GRAYSCALE SOLANA TRUST (OTC:GSOL)

NEW YORK, Aug. 28, 2017 /PRNewswire/ -- Global Sources Ltd. (GSOL) (the "Company") today announced the completion of the acquisition by funds affiliated with Blackstone by way of an amalgamation (the "Amalgamation"), contemplated by the previously announced agreement and plan of amalgamation (the "Amalgamation Agreement") by and among the Company, Expo Holdings I Ltd ("Parent"), which is an affiliate of the funds managed by Blackstone, and Expo Holdings II, Ltd., which is a wholly-owned subsidiary of Parent.

Subject to the terms and conditions set forth in the Amalgamation Agreement, which was approved by the Company's shareholders at a special general meeting held on July 24, 2017, at the effective time of the Amalgamation, each issued and outstanding common share of the Company (each "Share") was automatically cancelled and converted into the right to receive an amount equal to US$20.00 (the "Amalgamation Consideration") in cash, without interest.

Shareholders of record as of the effective time of the Amalgamation who are entitled to the Amalgamation Consideration will receive a letter of transmittal and instructions on how to surrender their Shares in exchange for the Amalgamation Consideration. Shareholders should wait to receive the letter of transmittal before surrendering their Shares.

The Company also announced today that it has requested that trading of its Shares on the NASDAQ Global Select Market be suspended.

CVCapital Securities, LLC is serving as the financial advisor to the Company's Board of Directors (the "Board"). Cleary Gottlieb Steen & Hamilton LLP is serving as U.S. legal advisor to the Board, and Appleby is serving as Bermuda legal advisor to the Board

NEW YORK, July 24, 2017 /PRNewswire/ -- Global Sources Ltd.  (GSOL) (the "Company") today announced that, at a special general meeting of shareholders of the Company held on July 24, 2017 (the "SGM"), the Company's shareholders approved (a) the amendment of Bye-Law 152 of the existing Bye-Laws of the Company and the Company's adoption of the new Bye-Laws and (b) the acquisition of the Company by funds affiliated with Blackstone (the "acquisition proposal").

Approximately 89.88% of the Company's total outstanding common shares (the "Shares") voted in person or by proxy at the SGM. The acquisition proposal received an affirmative vote of approximately 89.83% of the votes entitled to be cast by the shareholders of the Company, voting together as a single class, being more than 66 2/3% of the votes entitled to be cast by the holders of all the then issued and outstanding Shares of the Company, voting together as a single class, which is required for approving the acquisition proposal.

The parties expect to complete the acquisition as soon as practicable, subject to satisfaction or waiver of the remaining customary closing conditions, including a clearance issued under the PRC Anti-Monopoly Law for approving the acquisition. Upon completion of the acquisition, the Company will become a privately held company and its Shares will no longer be listed on the NASDAQ Global Select Market.

NEW YORK, May 25, 2017 /PRNewswire/ -- Global Sources Ltd. (GSOL) (the "Company") today announced that the Company, Expo Holdings I Ltd. ("Parent") and Expo Holdings II Ltd., a wholly-owned subsidiary of Parent, have entered into an amendment to the previously announced Agreement and Plan of Amalgamation (as amended, the "Amended Amalgamation Agreement") providing for an increase in the amalgamation consideration from US$18.00 per share in cash to US$20.00 per share in cash.

The revised amalgamation consideration of US$20.00 per share represents approximately a 11.1% premium over the original amalgamation consideration and approximately a 66.7% premium over the Company's closing price of US$12.00 per share on May 22, 2017, the last trading day prior to the date that the Company entered into the original Agreement and Plan of Amalgamation, and approximately a 91.7% premium over the volume-weighted average closing prices of the shares during the 30 trading days prior to May 22, 2017. 

On May 24, 2017, the Company's Board of Directors (the "Board") received a proposal from a third party to acquire all the outstanding common shares of the Company for US$20.00 per share in cash. On May 25, 2017, the Board received a proposal from Parent to amend the original Agreement and Plan of Amalgamation to increase the amalgamation consideration from US$18.00 per share to US$20.00 per share. The Board unanimously approved the Amended Amalgamation Agreement and the transactions contemplated by the Amended Amalgamation Agreement, and continues to recommend that the Company's shareholders approve the Amended Amalgamation Agreement and the transactions contemplated by the Amended Amalgamation Agreement. In making its recommendation, the Board considered a number of factors and consulted with its legal and financial advisors.

NEW YORK, May 23, 2017 /PRNewswire/ -- Global Sources Ltd.  (GSOL) (the "Company") today announced that it has entered into an Agreement and Plan of Amalgamation (the "Amalgamation Agreement") with Expo Holdings I Ltd. ("Parent") and Expo Holdings II Ltd. ("Amalgamation Sub"), a wholly-owned subsidiary of Parent, pursuant to which Amalgamation Sub and the Company will be amalgamated and continue as an exempted company limited by shares registered under the laws of Bermuda (the "Amalgamated Company"), which will become a wholly-owned subsidiary of Parent (the "Amalgamation").

Subject to the terms and conditions set forth in the Amalgamation Agreement, at the effective time of the Amalgamation, each issued and outstanding common share of the Company (each "Share") will be automatically cancelled and converted into the right to receive an amount equal to US$18.00 (the "Amalgamation Consideration") in cash, without interest. The Amalgamation Consideration represents a premium of 50.0% over the Company's closing price of US$12.00 per Share on May 22, 2017, the last trading day prior to the date that the Company entered into the Amalgamation Agreement, and a premium of 72.65% to the volume-weighted average closing prices of the Shares during the 30 trading days prior to May 22, 2017.

The consummation of the Amalgamation is subject to customary closing conditions, including the approval by the shareholders of the Company, as well as certain other customary closing conditions. Mr. Merle Allan Hinrich, director and Executive Chairman of the Company, together with his wife Mrs. Miriam Hinrich, and Hinrich Investments Limited, have each entered into a voting and support agreement with Expo Holdings I Ltd. and Expo Holdings II Ltd., pursuant to which each of Mr. Merle Allan Hinrich, Mrs. Miriam Hinrich and Hinrich Investments Limited has agreed to vote all their Shares in favor of the authorization and approval of the Amalgamation Agreement and the transactions contemplated by the Amalgamation Agreement, including the Amalgamation. As of the date of this press release, Mr. Merle Allan Hinrich, Mrs. Miriam Hinrich and Hinrich Investments Limited beneficially own approximately 64.87% of the total issued and outstanding Shares.  If completed, the Amalgamation will result in the Company becoming a privately-held company and its Shares will no longer be listed on the NASDAQ Global Select Market.

The Company's Board of Directors (the "Board") unanimously approved the Amalgamation Agreement and the transactions contemplated by the Amalgamation Agreement, including the Amalgamation, and resolved to recommend that the Company's shareholders approve the Amalgamation Agreement and the transactions contemplated by the Amalgamation Agreement, including the Amalgamation. The Board negotiated the terms of the Amalgamation Agreement with the assistance of its legal and financial advisors.

The Company expects to hold a special meeting of its shareholders to consider and act upon the Amalgamation Agreement and the transactions contemplated by the Amalgamation Agreement as promptly as practicable. Details regarding the record date for, and the date, time and place of, the special meeting will be included in a press release when finalized.

JINHUA, China, March 16, 2017 (GLOBE NEWSWIRE) -- Kandi Technologies Group, Inc. (the “Company,” “we” or “Kandi”) (KNDI), today announced its financial results for the full year ended December 31, 2016.

Full Year 2016 Highlights

• Total revenues were $129.5 million in 2016, a decrease of 35.6% from total revenues of $201.1 million in 2015.
• EV parts sales decreased by 38.8% to $120.1 million in 2016, compared with EV parts sales of $196.1 million in 2015.
• Off-road vehicles sales increased by 13.5% to $5.7 million in 2016, compared with off-road vehicle sales of $5.0 million in 2015.

Kandi Electric Vehicles Group Co., Ltd. (The “JV Company”) sold 10,148 EV products in 2016, compared to 24,220 EV products sold in 2015. Total EV products sales included 4,766 EV products sold to the Micro Public Transportation (“MPT”) program and 5,382 EV products sold through distribution channels under our direct sales program.

GAAP net loss in 2016 was $6.5 million, or $0.14 loss per fully diluted share, compared with GAAP net income of $14.7 million, or $0.31 per fully diluted share, in 2015.

Non-GAAP adjusted net income1, which excludes stock award expenses and changes in the fair value of financial derivatives, was $4.6 million in 2016, compared with non- GAAP adjusted net income of $28.5 million in 2015. Non-GAAP adjusted earnings per share1 was approximately $0.10 per fully diluted share for the full year of 2016, compared with non-GAAP adjusted earnings per share of $0.61 per fully diluted share for the same quarter of 2015.
Working capital surplus was $86.3 million as of December 31, 2016. Cash, cash equivalents and restricted cash totaled $25.2 million as of December 31, 2016.

“2016 was a challenging year for us. Compared to the all-time high EV sales we recorded in 2015, our net sales and profitability decreased in 2016. This decrease was the result of confusion surrounding EVs manufactured and sold by the JV Company during 2013 and 2014 that used the reusable battery exchange model. These issues have since been properly resolved after the several conversations with the relevant regulatory authorities. Although the Chinese government’s EV subsidy review has now been finalized, it had a negative effect on our business in 2016. However, despite these setbacks, the Company has continued to put forth its best efforts to improve its products and its business. We are also excited about progress that we have made in the recent quarters,” commented Mr. Hu Xiaoming, Chairman and Chief Executive Officer of Kandi.

“First, Kandi’s wholly-owned subsidiary Kandi Hainan received a second subsidy payment of RMB 100 million (approximately USD 14.5 million) in November 2016 from the Hainan Provincial Government for research and development expenditures for a new EV model. The subsidy payment is a strong indicator of the Hainan government’s generous support for our Hainan EV project. Second, in December 2016, we received the final results of the Chinese government’s subsidy review for renewable energy vehicles. According to the results, EVs that were manufactured by the JV Company in 2015, 2016, and later will remain eligible for the same amount of government subsidies as previously anticipated. Third, in the first quarter of 2017, the JV Company’s two Global Hawk EV models, JL7001BEV18 (Kandi Model K11) and SMA7001BEV25 (Kandi Model K17), have been included in 2017’s first and second Directories of Recommended Models for Energy Saving and New Energy Vehicle Demonstration and Promotion issued by the Chinese Ministry of Industry and Information Technology. We believe that our inclusion in these directories has laid a solid foundation for Kandi’s business growth in 2017. Fourth, our wholly-owned subsidiary Yongkang Scrou successfully launched its next generation advanced drive motor, which achieves higher output efficiencies and rated power at roughly the same cost of production. The JV Company expects to purchase more than 20,000 next generation drive motor units from Yongkang Scrou in the second half of 2017. The new motor will help enhance our product capabilities and increase its competitive advantages while maintaining effective cost controls.”

“The Company’s recent form 8-K reports certain financial reporting issues identified by the Company’s management for the full years 2014 and 2015 and the first three quarters of 2016. The Company will include the restatement to its previously issued financial statements in the annual report on Form 10-K for the fiscal year ended December 31, 2016, which restatements will include separate audited financial statements for the JV Company. The restatements will have no effect on the net income of the Company as previously reported.”

“Going forward, we are confident with the continued support of our investors, we will be able to focus on innovation and regain our leading market position,” Mr. Hu concluded.

HONG KONG, Dec. 28, 2016 /PRNewswire/ -- Global Sources (GSOL) and Shenzhen Globex e-Services Inc., an integrated e-commerce service provider, are planning to co-develop a fully integrated electronic solution to facilitate more efficient cross-border trade between mainland China-based exporters and overseas buyers. As an integrated system, the new service aims to include:

Electronic customs declaration and clearance
Full integration of customs, banking and shipment information
The completion of tax refund applications directly to the exporter's account

Participating buyers and sellers would gain visibility over all stages of the trade process, including payment, product inspection and shipment status.

Expected to launch in early 2017, the service is to be made available through the Global Sources website to Global Sources' community of buyers and suppliers and is designed to support B2B buyers who require rapid delivery times for ready-to-order products.

Craig Pepples, Global Sources' Deputy CEO, said: "We are committed to supporting the increasingly rapid pace of global trade. Buyers can now use our website to distinguish between products available for OEM manufacture and those available for immediate resale in physical stores or through online sales channels. Our planned new service enables our buyers to take the next step and conclude a transaction for ready-to-order products, vastly shortening their time to market."

Oliver Wu, General Manager of Shenzhen Globex e-Services Inc., said: "We are excited to announce this planned partnership with Global Sources, a leading facilitator for global trade over the past 45 years. Our comprehensive e-commerce services, combined with Global Sources' integrated export marketing offering, aim to provide buyers and suppliers with a more effective and efficient process to conduct trade."

HONG KONG, Dec. 6, 2016 /PRNewswire/ -- Global Sources (GSOL) announced today that the Company has renewed its contracts with AsiaWorld-Expo Management to host its trade shows at Hong Kong's AsiaWorld-Expo (AWE) in 2019 and 2020 at a total contract value of approximately US$27.1 million.

Global Sources has been hosting trade shows at AWE since 2006 and has brought more than 2 million buyers and exhibitors to visit Hong Kong over the past decade. The Company's fall series of shows held in October featured more than 8,500 booths and attracted more than 79,000 buyers from 153 countries and territories to attend. In 2016 alone, Global Sources exhibitions contributed approximately HK$2.75 billion to Hong Kong's economy.

The company's flagship show, Global Sources Electronics, is the world's largest electronics sourcing event and the launch pad for some of the world's most cutting-edge electronics products. It is also Asia's premier and most anticipated sourcing event for global electronics buyers.

Craig Pepples, Global Sources' Deputy CEO, said: "Global Sources is focused on connecting buyers worldwide with suppliers in mainland China and Asia through our integrated offering of online marketplaces and trade shows. The new contracts reaffirm our mission to facilitate profitable global trade as well as our continuing commitment to Hong Kong's economy and strengthen the role of the city as Asia's trade show capital."

Global Sources hosts its trade shows twice a year -- in April and October -- at AWE, covering product categories that include electronics, gifts and premiums, home products and fashion items. The Global Sources Electronics show also features Startup Launchpad -- a conference program and pavilion which is Asia's largest consumer electronics hardware startup event.

Fourth Quarter 2015 Financial Results

• Revenue from continuing operations was $61.6 million, as compared to $60.1 million.
• IFRS net profit was $20.0 million, or $0.79 per diluted share, as compared to $9.3 million, or $0.29 per diluted share.
  Non-IFRS net profit was $13.0 million, or $0.52 per diluted share, as compared to $9.9 million, or $0.31 per diluted share, for the fourth quarter of 2014.

"The highlight of the fourth quarter of 2015 was our very successful series of trade shows in Hong Kong, which included Global Sources Electronics - the world's largest electronics sourcing trade show," stated Merle A. Hinrich, Global Sources' executive chairman. "During the year, we advanced the integration of our online and trade show services and increased our focus on helping buyers identify new, important and innovative products from among the millions of products online. Key initiatives include our Analyst's Choice product sections and Startup Launchpad, a pavilion and conference within our electronics trade shows. Looking ahead, we remain focused on growing our core business by leveraging our differentiated offering that integrates the best of online with the best of trade shows."

Global Sources' CFO, Connie Lai, said: "During the fourth quarter of 2015, we completed the sale of our Shenzhen investment property, recording a net profit of $7.6 million, net of transaction costs and related tax expenses. We continue to drive efficiencies throughout the organization, while remaining committed to creating shareholder value, maintaining a strong balance sheet, a solid cash position and no debt."

"As announced on March 15, CEO Spenser Au will retire at the end of 2016 following 39 years of service to Global Sources," continued Mr. Hinrich. "In his role as CEO for the past five years, Spenser was essential to the development of our fully integrated offering of online marketplaces and trade shows. Our strong and experienced management team will continue to build on his contributions as we transition to a successor."

NEW YORK, Jan. 7, 2016 /PRNewswire/ -- Global Sources Ltd. (GSOL) intends to change the frequency of its interim financial reporting from quarterly to semi-annually effective beginning in 2016.

Global Sources' executive chairman, Merle A. Hinrich, said, "Global Sources' Board of Directors decided to initiate a semi-annual reporting schedule to reflect the cyclical nature of our exhibitions business as our Hong Kong trade shows held in April and October have become an increasingly strong revenue contributor to our business."

Global Sources is scheduled to publish the following financial reviews and reports.

• Fourth quarter and full year 2015 financial results press release and conference call on March 17, 2016 and the financial statements for the full year 2015 are scheduled to be filed in April 2016.
• The annual report and the Annual Letter to Shareholders in May 2016.
• The six-month period Jan. 1, 2016 through June 30, 2016 financial results press release and conference call on Sept. 13, 2016.
• The company intends to continue using all the same revenue reporting categories:
  • Online and other media services
  • Exhibitions
  • Miscellaneous
• The company plans to continue providing half year guidance for revenue and IFRS and non-IFRS net income per share.

"I am confident our strategy to offer buyers and suppliers an integrated offering of online and trade shows should enable the company to be positioned for long-term growth. We look forward to maintaining consistent and transparent communications with the investment community," concluded Hinrich.

Third quarter 2015 Financial Results  

• Revenue from continuing operations was $23.5 million, as compared to $31.7 million.
• Non-IFRS net loss was $4.3 million, or $0.16 per diluted share, as compared to Non-IFRS net income of $2.6 million, or $0.08 per diluted share, for the third quarter of 2014.

Global Sources' executive chairman, Merle A. Hinrich, said: "The third quarter revenue reflects our decisions to focus on our core business of cross border B2B trade and on our Hong Kong trade shows. Supporting this effort, we completed the sale of our eMedia subsidiary in the second quarter and discontinued several overseas trade shows held in the prior year's third quarter. Our strategy is to focus on the markets and products that offer us the greatest opportunities for growth.

"In October, we held the world's largest electronics sourcing show, Global Sources Electronics, in Hong Kong. Held in two phases featuring more than 5,800 booths of the latest in electronics, we had solid overall growth in booth sales and attendance. China is the world's largest electronics manufacturing hub and we are excited about additional growth opportunities. Also for our overall business, we continue to develop unique, integrated show and online services for our respective buyer and supplier communities."

Second quarter 2015 Financial Results

• Revenue from continuing operations was $66.0 million, as compared to $55.5 million.
• Non-IFRS net income was $11.2 million, or $0.35 per diluted share, as compared to $9.4 million, or $0.27 per diluted share, for the second quarter of 2014. 

Global Sources' executive chairman, Merle A. Hinrich, said: "In the second quarter, total revenue was $68.5 million, with our exhibition business revenue growing 42 percent year-over-year, driven primarily by the performance of our large electronics international trade shows held in Hong Kong in April and the move of our SIMM machinery shows from the first quarter of 2014 to the second quarter of 2015. We were especially pleased with the revenue and attendance growth for the Global Sources Electronics and Mobile Electronics shows.

"Recently, we completed three important actions to return value to our shareholders and to focus on our core business. First, we completed a cash tender offer to return up to approximately $50 million to shareholders, which commenced on June 26, 2015 and expired at 12:00 midnight, New York City time, on July 27, 2015. Second, we completed the sale of our eMedia subsidiary. And third, following the end of the second quarter, we entered into an agreement to sell an investment property in Shenzhen."

Global Sources' CFO, Connie Lai, stated: "Our second quarter 2015 results reflect growth of the electronics trade shows held in April, the SIMM machinery shows moving from the first quarter last year to the second quarter of 2015 and the capital gain of $6.2 million recorded from the sale of our eMedia subsidiary. We continue to maintain an efficient cost structure, while maintaining a strong balance sheet with no short- or long-term debt."

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 50^th 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

HONG KONG, July 1, 2015 /PRNewswire/ -- Global Sources Ltd. (NASDAQ: GSOL) has sold its 60.1 percent interest in its eMedia Asia Limited subsidiary to UBM plc, the 39.9 percent shareholder, for approximately US$9.0 million in cash subject to adjustments for cash and working capital.

eMedia's business includes the China International Optoelectronic Expo (CIOE) and print and online publications serving Asia's electronics community, namely various Asian editions of EE Times, Electronics Supply & Manufacturing and EDN.

Global Sources' executive chairman, Merle A. Hinrich, said: "The sale of eMedia is consistent with our strategy to focus on our strong core business of cross border B2B trade and address the markets we believe offer the greatest opportunity for growth. By divesting this subsidiary, we are redirecting resources to enhance our multi-channel platform and improve the services we provide to both our buyer and supplier communities."

NEW YORK, June 26, 2015 /PRNewswire/ -- Global Sources Ltd. (NASDAQ: GSOL) commences today its cash tender offer for up to 6,666,666 shares of its issued and outstanding common shares at $7.50 per share, or up to $49,999,995, as previously announced on June 11, 2015.

As of April 30, 2015, there were 30,231,365 shares of the company's common shares issued and outstanding. The maximum total number of shares that the company is offering to purchase represents approximately 22.05% of the company's total number of common shares issued and outstanding as at April 30, 2015.

The tender offer is not conditioned upon any minimum number of shares being tendered or the availability of any financing. It is, however, subject to certain other conditions set forth in the Offer to Purchase.

The tender offer is expected to expire at 12:00 midnight, New York City time, on July 27, 2015, unless the tender offer is earlier terminated or extended by the company.

If more than 6,666,666 shares are properly tendered and not properly withdrawn, then the shares will be purchased:

• First, from all holders of "odd lots" of fewer than 100 shares who properly tender all of their shares and do not properly withdraw them before the expiration date; and
• Second, from all other shareholders who properly tender shares, on a pro-rata basis.

The company's board of directors has approved the tender offer. However, neither the company's management, its board of directors, the depositary nor the information agent make any recommendation to any shareholder as to whether to tender or refrain from tendering any shares. The company has not authorized any person to make any recommendation.

NEW YORK, June 11, 2015 /PRNewswire/ -- Global Sources Ltd. (NASDAQ: GSOL) intends to commence an issuer tender offer by the end of June 2015, with expected completion before the end of July 2015, for up to 6,666,666 shares, or approximately 22.05% of its outstanding common shares as of April 30, 2015, at a purchase price of $7.50 per share in cash. Global Sources expects to fund the tender offer with cash on hand. As of March 31, 2015, Global Sources had total cash, cash equivalents and available-for-sale securities of approximately $103.6 million.

The offer will afford tendering shareholders liquidity for some or all of their shares and will permit them to have their shares repurchased at a 16.82% premium over the closing price per share of $6.42 on June 10, 2015, the last full trading day before the date of this announcement. Shareholders who elect not to tender their shares in the offer will increase their relative percentage ownership in Global Sources following completion of the offer.

Global Sources' executive chairman, Merle A. Hinrich, said: "I am pleased to announce that after carefully considering all of the options to return capital to the shareholders, the Board of Directors has approved a tender offer as the most efficient alternative at this time. We believe this measure reflects our continued commitment to enhancing shareholder value and enables all shareholders to participate equally in a return of investment, if so chosen. At the close of the transaction, Global Sources will still have a strong balance sheet, giving us the financial strength to pursue our growth initiatives and other options to invest in the business."

Global Sources has been informed that its Directors and Officers who own shares can be expected to tender all or a portion of their shares in the offer. Such Directors and Officers beneficially owned approximately 47.80% of Global Sources' outstanding common shares as of Feb. 28, 2015.

First quarter 2015 Financial Results

• Revenue was $22.2 million, as compared to $34.5 million.
• Non-IFRS net loss was $1.4 million, or $0.05 per diluted share, as compared to Non-IFRS net income of $0.6 million, or $0.02 per diluted share, for the first quarter of 2014.

Global Sources' executive chairman, Merle A. Hinrich, said, "Our first quarter results reflect the shift in timing of our SIMM machinery shows for the mainland China domestic market from the first quarter of 2014 to the second quarter of 2015. In April, we held our export-focused shows, including Global Sources Electronics, the world's largest electronics sourcing trade show featuring a total of more than 5,500 booths. The first phase included a wide range of electronics for home, office, auto and security products as well as electronic components. The second phase, Mobile Electronics, featured smartphones, tablets, drones, wearables and accessories and was an even greater success than its inaugural event in October 2014, with growth in both booths and attendance.

"Over the past 10 years, we have focused on attracting quality-focused, innovative electronics suppliers from mainland China and acrossAsia and this has drawn the world's top buyers to our events. As a result, our electronics show has gained a reputation as a place to discover the most cutting-edge electronics products coming out of the region."

HONG KONG, April 27, 2015 /PRNewswire/ -- Global Sources (NASDAQ:GSOL) has now fully launched its suite of services for the fashion industry. The fashion industry ecosystem connects a specialized community of buyers and suppliers through content, communication and five media channels -- an online marketplace, a magazine, alerts, a mobile app and trade shows.

Four China Sourcing Fairs which offer fashion buyers and suppliers high-level networking and sourcing opportunities will be held April 27-30 at AsiaWorld-Expo in Hong Kong. These are Fashion Accessories, Garments & Textiles, Underwear & Swimwear and the India Sourcing Fair: Garments & Accessories. This spring, the shows are co-located with China Sourcing Fairs: Gifts & Premiums and Home Products.

President of Global Sources Fashion Group, Livia Yip, said: "Fashion is a fast-moving industry with many retailers changing styles on a weekly basis. The market is growing quickly and expected to exceed US$2 trillion by 2025.

"Our ecosystem enables buyers to source more efficiently from quality suppliers while maximizing profits as the industry expands."

"Our shows are the leading sourcing event for fashion products each April and October in Hong Kong. At the spring shows we will also be launching new fashion product websites featuring exclusive industry news and analysis, the 'Top 20' products in each sector and much more," added Yip.

Among the thousands of buyers pre-registered to attend the shows are Cotton On, Debenhams, El Corte Ingles, Esprit, FILA, Li & Fung, Marks & Spencer, Monsoon Accessorize, NAF NAF, Nike, Triumph and Woolworths. The shows are also supported by international industry organizations including Malaysian Knitting Manufacturers Association and The Textile, Clothing and Footwear Resource Centre of Western Australia.

Exhibitors are experienced exporters, 90 percent are exclusive at Global Sources shows, while 70 percent are direct manufacturers. This allows buyers a unique opportunity to cut out the middleman and source directly at competitive prices, with flexible terms for production and delivery.

Other show highlights include:

• Hong Kong's largest bags pavilion featuring 10,000 products including luggage, fashion bags and promotional bags with a special bag promotion 3D art area.
• Asia's largest scarves collections with 300 booths.
• A new functional fabric area showcasing a wide selection of high demand anti-bacterial, moisture-wicking, flame-retardant fabrics as well as high-performance sportswear.
• Trends Forum: Hosted in cooperation with Fashion Snoops, a global online forecasting company in the fashion industry. It aims to bring visitors up-to-date on accessories and ladies trends.
• Color Trends Area: Hosted in cooperation with Pantone, the world-renowned authority on colors, color trends will be illustrated with Pantone's swatch cards, photos, videos and products from pre-selected exhibitors.
• Conference programs: Offers a unique and valuable opportunity to gain knowledge on best practices when importing from China.
• Fashion Parade where models show off the hottest styles from top suppliers.
• Product Showcase enables suppliers unable to attend the shows to present their latest products and generate buyer inquiries.
• Private Sourcing Events allow pre-selected exhibitors exclusive opportunities to meet large global companies in private during the shows. Sourcing teams from companies including ESOTIQ, Hermes-OTTO International, Max Mara, RNB Details and Brands are scheduled to participate, representing combined annual sales of more than US$23 billion.
• VIP Buyer Office Suites provide selected buyers with fully-equipped, on-site offices for meetings to enhance their sourcing effectiveness at the shows.

Fourth quarter 2014 Financial Results

• Revenue was $62.9 million, as compared to $60.1 million.
• Non-IFRS net income was $9.9 million, or $0.31 per diluted share, as compared to $10.9 million, or $0.30 per diluted share, for the fourth quarter of 2013.

"We expect the revenue mix for the first half of 2015 to range between 50% and 51% for exhibitions, 38% and 39% for online, 5% and 6% for print, and approximately 4% for miscellaneous, which reflects the growing contribution of our specialized vertical trade show offerings. This compares to a first half of 2014 revenue mix of approximately 45% for online, 45% for exhibitions, 6% for print, and 4% for miscellaneous," Lai added.

Third Quarter 2014 Financial Results

• Revenue was $42.5 million, as compared to $44.8 million.
• Non-IFRS net income was $2.6 million, or $0.08 per diluted share, as compared to $6.1 million, or $0.17 per diluted share, for the third quarter of 2013.

"In the third quarter, our exhibitions business featured a mix of shows serving the international and mainland China domestic buying communities, including our inaugural China Sourcing Fairs in Jakarta, Indonesia in August," stated Merle A. Hinrich, Global Sources' executive chairman. "Several key events for the mainland China domestic market were held in the third quarter, which included: IIC-China; the China International Optoelectronic Expo (CIOE); the Global Sourcing Fair: Mobile & Wireless; and the FashionSZshow in Shenzhen.

"In October, we completed our fall China Sourcing Fairs for the international export market. Attendance totaled 75,000 and the events featured more than 7,500 booths. Opening the series was our Electronics & Components show, focused on electronics for the home, automotive and office, and our new Mobile Electronics show, which featured all the latest personal electronics products: smartphones, tablets, wireless products, wearables and accessories. This comprehensive offering for buyers was a tremendous success, with the two shows combined featuring some 5,200 booths and more than 52,000 buyers from 148 countries, an increase of more than 25 percent in booths and more than 36 percent in traffic compared to the spring shows. The second phase encompassed gifts and home products while the third phase was focused on fashion accessories and apparel. Overall, we are pleased with the long-term positive trend of our exhibitions business."

HONG KONG, October 18, 2014 /PRNewswire/ -- Global Sources (NASDAQ: GSOL) has now fully launched its suite of services for the mobile electronics industry. Mobile Electronics is an industry-specialized community of buyers and suppliers -- connected through content, communication and five media channels -- an online marketplace, a magazine, alerts, an app and trade shows.

Key components of the ecosystem include:

• 400,000 buyers worldwide including more than 100,000 verified at shows;
• 10,000 suppliers -- with a focus on including those who have exported, exhibited or been audited;
• The No. 1 site for industry featuring exclusive product reports, research and analysis; and
• The No. 1 sourcing show each April and October in Hong Kong.

With more than 1,500 booths, the Mobile Electronics fair is the largest sourcing show of its kind. Buyers visiting the event, held Oct. 18-21 at Hong Kong's AsiaWorld-Expo, will find a wide range of smartphones, tablets, wireless products, wearables and accessories by thousands of manufacturers from China and Korea.

Global Sources' CEO, Spenser Au, said: "Mobile electronics is a multi-billion dollar with strong growth across all categories and geographies -- nearly 2 billion mobile phones will be sold during 2014. Meanwhile, the wearables category is set to explode reaching US$8 billion by 2018.

"Our services were developed to help buyers in this industry make the right decision -- at the right time -- by delivering products, suppliers and intelligence through the channels of their choice."

Ten of thousands of buyers are expected to attend include Belkin, Casio, Foxconn, Hisense, Intelbras, Lexmark, Lotte Himart, MacWay, MGB Metro, Microsoft, Monster Products, Motorola, RadioShack, Siemens, TCL, and many more.

"Leading with Innovation" keynote sessions

The Mobile Electronics show this fall features conference keynote themed "Leading with Innovation" where some of the industry's most influential players will share their visions, explore new innovations and technology trends, and take audiences inside the ever-expanding mobile electronics world.

Top-notch speakers from Intel, Monster Products, Lenovo, Misfit will share their views on topics including the convergence of mobility and intelligence, emerging ecosystem of telecoms and streaming music, new era of mobility, and convergence of fashion and wearable technology.

Value-added services enhance ROI for trading partners

Global Sources offers a full range of complimentary services to maximize participants' ROI from the show:

• Mobile app provides a searchable exhibitor directory with product profiles, interactive floor plan and conference information.
• Smart wristband gives VIP buyers exclusive access to premium services at the show.
• VIP buyer office suite provides selected buyers with on-site office facilities for higher efficiency during their souring trips.
• Private Sourcing Events allow pre-selected exhibitors exclusive opportunities to meet large global companies in private. Eight sourcing teams from buyers including AMZER, Blade Group, CYA, Monster Products, Philips, TurboPad and Valore are scheduled to participate, representing combined annual sales of more than US$33.8 billion.

Second quarter 2014 Financial Results

• Revenue was $58.3 million, as compared to $61.4 million.
• Non-IFRS net income was $9.4 million, or $0.27 per diluted share, as compared to $11.4 million, or $0.32 per diluted share, for the second quarter of 2013.

Global Sources' CFO, Connie Lai, stated: "While our second quarter 2014 results reflect the strong performance of our electronics shows in Hong Kong, exhibition revenues were negatively impacted by the slower performance of our shows outside of Hong Kong. We also recorded a write down of approximately $1.7 million in consideration of impairment charges net of related taxes related to the China International Fashion Brand Fair -- Shenzhen (FashionSZshow). In addition, we successfully completed a cash tender offer that resulted in a cash outflow of $50.0 million. We continue to maintain a strong balance sheet with no short- or long-term debt."

HONG KONG, August 12, 2014 /PRNewswire/ -- In September, Global Sources (NASDAQ: GSOL) plans to launch an innovative RFI (Request For Information) management system to help buyers and suppliers communicate more easily and close more orders.

Unlike other existing online messaging systems, the Global Sources system will allow users to communicate seamlessly from their own email accounts or through Global Sources' own online forms. Regardless of which communications means they choose, the system will capture and analyze incoming and outgoing communication to help users track the status of RFIs and follow up on specific sourcing projects.

"This represents a breakthrough in online sourcing communications between buyers and suppliers," said Spenser Au, Global Sources CEO. "Users will be able to access our system anywhere, anytime, on any device they choose to check on the status of RFIs. Suppliers can use the system's analytics to evaluate sales leads and focus on closing deals with the most serious buyers."

"In today's international trade marketplace, there is an overwhelming glut of often questionable information online," said Au. "The problem is how to filter and qualify the most reliable trade partner to work on a specific sourcing project. We have invested in this state-of-the-art system to improve the RFI communication process and further improve our reputation as the best platform for getting real business done."

The cloud-based messaging system was designed to meet detailed requirements of the Global Sources community of volume buyers around the world. Requirements were gathered from interviews with some of Global Sources' largest export clients.

Global Sources has also greatly increased the depth and breadth of supplier information on the GlobalSources.com website. "Our focus is not just on quantity, but on quality. We are committed to providing the most qualified selection of B2B exporters from China in the industries we serve," said Au. "We aim specifically to list all exporters who are included in Customs records, all suppliers who have undergone third-party audits, and all exhibitors from key export trade shows in Asia."

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First quarter 2014 Financial results

• Revenue was $34.5 million, as compared to $31.3 million.
• IFRS net income was $0.1 million, or $0.00 per diluted share, as compared to first quarter 2013 IFRS net income of $5.6 million, or $0.16 per diluted share.
• Non-IFRS net income was $0.6 million, or $0.02 per diluted share, as compared to $1.8 million, or $0.05 per diluted share, for the first quarter of 2013.

Global Sources' CFO, Connie Lai, stated: "Our first quarter 2014 results reflect contributions from the SIMM machinery shows held in March, and the move of the IIC-China show from the first quarter last year to the third quarter of 2014. We continue to maintain a strong balance sheet with no short- or long-term debt."

Global Sources' executive chairman, Merle A. Hinrich, said: "For the quarter, our total revenue increased by 10% as compared to the first quarter of last year. In the first quarter of 2014, our new SIMM machinery shows were a strong success in every respect and contributed substantially to our first quarter revenue. In April, we held our spring China Sourcing Fairs, which included Asia's largest consumer electronics sourcing event.

"As we continue to manage through a sluggish global retail market, we are working to improve our overall revenue performance. We have made changes within our online business that have improved its financial performance, and we are planning several new trade shows. In addition, we continue to drive the integration of our services with the belief that the combination of online and show services can provide unique and higher value to our customers."

NEW YORK, April 30, 2014 /PRNewswire/ -- Global Sources Ltd. (NASDAQ: GSOL) commences today its cash tender offer for up to 5,000,000 shares of its issued and outstanding common shares at $10.00 per share, or up to $50,000,000, as previously announced on March 13, 2014.

As of Feb. 28, 2014, there were 34,722,691 shares of the company's common shares issued and outstanding. The maximum total number of shares that the company is offering to purchase represents approximately 14.4% of the company's total number of common shares issued and outstanding as at Feb. 28, 2014.

The tender offer is not conditioned upon any minimum number of shares being tendered or the availability of any financing. It is, however, subject to certain other conditions set forth in the Offer to Purchase.

The tender offer is expected to expire at 12:00 midnight, New York City time, on May 28, 2014, unless the tender offer is earlier terminated or extended by the company.

If more than 5,000,000 shares are properly tendered and not properly withdrawn, then the shares will be purchased:

• First, from all holders of "odd lots" of fewer than 100 shares who properly tender all of their shares and do not properly withdraw them before the expiration date; and
• Second, from all other shareholders who properly tender shares, on a pro-rata basis.

The company's board of directors has approved the tender offer. However, neither the company's management, its board of directors, the depositary nor the information agent make any recommendation to any shareholder as to whether to tender or refrain from tendering any shares. The company has not authorized any person to make any recommendation.

Fourth Quarter 2013 Financial Results

• Revenue was $60.1 million, as compared to $66.9 million.
• Non-IFRS net income was $10.9 million, or $0.30 per diluted share, as compared to $13.3 million, or $0.37 per diluted share, for the fourth quarter of 2012.

Global Sources' executive chairman, Merle A. Hinrich, said: "Our fourth quarter 2013 operating results were in line with expectations given the business challenges we continue to experience. Our China Sourcing Fairs in Hong Kong performed well. We began to see our online business improve late in the fourth quarter and we are encouraged with its performance so far in 2014.

"We have a valuable market position serving the larger professional buyers and suppliers that account for the majority of trade. With a strong balance sheet, a solid cash position and no debt, we are well-positioned and have a strong foundation on which to build our competitive position."

Financial expectations for the first half of 2014 under IFRS

"It is important to note our first half of 2014 guidance takes into consideration the purchase of our Singapore office property and the acquisition of an interest in the Shenzhen International Machinery Manufacturing Industry Exhibition and its related shows, known as SIMM," Lai stated.

• For the first half of 2014 ending June 30, 2014:
  • Revenue is expected to be in the range of $88.0 million to $90.0 million, representing a decrease of 3% to 5%, as compared to $92.7 million for the first half of 2013.
  • IFRS EPS is expected to be in the range of $0.14 to $0.18, as compared to $0.62 per diluted share in the first half of 2013. SBC and the amortization of intangibles as it relates to certain equity compensation plans are estimated to be an expense of $0.04 per diluted share for the first half of 2014.
  • Non-IFRS EPS is expected to be in the range of $0.18 to $0.22, as compared to $0.37 per diluted share for the same period in 2013.
  • Adjusted EBITDA is expected to be between $12.6 million and $13.8 million, as compared to $16.3 million in the first half of 2013.

NEW YORK, March 13, 2014 /PRNewswire/ -- Global Sources Ltd. (NASDAQ: GSOL) intends to commence an issuer tender offer before the end of April 2014, with expected completion before the end of May 2014, for approximately 5 million shares, or approximately 14.4% of its outstanding common shares as of Feb. 28, 2014, at a purchase price of $10.00 per share in cash. Global Sources expects to fund the tender offer with cash on hand. As of Dec. 31, 2013, Global Sources had total cash, cash equivalents and available-for-sale securities of approximately$143.8 million.

The offer will afford tendering shareholders liquidity for some or all of their shares and will permit them to have their shares repurchased at a 47.9% premium over the closing price per share of $6.76 on March 12, 2014, the last full trading day before the date of this announcement. Shareholders who elect not to tender their shares in the offer will increase their relative percentage ownership in Global Sources following completion of the offer.

Global Sources' executive chairman, Merle A. Hinrich, said: "I am pleased to announce that the Board of Directors has approved a tender offer. We believe this measure enables all shareholders to participate equally in a return of investment, if so chosen."

Global Sources has been informed that its Directors and Officers who own shares can be expected to tender their shares in the offer. Such Directors and Officers beneficially owned approximately 48.6% of Global Sources' outstanding common shares as of Feb. 28, 2014.

Third quarter 2013 Financial Results

• Revenue was $44.8 million, as compared to $59.1 million.
• IFRS net income was $5.4 million, or $0.15 per diluted share, as compared to third quarter 2012 IFRS net income of $8.2 million, or $0.23 per diluted share.

"While the current global retail environment remains challenged, our focus is to enhance the value we provide to our customers by helping them buy or sell more effectively," said Global Sources' executive chairman, Merle A. Hinrich. "In our core export business, we just celebrated the 10^th anniversary of our China Sourcing Fairs. We were pleased with the overall performance of our series of fall shows, which was led by our electronics show.

"China Sourcing Fair: Electronics & Components featured more than 4,100 booths and drew record attendance. Particularly strong was our Mobile and Wireless pavilion, which is scheduled to be spun off as an independent show along with a dedicated online vertical and magazine in 2014."

Global Sources' CFO, Connie Lai, said: "The China Sourcing Fairs in Miami and in Mumbai, India moved from the third quarter last year to the second quarter and the fourth quarter of 2013, respectively. This shift in timing of our trade shows, combined with the disappointing financial performance of the FashionSZshow in July, impacted third quarter revenues and does not reflect the long-term positive trend of our exhibitions business, and the success of our initiatives to combine the best of online with trade shows."

Lai added, "We continue to generate cash and our balance sheet remains strong. We closed the quarter with a cash and securities position of $145.9 million, as compared to $110.8 million at the end of September 2012, and we continue to have no debt.

"We are reaffirming our guidance. For the second half of 2013, we expect the revenue mix to range between 40% and 41% for online, 50% and 51% for exhibitions, 5% and 6% for print, and approximately 3% for miscellaneous. This compares to a second half 2012 revenue mix of approximately 46% for online, 44% for exhibitions, 7% for print and 3% for miscellaneous."

Financial expectations for the second half of 2013 under IFRS

• For the second half of 2013 ending Dec. 31, 2013:
  • Revenue is expected to be in the range of $101.0 million to $103.0 million, as compared to $126.0 million for the second half of 2012.
  • IFRS EPS is expected to be in the range of $0.32 to $0.36, as compared to $0.54 per diluted share in the second half of 2012. SBC and the amortization of intangibles as it relates to certain equity compensation plans are estimated to be an expense of $0.04 per diluted share for the second half of 2013.
  • Non-IFRS EPS is expected to be in the range of $0.36 to $0.40, as compared to $0.63 per diluted share for the same period in 2012.
  • Adjusted EBITDA is expected to be between $19.7 million and $20.9 million, as compared to $29.7 million in the second half of 2012.

Second quarter 2013 Financial Results

• Revenue was $61.4 million, as compared to $66.8 million.
• IFRS net income was $16.8 million, or $0.46 per diluted share, as compared to second quarter 2012 IFRS net income of $9.7 million, or $0.27 per diluted share.
• Non-IFRS net income was $11.4 million, or $0.32 per diluted share, as compared to $11.0 million, or $0.31 per diluted share, for the second quarter of 2012. 

Global Sources' CFO, Connie Lai, said: "Among the factors impacting second quarter results was the move of the China Sourcing Fairs in Miami from the third quarter last year to the second quarter this year. We also recorded a write down of approximately $2.5 million in consideration of goodwill impairment charges related to the China International Fashion Brand Fair - Shenzhen(FashionSZshow). In addition, we completed the sale of one of our properties in Shenzhen, which increased our cash by $15.2 million, and contributed capital gains of $8.7 million, net of transaction costs and related tax expenses. As a result, we closed the quarter with a cash and securities position of $135.1 million, as compared to $106.0 million at the end of June 2012, and we continue to have no debt."

HONG KONG, August 12, 2013 /PRNewswire/ -- To meet growing demand from buyers and suppliers, Global Sources (NASDAQ: GSOL) will launch the China Sourcing Fair: Mobile & Wireless at Hong Kong's AsiaWorld-Expo in April 2014.

The new show is scheduled to be held each April and October and will showcase more than 800 booths at launch. It will be co-located with the China Sourcing Fair: Electronics & Components and the China Sourcing Fair:Security Products -- two of Asia's largest industry sourcing events. Pavilions will include smartphones and tablets, accessories, mobile apps and applications, and wireless devices.

President of Global Sources Exhibitions, Tommy Wong, said: "We have seen increasing interest in mobile and wireless products at our electronics trade shows. Accordingly, we have decided to give buyers and suppliers a separate event to highlight the category and to enable them to do business more effectively.

"Mobile and wireless are two of the fastest-growing categories in the industry and consumer demand is coming from both developed and emerging markets. According to IDC, 1.7 billion smart connected devices are expected to ship in 2014 with more than 80 percent of this being smartphones and tablets -- representing more thanUS$500 billion in value. We aim to help our buyers and exhibitors profit from this fast growing market.

"This will be the first show of its kind in Asia. It will be built on the foundation of our strong relationships with many of Asia's most innovative suppliers as well as with many of the world's top electronics buyers. Tens of thousands of the world's top buyers attend Global Sources electronics trade shows in Hong Kong each year, including Belkin, BenQ, Best Buy, Canon, Fujitsu, Groupe Auchan, Honeywell, Intel, Intelbras, JVC KENWOOD, LG Electronics, Monster Cable, Panasonic, Samsung, Tesco PLC, Toshiba, Vodafone and Woolworths."

China Sourcing Fair: Mobile & Wireless will also host Private Sourcing Events and free conference programs to help buyers and exhibitors network and learn about the latest industry trends.

The new show, along with a complementary online marketplace and magazine, will be the latest "Find Them andMeet Them" initiative for Global Sources. With the objective of integrating the best of online with the best of trade shows, buyers will be able to find suppliers in the medium of their choice -- and then meet the suppliers at the show. Accordingly, suppliers will have a powerful, integrated, and year-round marketing platform.

First Quarter 2013 Financial Results

• Revenue was $31.3 million, as compared to $38.9 million.
• IFRS net income was $5.6 million, or $0.16 per diluted share, as compared to first quarter 2012 IFRS net income of $3.1 million, or $0.09 per diluted share.
• Non-IFRS net income was $1.8 million, or $0.05 per diluted share, as compared to $3.7 million, or $0.10 per diluted share, for the first quarter of 2012.

 Global Sources' executive chairman, Merle A. Hinrich, said: "Our first quarter results reflect the soft and uncertain overseas demand for exports. In April, we entered into an agreement to acquire an interest in the Shenzhen International Machinery Manufacturing Industry Exhibition and its related shows (SIMM). SIMM expands our portfolio of domestic trade shows in mainland China and gives us a strong presence in a large and growing market sector. We look forward to developing the show and maximizing synergies with our other businesses."

Global Sources' CFO, Connie Lai, said: "In the first quarter, we took action to reduce operating expenses. Also, our bottom line benefitted from the sale of an office property in Hong Kong, which we announced in March 2013 with final payment of $8 million received on April 2, 2013. We intend to continue our efforts to strike the right balance between investing for the future and prudently managing costs.

"With respect to our cash position, we completed the acquisition of the property in Hong Kong in the first quarter of 2013 that resulted in a reduction of cash by $24.7 million. We are also scheduled to complete the sales of our property in Shenzhen in the second quarter of 2013 that is expected to increase our cash by $16.3 million.

Updated financial expectations for the first half of 2013 under IFRS

The company is increasing its first half 2013 guidance due primarily to stronger than expected revenue performance and cost savings.

• For the first half of 2013 ending June 30, 2013:
  • Revenue is expected to be in the range of $89.0 million to $91.0 million, representing a decrease of 14% to 16%, as compared to $105.7 million for the first half of 2012.
  • IFRS EPS is expected to be in the range of $0.59 to $0.63, as compared to $0.36 per diluted share in the first half of 2012. SBC and the amortization of intangibles as it relates to certain equity compensation plans and gain on sale of investment property, net of transaction costs and related tax expenses, are estimated to be a credit of $0.32 per diluted share for the first half of 2013.
  • Non-IFRS EPS is expected to be in the range of $0.27 to $0.31, as compared to $0.41 per diluted share for the same period in 2012.
  • Adjusted EBITDA is expected to be between $13.6 million and $14.8 million, as compared to $18.2 million in the first half of 2012.

"We now expect the revenue mix for the first half to range between 51% and 52% for online, 37% and 38% for exhibitions, 6% and 7% for print, and approximately 4% for miscellaneous. This compares to a first half 2012 revenue mix of approximately 58% for online, 31% for exhibitions, 8% for print and 3% for miscellaneous," Lai concluded.

HONG KONG, April 19, 2013 /PRNewswire/ -- Global Sources Ltd. (NASDAQ: GSOL) has entered into an agreement to acquire an ownership interest in the Shenzhen International Machinery Manufacturing Industry Exhibition and its related shows (SIMM). Per the terms of the agreement, Global Sources is set to acquire a 70 percent interest in the Shenzhen International Machinery Automation Exhibition and the Shenzhen International Mould Making Technology & Product Exhibition, and a 56 percent interest in the Shenzhen International Cutlery & Tools Exhibition and the Shenzhen International Metal Processing Industry Exhibition, for a consideration ranging from approximately US$11 million to approximatelyUS$16 million, depending upon certain performance-related conditions. The transaction is subject to closing conditions.

SIMM is held annually in Shenzhen, one of the major manufacturing cities in China. Established in 2000, the event has continually grown and developed each year. The 2012 event hosted approximately 4,400 booths, and 70,800 visitors. In 2013, the event took place from March 28 through 31 and included the categories of mold manufacturing technology and products, cutlery and tools, machinery automation, and metal processing, with approximately 4,600 booths and more than 75,000 visitors.

Global Sources' executive chairman, Merle A. Hinrich , said: "Our ownership interest in SIMM further assists us to establish a strong presence in a fast-growing market in China. The machinery industry is one of the strategic pillars of China's national economy. It is also the foundation of the manufacturing sector, supplying to a wide scope of industrial production such as automobiles, computers and electronics. As a result, many Chinese manufacturers are increasing their investments in research and development of automation and precision machinery in order to improve their competitive positions. With SIMM's dominant presence in the machinery industry, combined with Global Sources' globally established media platform, the partnership enables both parties to take advantage of this exciting opportunity."

Guangdong region (including Shenzhen) is in the center of one of China's key manufacturing and R&D areas. According to the Statistics Bureau of Guangdong Province, the gross industrial output value for metal products and machinery was 878 billion yuan in 2011, almost an 18 percent increase from 2010. According to the China Shenzhen Machinery Association, Shenzhen has more than 12,000 machinery industry enterprises, with 850,000 employees, in which more than 15 percent of the employees are engaged in R&D design and engineering technology.

Fourth Quarter 2012 Results

• Revenue was $66.9 million, as compared to $74.0 million. 
• IFRS net income was $11.2 million, or $0.31 per diluted share, as compared to fourth quarter 2011 IFRS net income of $11.9 million, or $0.33 per diluted share.
• Non-IFRS net income was $13.3 million, or $0.37 per diluted share, as compared to $13.6 million, or $0.38 per diluted share, for the fourth quarter of 2011.
• Adjusted EBITDA was $14.4 million, as compared to $15.2 million for the fourth quarter of 2011.

Global Sources' executive chairman, Merle A. Hinrichs, said: "Our fourth quarter results were in line with our expectations and completed a solid year in a challenging market environment.

"Our focus remains on helping our buyer and supplier customers develop profitable and successful relationships. We help them find potential business partners through our various media and then meet them at our shows around the world. The attendees at our shows are a key business advantage, as we give all of our advertisers access to a highly qualified, influential and exclusive buyer community.

"Looking ahead, we expect market conditions to continue impacting our core business well into 2013. We are committed to maintaining profitability, and we have a very strong balance sheet with a solid cash position and no debt. With strong products and services, and a large and influential customer base, we are well-positioned to rebound as market conditions improve."

NEW YORK, March 13, 2013 /PRNewswire/ -- Global Sources Ltd. (NASDAQ: GSOL) has signed agreements to conduct three real estate transactions.

Global Sources' executive chairman, Merle A. Hinrichs, said: "Today we are announcing three strategic transactions that improve the balance of our real estate holdings. We are selling underutilized property that has appreciated substantially, providing the company with significant capital gains. We are also purchasing property that we currently lease for operational use, which reduces our exposure to potential rental increases."

Sale of 46^th Floor of Excellence Times Square, Shenzhen

The company has signed a letter of intent for the sale of its property on the 46^th floor of Excellence Times Square in Shenzhen, China, comprising 1,939.38 square meters of office space, for a total sale price of approximately$19.3 million. The transaction is subject to the formal sale and purchase agreement being signed on or before April 30, 2013 and the buyer's full payment of the purchase price being made on or before May 7, 2013. The transaction is expected to provide a capital gain, net of related tax expenses, of approximately $8.5 million.

Sale of Office Units and Car Parking Spaces in Southmark, Hong Kong

The company has signed a provisional sale and purchase agreement for the sale of 10 office units on the 26^thfloor of Southmark in Hong Kong, China, comprising a total area of 9,431 square feet, and three car parking spaces on the first floor of the building, for a total sale price of approximately $9.0 million. The transaction is subject to the formal sale and purchase agreement being signed on or before 18 March 2013 and the buyer's full payment of the purchase price being made on or before March 28, 2013. The transaction is expected to provide a capital gain of approximately $4.4 million.

Purchase of 21^st, 22^nd and 23^rd Floors of Vita Tower, Hong Kong

The company has signed a provisional sale and purchase agreement for the purchase of the 21^st, 22^nd and 23^rdfloors of the Vita Tower in Hong Kong, China, which the company currently lease for operational use, comprising a total of 36,822 square feet of office space, for a total purchase price of approximately $23.6 million. The transaction is subject to the formal sale and purchase agreement being signed on or before March 18, 2013 and the company's full payment of the purchase price being made on or before March 28, 2013.

Financial highlights -- Second quarter: 2012 compared to 2011

• Revenue was $66.8 million, as compared to $66.5 million.
• IFRS net income was $9.7 million, or $0.27 per diluted share, as compared to second quarter 2011 IFRS net income of $10.1 million, or $0.28 per diluted share.
• Non-IFRS net income was $11.0 million, or $0.31 per diluted share, as compared to $11.1 million, or $0.31 per diluted share, for the second quarter of 2011.
• Adjusted EBITDA was $12.8 million, as compared to $12.9 million for the second quarter of 2011.
• Total deferred income and customer prepayments were $121.3 million as at June 30, 2012, as compared to$116.6 million as at June 30, 2011.

Global Sources' executive chairman, Merle A. Hinrichs, said: "As we anticipated, our second quarter revenue was impacted by the slowdown in mainland China's exports. Consumer demand from the large markets of Western Europe and the United States is likely to remain soft in the near term and this is expected to continue impacting our core business. However, we are also continuing to develop our business in the mainland China domestic market, where for example, our recently completed SZIC fashion show in Shenzhen had strong attendance and booth sales.

"Although the business outlook is very uncertain, we have a highly experienced management team that remains focused on steadily enhancing our competitive position, while maintaining our strong balance sheet."

HONG KONG, April 17, 2012 /PRNewswire-Asia/ -- Global Sources Ltd. (NASDAQ: GSOL) provided an update on its financial expectations for the first half of 2012.

Global Sources' executive chairman, Merle A. Hinrichs, commented: "Our customers have become increasingly conservative with their marketing budgets and as such we are now revising our revenue and net income expectations for the first half of 2012. It has become clear that exporters are reacting to the slowdown in exports and the uncertainty in the global economy. In addition to the soft demand from the United States and the European Union, we have also been affected by the political situation in the Middle East, where we now expect significantly less exhibitors for our May shows in Dubai. As such, we anticipate less than expected revenue for the first half of 2012."

Revised financial expectations for the first half of 2012 under IFRS

- For the first half of 2012 ending June 30, 2012:

* Revenue is expected to be in the range of $104.0 million to $106.0 million, down from the previous estimate of $108.0 million to $110.0 million.

* IFRS EPS is expected to be in the range of $0.31 to $0.34, revised from $0.36 to $0.38.

* Non-IFRS EPS is expected to be in the range of $0.36 to $0.39, revised from $0.41 to $0.43.

HONG KONG, April 9, 2012 /PRNewswire-Asia/ -- Global Sources Ltd.'s (NASDAQ: GSOL) Executive Chairman Merle A. Hinrichs issued a statement regarding the halting of the company's stock trading on NASDAQ.

Hinrichs said: "NASDAQ's decision to halt trading of GSOL shares on April 3 came without warning and in management's view was totally unjustified. NASDAQ's request for additional information above and beyond normal financial accounting requirements has been fully and satisfactorily provided to NASDAQ. Trading in GSOL shares resumed on April 4.

"As we understand it, recently NASDAQ has begun the practice of requiring companies with Chinese operations to provide physical evidence of cash balances at banks via third party accountants. While GSOL has been listed on NASDAQ since 2000 without reproach, we too received NASDAQ's request in November 2011 to engage an independent CPA firm to conduct a physical visit to our financial institutions in Hong Kong and mainland China. We complied and delivered the reports on a timely basis. However, as one report was dated December 31, 2011 and another dated March 31, 2012, without notice NASDAQ determined it required additional information and halted our share trading on April 3. We immediately clarified the matter with NASDAQ and trading was resumed on April 4, reflecting the time zone difference. We will continue to maintain open communications with NASDAQ and any additional requests will be met promptly.

"Global Sources management takes great pride in its corporate governance, financial reporting and transparency for which it has received numerous awards.

"Management is totally committed to our shareholders as evidenced by 41 years of profitability during which we have maintained the highest of corporate standards."

Financial highlights - Fourth quarter: 2011 compared to 2010

• Revenue was $74.0 million, as compared to $63.0 million.
  • Online revenue was $30.5 million, as compared to $25.5 million.
  • Exhibitions revenue was $35.5 million, as compared to $29.9 million.
  • Print revenue was $6.4 million, as compared to $6.3 million.
  • Revenue from mainland China was $59.6 million, as compared to $48.9 million.
• IFRS net income, including a non-cash stock based compensation (SBC) expense of $814,000, and amortization of intangibles as it relates to certain equity compensation plans of $191,000 and impairment of goodwill and intangibles of $670,000, was $11.9 million, or $0.33 per diluted share, as compared to fourth quarter 2010 IFRS net income of $11.3 million, or $0.32 per diluted share, which included a non-cash SBC expenses of $333,000, and amortization of intangibles as it relates to certain equity compensation plans of$189,000.
• Non-IFRS net income was $13.6 million, or $0.38 per diluted share, as compared to $11.8 million, or $0.34per diluted share, for the fourth quarter of 2010.
• Adjusted EBITDA was $15.2 million, as compared to $12.1 million for the fourth quarter of 2010.
• Total deferred income and customer prepayments were $110.1 million as at December 31, 2011, as compared to $97.3 million as at December 31, 2010.

"We expect the revenue mix for the first half to range between 59% and 60% for online, 31% and 32% for exhibitions, 5% and 6% for print, and approximately 3% for miscellaneous. This compares to the first half of 2011, when the revenue mix was approximately 55% for online, 32% for exhibitions, 10% for print, and 3% for miscellaneous.

"Looking ahead, we plan to continue practicing strong fiscal discipline and are managing the business with the objective of maintaining continued profitability. Our balance sheet remains strong with $97.9 million in cash and cash equivalents and no debt."

Second Quarter 2011 Results

• Revenue was $66.5 million, as compared to $58.6 million.
• FRS net income, including a non-cash stock based compensation (SBC) expense of $853,000, and amortization of intangibles as it relates to certain equity compensation plans of $191,000, was $10.1 million, or $0.28 per diluted share, as compared to second quarter 2010 IFRS net income of $8.2 million, or $0.18 per diluted share, which included a non-cash SBC expense of $793,000, and amortization of intangibles as it relates to certain equity compensation plans of $102,000 
• Non-IFRS net income was $11.1 million, or $0.31 per diluted share, as compared to $9.1 million, or $0.20 per diluted share, for the second quarter of 2010.

We financed our activities for the year ended December 31, 2010 using cash generated from our operations and we had no bank debt as at December 31, 2010.

We anticipate that our cash and securities on hand and expected positive cash-flows from our operations will be adequate to satisfy our working capital needs, capital expenditure requirements and cash commitments for the next 12 months. However, looking to the long term, we may raise additional share capital, or sell debt securities, or obtain credit facilities as and when required to further enhance our liquidity position, and an issue of additional shares could result in dilution to our shareholders.

"Due to the healthier global economic environment and our own improved visibility, we are reinstating guidance and are optimistic about the second half of 2010. We expect 5% to 6% of revenue growth over the second quarter of 2009. However, the second quarter EPS projections are essentially flat for several reasons.

• First, the comparison is to the second quarter of 2009, which is when most of our cost reduction initiatives took effect.
• Second quarter of 2010, we project lower interest income on our treasury investments as well as project additional costs associated with M&A evaluation and with running a trade show in which we acquired an interest last fall."

Guidance:

• Revenue is expected to be between $57.0 million and $57.5 million, representing growth of 5% to 6% over the second quarter of 2009.
• GAAP EPS is expected to be between $0.11 and $0.12, as compared to $0.11 per diluted share in the second quarter of 2009.
• Non-GAAP EPS is expected to be between $0.14 and $0.15, as compared to $0.15 per diluted share in the second quarter of 2009.