YIWU, China, May 9, 2014 /PRNewswire/ -- Yosen Group, Inc. (stock symbol: YOSN) ("Yosen", or "the Company") today announced that Yosen has signed a strategic cooperation agreement (the "Agreement") with China Telecom to open thirty (30) more Super Specialty Stores (the "Store", or collectively, the "Stores") this year from the previous eleven (11) Stores established in cooperation in 2013. Out of the additional 30 Stores, twenty (20) will be through renovation of Yosen's existing stores, while the other ten (10) will be newly built. The Agreement signing ceremony took place in China Telecom Zhejiang's office. Mr. Zhenggang Wang, CEO of Yosen, and Mr. Wenqiang Shen, General Manager of China Telecom Zhejiang's Channel Development Department, both attended the ceremony.
In March 2013, Yosen opened its first "Yosen Digital – China Telecom e-Surfing" Super Specialty Store co-branded with China Telecom Zhejiang. Operated by Yosen, the Store is located in Hangzhou Century Lianhua Hypermarket ("Century Lianhua") Yunhe Branch, a busy shopping outlet. This was also China Telecom's first specialty store in Zhejiang Province operated within a large supermarket. In October 2013, Yosen announced its cooperation with China Telecom Zhejiang to open ten more such co-branded Stores. Yosen initiated this business model for China Telecom to establish its service in large scaled supermarkets so that their customers can enjoy the unique shopping experience and convenience of "branded mobile phones + operator service + Yosen service" all in one store. Yosen's innovation and performance was well recognized by China Telecom, and received "2013 China Telecom's Highest Potential Award" at its Annual Appreciation Gala.
Yosen's CEO Mr. Zhenggang Wang commented, "Yosen has been facing our industry's increasingly fierce competition over the last few years. We were trying to find a way to transform us while shutting down low efficiency stores. Fortunately we found our way to open Super Specialty Stores in cooperation with China's three largest telecommunication operators. Today, the fact that we were able to sign a strategic cooperation agreement with China Telecom is a validation of our successful transformation. China Telecom provided us subsidies in store renovation and rent. This alone strengthened Yosen's unique cost advantage relative to our competitors. In the meanwhile, China Telecom's endorsement through branding and other resources provides us significant assurance for our stores to resume fast growth over the next few years. We will be actively seeking full-fledged cooperation with China Telecom in Zhejiang Province."
About Yosen Group, Inc.
Yosen Group, Inc. ("Yosen Group", or "Yosen") was founded in Yiwu City, Zhejiang Province, in 1997. Yosen is a leading retailer of 3C merchandise (Computers, Communication products and Consumer electronics) in Eastern China. The Company partners with China's three dominant telecommunication operators including China Telecom, China Mobile, and China Unicom, and operates 3C specialty stores within mass merchandisers at prime locations. Yosen distributes the best-selling products of Apple, Samsung, among others. Yosen Group, though its corporate headquarters in China and its wholly-owned U.S. subsidiary, is committed to building cross-border sales channels for bringing the world's best consumer products to China and, simultaneously, introducing China's most competitive products to the overseas markets. Yosen Group is China Commodity City Group's exclusive partner in the Greater New York area. The Company operates under the "Yosen" and "Yong Xin" 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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