NEWS
Good Life China Corp (GLCC) Short Position Update
Last update: 6/11/2008 6:00:00 AM
BEIJING, June 11, 2008 /PRNewswire-FirstCall via COMTEX/ -- PINKSHEETS: GLCC is pleased to announce the launch of 6 new stores to its growing network. 2 are in Cangzhou, 3 are in Beijing, 1 is in Shijiazhuang. Although a relatively short week for the company because of The Dragon Boat Festival holiday, the company continues to push on with its expansions. Ms Doi Mai Jia, Good Life CEO said, "I wish to remind our USA based shareholders that the company continues to expand and grow as per our projections and we are on target to meet each and every one of our goals. This is all being achieved through our own generated resources, such as cash flows from the existing business operations and not through any sort of share selling or a dilution. We have yet to reap any rewards of being a public company. We acknowledge the hard work of Mr.Robert Xu, (CEO of ASIC) his efforts to have us enter the US public markets, and our good long standing business relationship. He remains our liaison person between us here in China, and our North American office and operations."
In other company updates, the issuer today announced that it is amending its articles by a resolution in an effort to curb the widespread shorting effecting its security. The issuer will in conjunction with its transfer agent require every transfer and every certificate request that come through the transfer agents office, to be and to have the company review the same and to sign off on each and every request. Moreover, the resolution will also contain a provision that the issuer, or its designate shall have a first right of refusal to acquire the security, on the same terms. GLCC Management and its corporate advisers believe the security continues to be massively shorted with huge blocks of stock that appear to be coming from nowhere. GLCC security continues to be listed on the Rule 3210 with Nasdaq Trader (see link) as aggregates continuously fail to deliver its security.
The issuer also today filed a true copy of its authorized and outstanding share structure with Pink Sheets which remains undisturbed at 450 million authorized and 169 million outstanding. We kindly ask our loyal shareholders to contact their respective broker-dealers and make a written request to them asking them not to lend, assign or otherwise pledge the shares held in accounts without your prior approval. The issuer has allocated enough resources to retire about 19 million shares at current prices. The issuer will update the NEW and REDUCED outstanding share count in due course. The issuer is proceeding with the asset purchase of the iexpay division (ASIC) on a all cash basis. The issuer remains well capitalized. The iexpay purchase should not disrupt the issuers plans of an authorized share reduction.
Safe Harbor statement under the Private Securities Litigation Reform Act of 1995: Certain forward information contained in this release contains forward-looking statements that involve risk and uncertainties, including but not limited to, those relating to development and expansion activities, domestic and global conditions, and market competition.
SOURCE Good Life China Corporation
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