BEIJING, June 3 /PRNewswire-FirstCall/ -- PINKSHEETS: GLCC http://www.goodlifechina.com/ is pleased to announce that further to its previous news release of May 29, 2008 the company has successfully reduced its authorized shares to 450 million shares from 500 million.
Mr. Yang, a company spokesperson, said, "Just to be clear, as this is worth repeating, 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 corporate filings can be seen by visiting this State of Nevada web site link:
https://esos.state.nv.us/SOSServices/AnonymousAccess/CorpSearch/CorpDetails. aspx?lx8nvq=QDiLpmPY4yoHczGIW%252f1sNQ%253d%253d
Our outstanding share structure remains undisturbed. At present, insiders (Asia Pacific Enterprises a Belize Company) owns 80 million shares of GLCC. The pink sheets and our corporate web site will be updated shortly to reflect the same."
In other company updates, the issuer has identified and targeted a Chinese based company trading on pink sheets as a suitable purchaser for some of its North American assets. Mr. Yang added, "They come highly recommended, and the fact that they are just an hour or so away from Beijing by plane, makes overseeing our assets that much easier. The corporate decision has been made to spin off part of these assets and pay the entire sum to our shareholders as a one time special dividend. All that remains is for us to finalize the deal and we will make a detailed announcement including the name of the buyer shortly."
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.
