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SOURCE Yosen Group, Inc.
HANGZHOU, China, Oct. 7, 2013 /PRNewswire/ -- Yosen Group, Inc. (stock symbol: YOSN) ("Yosen", or "the Company") today announced the launch of ten (10) more super specialty stores co-branded with China Telecom Corporation Limited ("China Telecom"). Earlier in March Yosen had its first super specialty store of this kind with China Telecom. The new stores will be on the premises of the ten busiest Century Lianhua Hypermarkets in Hangzhou, Zhejiang Province in Eastern China. Century Lianhuaret Hypermarkets are a leading China national chain owned and run by Lianhua Supermarket Holdings ("Lianhua"). The newly launched Yosen super specialty stores will be operated under a "Yosen Digital – China Telecom E Surfing" co-branding. China Telecom Hangzhou Branch will provide a RMB350,000 (or nearly USD60,000) one-time aid to Yosen Group for store renovation plus a 30% lease subsidy to be funded quarterly.
The super specialty store is Yosen's unique business model under which Yosen cooperates with China's dominant telecommunication operators such as China Telecom. In addition, Yosen also cooperates with China Telecom's rival China Unicom. The ultimate goal is to provide a top notch shopping convenience for consumers overall.
Yosen's CEO Mr. Zhenggang Wang commented, "Earlier in March we opened our first super specialty store in Century Lianhua Hypermarket Yunhe Branch. Our half year's efforts have been well recognized by the senior management of China Telecom Hangzhou Branch. With their full support, we were approved to open ten Yosen Digital – China Telecom E Surfing Co-Branded Super Stores. Yosen Group has always been pursuing close cooperation with many more first-class brands. We are committed to providing further updates for our shareholders timely".
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/.
Lianhua Supermarket Holdings was established in 1991. As of the end of 2011, there were approximately 5,150 supermarkets under Lianhua and its subsidiaries and affiliates, covering 19 provinces across China. Lianhua was the first Chinese supermarket chain listed on the Hong Kong Stock Exchange.
About China Telecom Corporation Limited
China Telecom Corporation Limited ("China Telecom") is an integrated information full services operator and the world's largest wire line telecommunications, CDMA mobile network and broadband Internet services provider, providing basic telecommunications services such as wire line telecommunications services, mobile telecommunications services, and value-added telecommunications services such as Internet access services and information services in the PRC. As of the end of 2012, China Telecom has wire line access lines in service of about 163 million, wire line broadband subscribers of about 90 million and mobile subscribers of about 161 million. China Telecom's H shares and American Depositary Shares are listed on the Stock Exchange of Hong Kong and the New York Stock Exchange, respectively.
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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