|[February 14, 2013]
Sollensys Corp. Completes Acquisition of South Korean Touch Screen Manufacturer and Appoints Frank Woo as CEO
NEWPORT BEACH, Calif. --(Business Wire)--
Sollensys Corp. (OTCBB:SOLS) announced it has completed the acquisition
of Sollensys Corporation the South Korean Manufacturer of Touch Screen
Panels and the appointment of Frank Woo as CEO.
"This acquisition and appointment of Frank Woo is a huge milestone for
Sollensys Corp. Going forward, Frank will lead our South Korean
subsidiary by implementing the business strategy centered around one of
the fastest growing segments of the new economy - interactive touch
screen display panels. We are honored to have a person of Frank Woo's
caliber as CEO. With his knowledge of the touch screen panel business
and its growth we are in a very good position," added Rowland W. Day.
"We are very excited about the direction and opportunities for
Sollensys. Thanks to our proprietary technology and technical experts,
we are able to design products up to three times faster than our
competitors. Our product success rate is an industry leading 95%. Te
rest of the industry has only a 60-70% success rate which means
producing a similar number of working touch screen panel modules is both
more time-consuming and more expensive with our competitors," stated Mr.
Frank Woo, the newly appointed CEO of Sollensys Corp.
Sollensys Corp.'s technology and products coincide with the dramatic
growth of the smartphones and tablets marketplace. Touch screen panels
have become the dominant user interface today; 2012 saw a 68% increase
in touch screen panel orders, as smart phone manufactures start to phase
out feature phones. This growth continues to increase as smart phones
don't make up half of cell phones in the world market.
Sollensys Corporation holds numerous patents on the touch screen panel
technology and the manufacturing process.
See Sollensys.co.kr and Sollensys.com for additional information.
Safe Harbor Statement
This press release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995
involving risks and uncertainties. Results, events and performances
could vary from those contemplated. These statements involve risks and
uncertainties which may cause actual results, expressed or implied, to
differ from predicted outcomes. Risks and uncertainties include but are
not limited to product demand, market competition and the Company's
ability to meet current or future plans. Investors should study and
understand all risks before making an investment decision. Readers are
recommended not to place undue reliance on forward-looking statements or
information. Sollensys Corp. is not obligated to publicly release a
revision to any forward-looking statement, to reflect events or
circumstances afterward or to disclose unanticipated occurrences, except
as required under applicable laws.
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