Global Sources Receives Enterprise Trophy at DHL/SCMP Hong Kong Business Awards 2000
Posted: 07/12/2000
Hong Kong - December 7, 2000 - Global Sources Ltd.[NASDAQ: GSOL], the global merchandise trade enabler, announced today that it has been awarded the Enterprise Trophy at the DHL/SCMP Hong Kong Business Awards 2000. Global Sources was selected in recognition of its contributions to the economic viability and international stature of Hong Kong.
The award is not the first Hong Kong Business Award for the company. The company, then operating as the Asian Sources Media Group, was presented with the Certificate of Excellence for the Enterprise Trophy in 1992 and the following year in 1993 was the winner in the International category. No single company has been honored so many times in the history of the awards.
"Earning the Enterprise Trophy award signifies that Global Sources is regarded as a benchmark for business performance and outstanding entrepreneurship in enhancing Hong Kong's reputation as an economic force, both regionally and internationally," said Merle Hinrichs, Chairman and CEO of Global Sources. "This three time recognition further validates Global Sources as an enabler of global merchandise trade, helping trade partners from all over the world, including the region we know best - Asia. Our objective is to offer global buyers and suppliers a marketplace with an integrated cataloging, document messaging and transaction service."
The Hong Kong Business Awards were established by DHL International (Hong Kong) Ltd. and the South China Morning Post in 1990 to publicly recognize companies and individuals that are influential in maintaining Hong Kong's reputation as Asia's leading financial center.
To qualify for the Enterprise Trophy, a company's annual revenue cannot exceed HK$1 billion. Entrants also had to show excellence in their relative growth and market development, as well as demonstrate success in the innovation of new products or services, or the penetration of new markets. Corporate lineage and the number of years of operation were also taken into account when judging performance and profit records.
The panel of judges for the DHL/SCMP Hong Kong Business awards included the business editor of South China Morning Post, prominent business leaders from DHL International (Hong Kong) Ltd., the Hong Kong & Shanghai Banking Corporation, Pacific Century CyberWorks, Hong Kong Exchanges and Clearing Ltd., Hong Kong Trade Development Council, and the Hong Kong Jockey Club. There were also representatives from established business associations, such as the Hong Kong General Chamber of Commerce, and the Chinese General Chamber of Commerce.
Hinrichs continued, "2000 has been an incredible year for Global Sources. In addition to our successful creation of a global online marketplace, we became the first Asian B2B market maker to achieve a US listing on Nasdaq. We are very proud that our peers have recognized our accomplishments."
Considered one of the few profitable digital marketplaces, the company also recently achieved several important milestones:
* Revenue for the third quarter of fiscal 2000 includes $15 million from online services, up 141% from the third quarter of 1999. The company expects online marketplace services to be the primary driver of revenue growth.
* The full rollout of Global Sources Connect, a transaction software offering that enables the company's community of buyers and suppliers to send, receive and respond to trade documents online.
* The completion of the first trade transaction using its online marketplace platform.
* The addition of new geographic and industry vertical communities.
* The integration of partners in key areas including trade finance, insurance and inspection to offer an end-to-end marketplace solution:
* Integration of Global Sources Transact order management software with ABN AMRO Bank's cash management and trade service.
* Joint venture with dollarDEX to offer online cargo insurance, Insurance Sources alongside existing inspection service offerings with Bureau Veritas and Dun & Bradstreet.
The October issue of Forbes Global, the international edition of Forbes magazine, highlighted Global Sources as one of 20 potential stars for 2001 in its list of the 300 best small companies worldwide. The company was also honored in Asia with the Gold Standard Chartered Bank's e-nnovative enterprise award and was the winner of the Standard Chartered Bank's e-Futurist award from among 300 entries submitted.
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About Global Sources
Global Sources (Nasdaq: GSOL) is the enabler of global merchandise trade. The company is the only online marketplace with an integrated cataloging, messaging and transaction solution - and an unbiased business model that gives equal consideration to the needs of buyers and suppliers. As a result, it drives trade growth for companies and nations by freeing trading partners from the limitations of time, cost, distance, language, and logistics.
Global Sources enables trade for an established, independently audited community of more than 219,000 merchandise buyers in over 230 countries, including many of the world's top 100 international trade buyers such as Dell and K-mart. This community generates more than 2,000,000 sales leads annually for more than 93,000 suppliers through Global Sources Online.
Global Sources today serves 27 industry verticals and 12 geographic portals. Their expertise is based on five years' experience as a B2B marketplace, 10 years of proven EDI and software installations, and three decades of dealing with the intricacies of international merchandise trade for buyers and suppliers.
For information on Global Sources, please visit www.globalsources.com. For financial information on Global Sources, please visit www.investor.globalsources.com.
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.
CONTACT:
Global Sources Investor contact:
William A. Walkowiak, CFA
Izabela Buniek
Lippert/Heilshorn & Associates, Inc.
Tel: 1-212-838-3777
Email: izabela@lhai.com
For Global Sources contact in Asia:
Camellia So
Global Sources
Tel: 852-2555-5042
Fax: 852-2518-8764
Email: cso@globalsources.com
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