GLCC News Good Life China (GLCC) To Spin Off Its North Ameri...
Thursday, July 24, 2008 8:07 AM
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News for 'GLCC' - (Good Life China (GLCC) To Spin Off Its North American Division)
BEIJING, July 24, 2008 /PRNewswire-FirstCall via COMTEX/ -- Good Life China
Corporation www.goodlifechina.com (Pink Sheets: GLCC) The issuer is pleased to
announce that it has entered into an agreement to sell and spin out its North
American division. Under the terms of the agreement, the buyer Alternativa Grupo
will pay GLCC a one time sum of $300,000.00 USD. In addition, the buyer's group
has agreed to purchase up to $250,000.00 of the issuers stock. Mr Yang the
issuers spokesperson said, "We were looking to kill 2 birds with 1 stone. What
we mean by that comment, is we wish to establish additional support for our
share price as we do not like to see our security trade in the sub penny range.
In addition, we want to get the maximum price for our North American assets.
This deal affords us the best of both worlds. Under the agreement, the issuer
will retain the source codes of the sub prime loan software for its exclusive
use, throughout its existing 2,000 plus chain of stores and not for further
resale's, to any other end users.
The transaction is scheduled to close within the next 90-120 days, or as soon as
the Alternativa Grupo completes its share purchase with proof thereof duly
provided to the issuers solicitors, so that the transaction may proceed to a
close."
In other corporate updates, the issuer intends to enter into a China Asia Index
Fund. The issuer has made additional filings on Pink Sheets in this regard.
The common shares of the issuer are currently dually listed in the USA Pink
Sheets (symbol GLCC.PK) and the Frankfurt Stock Exchange (Xe:L9X). The issuer is
in good standing with Pink Sheets and ranked as a "Current Information" filer
with its security.
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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INDUSTRY KEYWORD: OTC
SUBJECT CODE: TNM
Source: Comtext Market News
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