I'm speaking of what I've read in a PR:
Good Life China Corporation (GLCC) Seeks A Merger With OTCBB Issuer
Jul 16, 2008
Pink OTC Markets News Service
Beijing, China — Good Life China Corporation www.goodlifechina.com (Pink Sheets: GLCC) completed a series of filings on Pink Sheets. The identified target merger OTCBB company is Westmont Resources, Inc Symbol: WMNT.
The issuer believes that by up listing and beginning trading on the OTCBB exchange, it will be the first step towards many in preserving and increasing its share price values. The issuer has also made a series of other filings on Pink Sheets where amongst other things, the issuer is also seeking State permission from the China government to sell part or all of its assets to a USA based issuer; trading on the Xetra Exchange and or merge with a substantially larger China based company (meat processing plant) to name a few. The complete set of filings can be located on Pink Sheets symbol GLCC.
Mr.Yang the company spokesperson said "We want to use this opportunity to address our shareholders and followers on the filings which seem to have caused a bit of misunderstanding. The issuer affirms its intent to remain as transparent as possible, to allow its followers to understand its intent ahead of the actual event. According to Chinese security laws, the issuer must seek State approval which approval is usually not unreasonably withheld. In addition the issuer's majority shareholders include State owned bonds and debenture holders. We wish to address our shareholders, and followers and advise them that although on the surface the filings may appear to contradict one another, the key point to remember is that the issuer is seeking either or releifs, and NOT both.
For example, the issuer is seeking to merge with an OTCBB issuer and also seeking to sell its assets to a USA based issuer trading on Xetra. The issuer feels that the language "The company intends to simultaneously apply for one or all of these provisions" in its filings on Pink Sheets was sufficient and self explanatory. We now know otherwise.
The issuer regrets any confusion this may have caused however it feels that it has a fiduciary duty to its shareholders and followers to explore all the options and available avenues before making any material decision; and only then choose the best route available that will yield all concerned the best possible results in both short term and long term range."
In other corporate updates, the issuer is making provisions to become an SEC reporting issuer in the unlikely event that both the OTCBB and Xetra planned transactions, and or its filings not be approved as a secondary back up plan. Ms. Doi Mai Jia the issuers CEO said "We need to comply with the security laws not only in USA but in both USA and China. We are looking at all the options as to how best to close this mega huge gap that exists between our company valuation, and the current share price which indicates only a small fraction of what Good Life China is really and truly worth".
The common shares of the Company are currently dually listed in the USA Pink Sheets (symbol GLCC.PK) and the Frankfurt Stock Exchange (Xe:L9X). The issuer is in good standings with Pink Sheets and ranked as a "Current Information" filer with its security.
