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Employee Retention of Soyo Group

Employee Retention of Soyo Group

Discuss Employee Retention of Soyo Group within the Human Resources Management (H.R) forums, part of the PUBLISH / UPLOAD PROJECT OR DOWNLOAD REFERENCE PROJECT category; Soyo Group, Inc. (OTCBB: SOYO), often just referred to as "Soyo", was a USA-based electronics company. Established in 1985, Soyo ...

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Pratik Kukreja
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pratikkk
Student of PGDM at PATLIPUTRA MEDICAL COLLEGE
Jamshedpur, Jharkhand
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Location: Jamshedpur, Jharkhand
Employee Retention of Soyo Group - April 16th, 2011

Soyo Group, Inc. (OTCBB: SOYO), often just referred to as "Soyo", was a USA-based electronics company. Established in 1985, Soyo was a provider of consumer electronics such as LCD HDTVs, home theater furniture, Bluetooth headsets, portable storage devices, computer monitors, computer motherboards, computer cases, and computer peripheral devices.
With sales offices in California and São Paulo, Brazil, Soyo sold its products through an extensive network of authorized distributors, resellers, system integrators, VARs, retailers, mail-order catalogs and e-tailers. Soyo licensed the Honeywell brand from Honeywell International Inc. for use on LCD televisions and other consumer electronics products.
Soyo Group filed for Chapter 7 bankruptcy with the United States District Court for the Central District of California, Riverside Division (case number 09-19355-RN), and ceased operations on May 5, 2009.

I complied with all requirements when submitting this rebate for my boss. When rebate became past due I e-mailed customer service for status. I received no reply.

I e-mailed customer service a second time after rebatestatus.com no longer showed rebate. Customer service stated that "this promotion has expired...we have resubmitted your rebate, and now show a valid rebate request in our system. Once it has completed processing, a check will be issued and mailed to you.

By that time by boss's rebate was 4 weeks past due, and they still refused to give me a projected mail date. One week later I again requested status and got the same reply. After nine more days I inquired again and got the same response.

Frustrated, I ignored it for a while, hoping it would just come in the mail. Finally, 6 weeks later I called their 1-866 number and this is what I got: "The manufacturer has closed all promotion activity. We're sorry, but we are unable to provide additional information. Please contact the manufacturer."

I am completely disgusted with Soyo's "customer service", disappointed that they did not honor their rebate promises, and will probably no longer do business with them. Companies should never ignore their customers and leave them dissatistied.

SOYO(R) Group Inc. (OTCBB:SOYO), a leading global provider of computer, consumer electronics and broadband telecommunications products, announced today that its Director Paul Risberg is currently featured in an interview with CEOcast, Inc., the owner of a leading financial portal. In the interview, Mr. Risberg discusses the recent turnaround of the Company's operations, including the return to profitability driven by strong revenue growth and margin improvement along with expanded national distribution channels.

"The Company has been able to return to profitability helped by new products in rapidly-growing areas such as High Definition LCD television, Voice-Over-IP (VoIP) and Wireless Bluetooth Headset," said Mr. Risberg. "With one of the most widely recognized and respected brand names, SOYO is now positioned for strong future growth as it delivers the products that consumers desire."

The entire interview is available at www.ceocast.com.

About SOYO Group

SOYO(R) Group Inc. is a leading global provider of computer, consumer electronics, and broadband telecommunications products and services. Headquartered in Ontario, Calif., with sales offices in South America, SOYO Group sells its products through an extensive network of authorized distributors, resellers, system integrators, VARs, retailers, mail-order catalogs and e-tailers, including Walmart.com, eCost.com, Fry's, PC Mall, SHOP-at-HOME and Office Depot Canada, among others. For more information about the company and its products, please call 909-292-2500 or visit our Web site at http://www.soyogroup.com.

Safe Harbor Act Notice

This information contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 (the "Act"). In particular, when used in the preceding discussion, the words "plan," "confident that," "believe," "scheduled," "expect," or "intend to," and similar conditional expressions are intended to identify forward-looking statements within the meaning of the Act and are subject to the safe harbor created by the Act. Such statements are subject to certain risks and uncertainties and actual results could differ materially from those expressed in any of the forward-looking statements. Such risks and uncertainties include, but are not limited to, market conditions, the availability of components and successful production of the company's products, general acceptance of the company's products and technologies, competitive factors, timing, and other risks described in the company's SEC reports and filings. Third-party statements contained herein and information contained on any third-party Web site are not endorsed by or adopted by SOYO, nor has their accuracy been verified by SOYO.

Soyo Group Inc. (SOYO.OB) is looking for bigger britches, but the penny-stock company that's traded on OTC Bulletin Board needs investors with deeper pockets.
The Ontario-based consumer electronics distributor's stock has taken a roller-coaster ride between October 2007 and now, falling 67 percent from its record peak of $1.48 to close at $0.49 on Thursday.
Nonetheless, over the last two-and-a-half years the 43-employee company has gone from 800 to 1,200 shareholders and will soon be doubling its office space.
Now Soyo wants a spot on the American Stock Exchange in New York, which means increasing its stock value to where it stood just nine months ago.
Shareholders will be asked to approve a common stock increase from 75 million to 200 million shares at Soyo's Aug. 4 annual meeting. If approved, the company might be a lucrative prospect for institutional investors with big piggy-banks.
"We've already filed our application for the American Stock Exchange and meet every requirement to get there, except our share price," said Ed Obrien, director of marketing.
The company is trying to shrug off almost $5 million in losses for 2003 and 2004 and build upon its $6.5 million in earnings from 2005 to 2007.
Some of those losses stem from Soyo's bad debts. It's customers got hit with stiff competition from companies like Dell Inc. and couldn't pay up.
"Their direct-end user model really commoditized the motherboard industry," he said about Dell. "When that happened is when everything converted to LCD monitors and Bluetooth technology. It's difficult knowing what's going to be hot next."
To compound the issue, Soyo was being led by managers who were "a little more old-school," Obrien said.
The company's big news over the last year was a deal signed with Honeywell International Inc. to supply the electrical industry giant with LCD and plasma flat-panel televisions.
Soyo went public in mid-2005 after completing a reverse merger with Vermont Witch Hazel, a Los Angeles-based skin care company.
Soyo has a market capitalization of $26 million and contracts with manufacturing companies in Taiwan, China and Mexico.

Soyo Group Inc. (SOYO.OB) is looking for bigger britches, but the penny-stock company that's traded on OTC Bulletin Board needs investors with deeper pockets.
The Ontario-based consumer electronics distributor's stock has taken a roller-coaster ride between October 2007 and now, falling 67 percent from its record peak of $1.48 to close at $0.49 on Thursday.
Nonetheless, over the last two-and-a-half years the 43-employee company has gone from 800 to 1,200 shareholders and will soon be doubling its office space.
Now Soyo wants a spot on the American Stock Exchange in New York, which means increasing its stock value to where it stood just nine months ago.
Shareholders will be asked to approve a common stock increase from 75 million to 200 million shares at Soyo's Aug. 4 annual meeting. If approved, the company might be a lucrative prospect for institutional investors with big piggy-banks.
"We've already filed our application for the American Stock Exchange and meet every requirement to get there, except our share price," said Ed Obrien, director of marketing.
The company is trying to shrug off almost $5 million in losses for 2003 and 2004 and build upon its $6.5 million in earnings from 2005 to 2007.
Some of those losses stem from Soyo's bad debts. It's customers got hit with stiff competition from companies like Dell Inc. and couldn't pay up.
"Their direct-end user model really commoditized the motherboard industry," he said about Dell. "When that happened is when everything converted to LCD monitors and Bluetooth technology. It's difficult knowing what's going to be hot next."
To compound the issue, Soyo was being led by managers who were "a little more old-school," Obrien said.
The company's big news over the last year was a deal signed with Honeywell International Inc. to supply the electrical industry giant with LCD and plasma flat-panel televisions.
Soyo went public in mid-2005 after completing a reverse merger with Vermont Witch Hazel, a Los Angeles-based skin care company.
Soyo has a market capitalization of $26 million and contracts with manufacturing companies in Taiwan, China and Mexico.
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