trade business with more dynamics."
Yosen Trading, although only a couple of months into operation, already generated pleasing sales in the month of March. The Company anticipates Yosen Trading to contribute more growth to Yosen Group's total performance over the next few quarters.
About Yosen Group, Inc.
Yosen Group, Inc. ("Yosen Group", or "Yosen") is an award-winning 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. With a commitment to provide one-stop shopping convenience for consumers overall, Yosen Group initiated a unique Super Specialty Store model under which Yosen collaborates with, and in some cases, co-brands with China's dominant telecommunication operators including China Telecom, China Unicom and China Mobile, and sells their products and services in designated Yosen stores within mass merchandisers. Yosen Group is headquartered in Hangzhou, Zhejiang Province, the People's Republic of China. Through its U.S. subsidiary, Yosen Trading Inc., the company is strategically positioned to bring the world's best consumer products to China and simultaneously introduce China's most competitive products to the overseas market. 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.
For more information, please contact:
Xiaochun Yang
Tel: +86-571-2888-8036
Email: [email protected]
SOURCE Yosen Group, Inc.
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