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GLCC News Good Life China (GLCC) Preliminary Approval for a ...
Wednesday, June 18, 2008 9:05 AM

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News for 'GLCC' - (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.

CONTACT: www.minamargroup.com/helpdesk

SOURCE Good Life China Corporation



www.prnewswire.com


Copyright (C) 2008 PR Newswire. All rights reserved

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