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
March 2, 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 1.01 Entry into a Material Definitive Agreement
(a) SOYO Group Inc. has entered into a financing agreement with United
Commercial Bank (UCB) of City of Westminster, CA. The agreement calls
for UCB to provide SOYO with a revolving financing facility of up to
$12 million to finance working capital, letters of credit or other
capital needs. The maximum amount of the facility to be extended at
any point in time is based on the Company's accounts receivable and
inventory, which will serve as collateral for the loan.
(b) The term of the agreement is for one year, renewable annually.
(c) Mr. Ming Chok, the Company's CEO, and Ms. Nancy Chu, the CFO, have
personally guaranteed the credit facility for $6.5 million.
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.
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(Registrant)
Date: March 1, 2007 By: /s/ NANCY CHU
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Nancy Chu, CFO