GLOK Glbal Lck Grp

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RNS Number : 7708E

Global Lock Safety (Intl) Grp CoLtd

06 June 2012

Global Lock Safety (International) Group Co., Limited

("Global Lock" or the "Company")

Acquisition update

Global Lock, the provider of security solutions to retailer stores and other organisations in P.R. China, announces an update in relation to its acquisition of Henan Xinxiang Jingan Security Electronic Co., Ltd ("Henan Xinxiang"), further details of which were announced by the Company on 30 September 2011.

Background

On 3 June 2011, the group acquired 70% of the issued share capital of Henan Xinxiang for a total consideration of RMB7 million payable in installments, RMB1 million payable on date of agreement, RMB2 million payable within three months and balance of RMB4 million issue of new shares in Global Lock after one year (the "Deferred Consideration"). The number of shares to be issued was to be based on the calculation of the same value of share amount and closing share price of Global Lock at date of business combination.

Update

Global Lock is currently negotiating with a third party in relation to the possible acquisition by that third party of part of Global Lock's interest in Henan Xinxiang equal to the amount of the Deferred Consideration. In view of this, Global Lock has agreed with the vendors of Henan Xinxiang that it will not satisfy the Deferred Consideration element at the present time. However, there can be no guarantee that negotiations with the third party will result in the third party taking over responsibility for the payment of the Deferred Consideration and further announcements will be made at the appropriate time.

Enquiries :

Global Lock Safety (International) Group

   Li Mo Xiang, Chairman and Chief Executive                             Tel:+86 755 8366 0755 

Robert Zhang- Investor relations Tel. +86 755 8366 0755 ext 8125

e-mail: robertzh@globallock.com

   Andrew Gee, Non-executive Director                                        Tel:  0777 565 3564 

Allenby Capital Limited Tel: 0203328 5656

Nick Naylor

Alex Price

Nick Harriss

- Ends

This information is provided by RNS

The company news service from the London Stock Exchange

END

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