Blue Bamboo China Ventures' Seasoned Internet Executive and Team to Join Global Sources Team
Latest Step to Accelerate Expansion in China
BEIJING, August 20, 2007 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.
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:
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 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.