NEW YORK, July 7, 2015 /PRNewswire/ -- Global Sources Ltd.
(NASDAQ: GSOL), through its Shenzhen,
China subsidiary, has entered into a Letter of Intent (LOI)
for the sale of its investment property on the 50th
floor of the Shenzhen International Chamber of Commerce Tower in
Shenzhen, China. The total price
is approximately US$21.7 million.
Global Sources' executive chairman, Merle A. Hinrich, said: "The sale of this
property rebalances our property portfolio, as it reduces our
investment holding position in China. We also expect a reasonable capital
gain from this property, as the market price has appreciated
substantially since we purchased this property in September of
2008."
Pursuant to the LOI, which was signed on July 6, 2015, a deposit of approximately
US$3.2 million, has been received by
Global Sources from the buyer.
The completion of the property sale transaction is conditional
upon, and subject to, the further signing of a formal sale and
purchase agreement by the parties on or before Sept. 1, 2015,
and the buyer's full payment of the sale price on or before
Nov. 10, 2015.
About Global Sources
Global Sources is a leading business-to-business media company
and a primary facilitator of trade with Greater China.
The core business facilitates trade between Asia and the world using English-language
media such as online marketplaces (GlobalSources.com), print and
digital magazines, sourcing research reports, private sourcing
events, and trade shows.
More than 1 million international buyers, including 95 of the
world's top 100 retailers, use these services to obtain product and
company information to help them source more profitably from
overseas supply markets. These services also provide suppliers with
integrated marketing solutions to build corporate image, generate
sales leads and win orders from buyers in more than 240 countries
and territories.
Now in its fifth decade, Global Sources has been publicly listed
on the NASDAQ since 2000.
Safe Harbor Statement
This news release contains forward-looking statements within the
meaning of Section 27-A of the Securities Act of 1933, as amended
and Section 21-E of the Securities Exchange Act of 1934, as
amended. The company's actual results could differ materially from
those set forth in the forward-looking statements as a result of
the risks associated with the company's business, changes in
general economic conditions, and changes in the assumptions used in
making such forward-looking statements.
Press Contact in
Asia
|
Investor Contact in
Asia
|
Camellia So
|
Connie Lai
|
Tel: (852)
2555-5021
|
Tel: (852)
2555-4864
|
e-mail:
cso@globalsources.com
|
e-mail:
investor@globalsources.com
|
|
|
Press Contact in
U.S.
|
Investor Contact in
U.S.
|
Brendon
Ouimette
|
Cathy
Mattison
|
Tel: (1-480)
664-8309
|
LHA
|
e-mail:
bouimette@globalsources.com
|
Tel: (1-415)
433-3777
|
|
e-mail:
cmattison@lhai.com
|
|
|
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SOURCE Global Sources