Global Lock Safety (Intl) Grp CoLtd Acquisition update (2093N)

TIDMGLOK

RNS Number : 2093N

Global Lock Safety (Intl) Grp CoLtd

26 September 2012

Global Lock Safety (International) Group Co., Limited

("Global Lock" or the "Company")

Acquisition update

Global Lock, the provider of security solutions to retail storesand 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 Jingan Security Electronic Co., Ltd ("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. As announced on 6 June 2012, Global Lock had agreed with the vendors of Henan Xinxiang that it will not satisfy the Deferred Consideration element at the present time.

Update

Subsequent to the announcement on 6 June 2012, the Group has agreed with the vendors of Henan Xinxiang to return an equivalent number of shares to the vendors at the original purchase price, namely 40% of the total issued share capital of Henan Xinxiang in return for the surrender by the vendors of their right to receive the Deferred Consideration. As a result of this, the Group will retain a 30% interest in of the entire share capital of Henan Xinxiang as investment.

Further Enquiries:

Global Lock Safety (International) Group

Mr. Moxiang LI, Chairman and Chief Executive Officer Tel:[phone] (IDD )

Mr. Robert Zhang- Director and Chief Investor Relations Officer Tel. [phone](IDD)

E-mail: [e-mail]

Mr. Andrew Gee, Non-executive Director Tel: [phone]

Allenby Capital Limited Tel: [phone]

Mr. Nick Naylor

Mr. Alex Price

Mr. Nick Harriss

NewgateThreadneedle Tel [phone]

Mr. Graham Herring

Mr. Terry Garrett

Mr. Alex White

- Ends

This information is provided by RNS

The company news service from the London Stock Exchange

END

ACQBGGDCLUDBGDL