Latest Step to Accelerate Expansion in China
BEIJING, Aug. 20 /Xinhua-PRNewswire-FirstCall/ -- Global Sources Ltd. (Nasdaq: GSOL) today announced that Tom Melcher and his team at Beijing-based Blue Bamboo China Ventures (Blue Bamboo), are expected to join the Global Sources team as part of Global Sources' online expansion in China. Melcher is expected to lead a new division focused on Global Sources' Chinese online media efforts.
(Logo: http://www.prnasia.com/sa/200703271450.JPG )
Global Sources also announced that its wholly-owned subsidiary, Trade Media Holdings Limited, has entered into an agreement with Blue Bamboo to acquire assets of Blue Bamboo. Blue Bamboo, an online media company, has built a network of four web sites that provide high-quality, independent information about home renovation, overseas study, weddings and parenting to urban Chinese consumers.
"This transaction is the latest step in our planned build-out of Global Sources' domestic China initiatives, which include the launch of Elegant Living and our new domestic China trade shows and events," said Merle A. Hinrichs, Chairman and CEO of Global Sources. "Elegant Living is directed towards the personal side of Chinese executives' lives and covers subjects such automobiles, city living, fashion and travel. Blue Bamboo adds exciting new consumer brands and subjects such as home design and parenting that complement our efforts nicely. We also expect to benefit from the deep experience of Blue Bamboo's team, particularly CEO Tom Melcher."
Prior to Blue Bamboo, Melcher held senior executive roles at CNET
(Nasdaq: CNET), NetObjects, and There.com. Melcher, whose ties to China date back over 20 years, lives in Beijing, is a fluent Mandarin speaker, and is a graduate of Yale and the Harvard Business School.
The Blue Bamboo asset acquisition is subject to completion conditions and is expected to close in the third quarter of 2007. The purchase price was not disclosed.
Started in late 2005, the Blue Bamboo network includes four vertical portals:
-- www.chinadeco.com.cn focuses on home design and renovation in China.
More than 50% of the site's content is online video, including several
innovative reality TV-like shows about home design.
-- www.6xue.info is China's leading source of independent information to
evaluate and apply for overseas study opportunities. In addition to
rich online content, the business hosts monthly seminars at Peking
University, and is publishing a series of authoritative books about
overseas study.
-- www.ixinniang.com , and its companion site www.51hunshazhao.com , are
leading resources for weddings, a major spending category for Chinese
consumers.
-- www.qinziguanxi.com gives Chinese parents a place to share opinions
about the best books and DVDs for their children, and helps them
connect their one-child families with others for weekend activities.
Extensive Chinese-Language Media for Global Sources' One Million-strong Community
Global Sources already produces a variety of magazines, websites and events serving a one million-strong China community ranging from the high-tech electronics to management and lifestyle sectors. The company recently also announced its plans to launch a new Chinese-language B2B website, China Global Sources Online ( http://www.globalsources.com.cn ) in the fourth quarter.
Global Source produces China's largest BPA-audited Chinese-language management magazine, Chief Executive China, and its companion website, Chief Executive China Online ( http://www.ceconline.com ). Its newest title, scheduled to launch in September, is Elegant Living
( http://www.elegantlivingchina.com ).
About Global Sources
Global Sources is a leading business-to-business (B2B) media company and a primary facilitator of two-way trade with Greater China. The core business is facilitating trade from Greater China to the world, using a wide range of English-language media. The other key business segment facilitates trade from the world to Greater China using Chinese-language media.
The company provides sourcing information to volume buyers and integrated marketing services to suppliers. It helps a community of over 635,000 active buyers source more profitably from complex overseas supply markets. With the goal of providing the most effective ways possible to advertise, market and sell, Global Sources enables suppliers to sell to hard-to-reach buyers in over 230 countries.
The company offers the most extensive range of media and export marketing services in the industries it serves. It delivers information on 1.8 million products and more than 150,000 suppliers annually through 13 online marketplaces, 12 monthly magazines, over 100 sourcing research reports and nine specialized trade shows which run 22 times a year across seven cities.
Suppliers receive more than 18 million sales leads annually from buyers through Global Sources Online ( http://www.globalsources.com) alone.
Global Sources has been facilitating global trade for 36 years. In mainland China it has over 1,700 team members in 44 locations, and a community of over 1 million registered online users and magazine readers for
Chinese-language media.
About Blue Bamboo China Ventures
Blue Bamboo China Ventures ( www.bluebambooventures.com ) is a Beijing-based online media company that has built a network of four web sites that deliver high-quality, independent information about home renovation, overseas study, weddings and parenting to urban Chinese consumers. It was founded in late 2005 and is privately held.
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.
Global Sources Press Contact in Asia:
Camellia So
Tel: +852-2555-5021
Email: cso@globalsources.com
Global Sources Investor Contact in Asia:
Eddie Heng
Tel: +65-6547-2850
Email: eheng@globalsources.com
Global Sources Press Contact in U.S.:
James W.W. Strachan
Tel: +1-480-664-8309
Email: strachan@globalsources.com
Global Sources Investor Contact in U.S.:
Moriah Shilton & Christiane Pelz
Lippert/Heilshorn & Associates, Inc.
Tel: +1-415-433-3777
Email: cpelz@lhai.com
