BEIJING, China, May 20 /PRNewswire-FirstCall/ -- Mr. Yang a spokesperson for the company and majority shareholders of GLCC would like to use this opportunity to address the rapid share price decline of the GLCC share price. "I would like to first bring attention to our previous news release of May 10 2008. Our position remains the same. We would also like to use this opportunity to advise our followers, and shareholders that we are very disturbed by these events and this rapid decline in our share price, which cause and origin is both alien and unknown to us. To that end, we wish to make the following statement and a commitment to our loyal shareholders.
Contrary to the rumours that are wildly being spread, the company is not diluting, nor the principals of GLCC, nor its advisors. The company is not engaged in the sale of shares and the decline of our share price. Our best guess is that these sales are coming from the current and existing shareholders of the company when the company was named The League Publishing. Our best educated guess is that the float is in the mid 20 million range due to the maturity of the common shareholders' stock. Although we were advised to "turn the tables" and start with a fresh clean slate by reversing the stock when Good Life merged into GLCC (then TLGP) we were mindful and compassionate to the retail shareholders' needs that this is something they see as very undesirable. We now feel otherwise, and are beginning to understand the western quote "no good deed goes unpunished".
We have contacted our resident agent, and we are in the process of reducing our authorized share structure by 80% from the current 2,500,000 to about 500,000 shares or less. This should take effect shortly and be displayed on the Nevada State web site as soon as the filings are complete. To our shareholders we say that if this means that we have to reduce our authorized share structure yet again, for example to match our outstanding share count of about 169,000,000 we are prepared to do this as well. We wish to use this opportunity to remind our shareholders that all the stock received by the Good Life principals, and for the China assets of Asia Pacific, its principals and advisors; the stock this group received falls under the restricted category and does not and cannot trade on the open market. There appears to be some organized campaign against our Secretary Mr. Garr Winters accusing him of liquidating his position. Perhaps this is frustration driven, however GLCC and its management wish to assure our followers that this is some dark propaganda and simply not true.
We have also heard back from Pink Sheets regarding our "current status" progress. We have completed and reformulated both the financial statements and the Initial Disclosure documents as per their final request and these documents can be viewed under our filings section of the Pinksheets.com web site. Although not required, we intend to post further "Initial Disclosure documents" after our current status is achieved to demonstrate full transparency, openness with our shareholders and our commitment to our loyal shareholder base.
We ask our shareholders to review our filings, plus to take into account the authorized share structure and our commitment to increase the share price of our stock and that we intend to continue with these unprecedented disclosure steps, and simply to allow the market to correct itself."
About Good Life China Corporation.
Good Life China Corporation operates a rapidly growing chain of franchised convenience stores based in Hebei Province, China. It employs advanced retail concepts such as e-commerce enabled POS/back office systems, and achieves significant economies of scale on the supply side of the business. It will be expanding geographically to neighboring Provinces, as well as offering a growing number of additional products and services, such as financial products, as it moves forward. The Company's North American operations comprise a number of online sub prime financial services, including; the Money Lending Business.com; Forex Trading; and Advanced Electronic Funds Management. http://www.goodlifechina.com/
Safe Harbor Statement
Information in this press release may contain 'forward-looking statements.' Statements describing objectives or goals or the Company's future plans are also forward-looking statements and are subject to risks and uncertainties, including the financial performance of the Company and market valuations of its stock, which could cause actual results to differ materially from those anticipated. Forward-looking statements in this news release are made pursuant to the 'Safe Harbor' provisions of the United States Private Securities Litigation Reform Act of 1995. Investors are cautioned that such forward-looking statements involve risks and uncertainties, including, without limitation, risks relating to the ability to close transactions being contemplated, risks related to sales, continued acceptance of Good Life China Corporation's products, increased levels of competition, technological changes, dependence on intellectual property rights and other risks detailed from time to time in Good Life China Corporation's periodic reports filed with the regulatory authorities.
