BEIJING, May 29 /PRNewswire-FirstCall/ -- PINKSHEETS: is pleased to announce that Haorizi Logistics GLCC's operating subsidiary and Beijing SJJJF Supermarket Chain, (SJJ) completed a joint operating agreement on logistics and information services. The Director of Beijing Municipal Bureau of Commerce Lei Kun, President of Chainstore & Franchise Association Li Xiuzhen and other officers attended the signing ceremony.
SJJ controls a powerful network of retail supermarket chains in the whole country of mainland China, with strong presence in Beijing and surrounding areas. At present, SJJ has 550 chain stores, including 24 direct stores and 426 franchised stores. The stores located in 15 districts and counties of Beijing currently control 83.33% market share of Beijing districts and counties. The joint agreement calls for Good Life to provide logistics distribution and information services to SJJ, on a revenue sharing basis.
GLCC CEO Dong Mai Jia said, "This is a mammoth contract for our logistical division and GLCC organization as a whole. We will be issuing further details of this transaction over the next couple of days, to allow the markets to simply absorb the magnitude of this transaction, and what this all means to GLCC, and our shareholders. Our expansion plans continue to be on target and show no signs of slowing down. The reserves we currently have in place, and the financial backing from our traditional sources indicate sustainability of growth for a prolonged period of time. This financial backing does not include several substantial proposals received from USA and Canadian corporate investors which we are currently entertaining. To sum it up, we are in great shape to reach our 20,000 store location by 2011, including our plans of building a total of 19 logistics centers, handling approximately 8,000 vendors, 50,000 network shops, and handling distribution of more than 50 billion yuan (nearly $7 billion USD) in products annually."
In other company news, GLCC announces today that the Company has passed a resolution to further reduce the authorized share structure currently at 500 million shares to 450 million shares. Mr. Yang, a company spokesperson, said, "Just to be clear this 50 million authorized share structure reduction is in addition to the recently announced and completed authorized share reduction, where GLCC reduced its authorized count from 2.5 billion to 500 million. GLCC is determined to see its share price returned to its proper and current valuation. As it stands now, with GLCC closing at just over 6 cents a share on May 28th 2008, the company has enough resources on hand to retire the entire 70 to 80 million float in a combination of free trading and restricted shares currently held by outsiders. If this means that this is the only way for us to receive satisfaction and reach our goals, this is an option available to us. Good Life is a serious and a determined company that enjoys close working relationships with other companies of same status and our share price needs to reflect this," concluded Mr Yang.
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.
