NEWS!!!!Good Life China (GLCC) Preliminary Approval for a 5 to 10 Million Dollar Facility
TORONTO, June 18, 2008 /PRNewswire-FirstCall via COMTEX/ -- Good Life China Corp Pink Sheets: GLCC.PK www.goodlifechina.com is pleased to announce that it has received a preliminary approval for a 5 to 10 million dollar line of credit facility through a New York based corporate financier. Mr Yang, a company spokesman said, "The next step is the due diligence stage, which should take a few weeks to complete.
What we like about this deal is the fact that our share structure will not be disturbed in any way shape or form as we march forward with our outstanding share structure reduction plans already in progress. This facility is an asset based loan and NOT an equity one. It is a straight through asset based loan that encompasses our assets, and receivables. It allows the issuer to grow without encumbering the shareholders benefits. We intend to use these funds to aggressively grow and expand our business. The facility comes part and parcel with the recent buyout proposal to the issuer."
In other corporate updates, the proposal asks for audited statements. The issuer feels this request should not be that difficult to complete and compile. One of the reasons for this is that the issuer already complies with similar China based laws that has allowed it to assemble a large shareholder base, and financed its growth to about 2000 locations to date. The issuer will meet with their North American corporate advisors in July on the buyout proposal, this funding facility, and other corporate matters and will work closely with the advisors' Hong Kong satellite office to bring this and other announced projects to a successful fruition.
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.
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SOURCE Good Life China Corporation
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