Cartago to get its own Pricesmart next year

CARTAGO, COSTA RICA – September 3rd, 2012 – Meanwhile, in other PriceSmart news…PriceSmart, Inc. (NASDAQ: PSMT ) announced on Friday that on January 9, 2012 it entered into an agreement to acquire approximately 16,038 square meters of property located in La Union, Cartago, Costa Rica, upon which PriceSmart anticipates constructing its sixth Membership Warehouse Club in Costa Rica. The transaction, which is subject to certain contingencies, is currently planned to close this calendar year. PriceSmart currently anticipates opening the Cartago Club in the summer 2013 in the market area where local Costa Rican press has reported that Sam’s Club plans to operate its first warehouse in the Costa Rica market. PriceSmart entered the Costa Rica market thirteen years ago and is currently operating five PriceSmart Membership Warehouse Clubs, pending the opening of the planned sixth Club referenced above.