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%. The 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.