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Path:  Corporate Home >> Press Releases >> Corporate and Investor News >> January 21, 2014
Global Sources signs agreement to acquire Singapore property
NEW YORK, Jan. 21, 2014 – Global Sources Ltd. (NASDAQ: GSOL) has signed an agreement to purchase one floor of office space property in Singapore (together with appurtenant roof top accessory lots), for its operational use.

Global Sources' executive chairman, Merle A. Hinrich, said: "The agreement to purchase this property in Singapore enables us to secure prime office space for Global Sources' continued and uninterrupted operational use, and reduces our exposure to potential rental increases as we are currently operating at these premises under a lease. We believe this transaction also represents a good long-term investment for the company, as it is a free-hold property that is not subject to the limitations of a finite lease term and the Singapore Dollar (SGD) remains a relatively stable currency."

Per the terms of the agreement, Global Sources has agreed to purchase the eighth floor of No. 1 Sims Lane, Singapore, with a total gross floor area of approximately 22,496.50 square feet, together with appurtenant roof top accessory lots above the eighth floor, for a total consideration of approximately US$13.1 million. The transaction is expected to be completed in February 2014, pending customary closing conditions. Global Sources has paid a deposit equivalent to 10% of the total purchase consideration, and the remaining 90% of the total purchase consideration is payable upon the completion of the transaction.

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.

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