BEIJING, May 28 /PRNewswire-FirstCall/ -- (PINKSHEETS: GLCC) announces today that the Company has met the necessary disclosure criterion, receiving a "CURRENT INFORMATION" status with PINKSHEETS.COM.
The Company filed necessary financials and other corporate information with PINKSHEETS, which provides transparent information about the Company and its business on-goings. The Company will continue to adhere to these transparency requirements to maintain itself as a "CURRENT INFORMATION" tier quoted entity see: http://www.pinksheets.com/pink/otcguide/investors_market_tiers.jsp
Garr Winters, GLCC Secretary, stated, "We had hoped to achieve this level by the end of 2007 followed by becoming a reporting issuer with SEC, and moving on to a different exchange. We continue to maintain these aspirations. After a number of months, PINKSHEETS.COM allocated the highest possible level of transparence available to GLCC. We believe this will help further the Company's creditability throughout the domestic and International investment communities. This 'CURRENT INFORMATION' tier quoted status will help the Company attract new investors, new vendors and others who can now, with ease, complete due diligence on Good Life China.
Dong Mai Jia added, "GLCC recently paid out two separate dividend tranches as dividend and as RESTRICTED stock. It has also come to our attention that the 1st tranche has possibly made their way through the system and booked as free trading shares by some broker dealers. We are also hearing that some of the retail dividend recipients may have already sold their positions which may have contributed to our recent massive and rapid share price decline. Our IR tells us that that they have received quite a few inquiries from the designated recipients of the 2nd tranche who claim that they have yet still to receive their dividends. All of these shareholders have purchased their stock on the street, making it virtually impossible for the company to manage the process. We have requested from our corporate IR team, and advisors to follow up on all of this and we will act accordingly".
On the business front, Good life is pleased to report that 8 additional new stores were launched this week. 6 are in Cangzhou, one is in Beijing, and one is in Shijiazhuang. 2 new suppliers with audited on line transactions of (Yuan)1,122,300. The sum of distribution is (Yuan)785,600. The income of member attestation is (Yuan)16,000. The income of distribution is (Yuan)33,000. All sums are reported in Chinese Yuan and converted into USD on GLCC statements and filings.
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.
