SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
October 16, 2007
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Date of Report (Date of earliest event reported)
SOYO GROUP, INC.
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(Exact name of registrant as specified in its charter)
Nevada 333-42036 95-4502724
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(State or other jurisdiction (Commission File Number) (IRS Employer
of incorporation) Identification No.)
1420 South Vintage Avenue
Ontario, California 91761-3646
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(Address of principal executive offices, including zip code)
(909) 292-2500
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(Registrant's telephone number, including area code)
N/A
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(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions:
[ ] Written communications pursuant to Rule 425 under the Securities Act
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act
Item 8.01 Other Events
SOYO Inc. today announced to shareholders that the first Honeywell Consumer
Electronics product to be developed, the Honeywell SecuraDrive(TM), is currently
in production and will be available for sale by December 2007.
The product line will be available in 80 GB, 120 GB and 160 GB capacities and
the Manufacture Suggested Retail Price (MSRP) will be $249.99, $299.99 and
$349.99 USD respectively.
The Honeywell SecuraDrive(TM) contains a USB 2.0 Hi-Speed interface with
transfer speeds of up to 480 Mbits per second. The SecuraDrive(TM) line is Bus
powered, and each drive comes with a travel case, cables and CD Software. The
SecuraDrive(TM) will utilize the Samsung SpinPoint N2 line of 1.8 inch drives
which feature 8 MB buffer, 4200 RPM, and up to 1500G of non-operational linear
shock. The Honeywell SecuraDrive(TM) password technology allows the user to
allocate part or all of the hard drive capacity to be public or private. The
Honeywell SecuraDrive(TM) line of drives are compatible with the Microsoft
Windows operating systems.
SOYO Group Inc. announced to its shareholders in February 2007 that the Company
signed a license agreement with Honeywell Intellectual Properties Inc. and
Honeywell International Inc., effective January 1st 2007, under which SOYO will
supply and market certain consumer electronics products under the Honeywell
Brand.
The agreement is for a minimum period of 6.5 (six point five) years and calls
for the payment of MINIMUM royalties by SOYO to Honeywell totaling $3,840,000
(Three Million, Eight Hundred and Forty Thousand Dollars U.S.). Sales levels in
excess of minimum agreed targets will result in associated increases in the
royalty payments due.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
SOYO GROUP, INC.
(Registrant)
Date: October 16, 2007 By: /s/ MING CHOK
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Ming Chok, CEO
Date: October 16, 2007 By: /s/ NANCY CHU
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Nancy Chu, CFO