BEIJING, Dec. 24 /PRNewswire-FirstCall/ -- Good Life China Corp. (GLCC; http://www.goodlifechina.com/) announces the intention to rescind the merger with China based retail convenience chain operator 'Q-Mart'.
Good Life China Corp. and "Q-Mart" or Wandiantong Trade Co. Ltd. D.B.A., (http://www.qmartcorporation.com/ and http://www.wandiantong.com/) had decided to rescind the merger between the two companies. The companies wished to work in concert and raise the value of GLCC, but Wandiantong Trade Co. feels that the excessive pressure on the company from the side of the public may damage the reputation of the Wandiantong Trade Co. The company management is disturbed by the online stock bashing that had been following GLCC, for some time now and impeded on the reputation of this sound company. This also negatively affected GLCC's previous attempts to merge with other successful companies. Wandiantong Trade Co. doesn't wish to enter this debate (or become another victim) of this malicious practice and wishes to rescind the merger with GLCC.
Reevaluating the present position of GLCC in the public eye, Wandiantong Trade Co. feels that the merger that occurred in December 2009 had been an impetuous decision and the companies will work out the rescission with as little impact on the company value or the GLCC share structure.
A spokesperson of Wandiantong Trade Co., said, "We are not happy about this situation. Both sides had invested a lot of time and effort into this cooperation, but we in Wandiantong didn't realize how bad the online bashing can get, the damage it causes to the company and on what scale a 'hearsay' can ruin company's reputation. Wandiantong Trade Co. chooses to sever this relationship before any real harm is done to its name. We wish all the best to the Good Life China and we hope they won't succumb to this bashing that seems almost criminal to us."
Wandiantong Trade Co intends to seek other opportunities with its existing corporate representatives. Wandiantong Trade Co acknowledges the full disclosure received and regrets that it underestimated the depth of the bashing to the operating companies. The criminal complaints filed with USA authorities against these posters, the civil lawsuits, the perpetrators' complete ignorance and arrogance of International laws and their continuous actions to thumb their nose at authorities during on going investigations was a bit overwhelming for Wandiantong Trade Co as it has become for Hoarizi and now for Miluga as well.
After the rescission, the non reporting remnants of Hoarizi and Miluga will become the sole company operating under the 'GLCC' symbol. The interim management will again begin to actively seek new suitable merger candidates that would bring value to the company and to the shareholders. The company through its corporate advisors intends to intensify its litigation with the perpetrators, including the web site that offers anonymity to these individuals such as http://www.investorshub.com/ which have impeded the company's ability to conduct regular commerce. The SEC did step in on similar incident and did charge Matt Brown of Investors Hub in Penny Stock Manipulation Ring, however it is apparent that these activities continue on to this day on a daily basis on http://www.investorshub.com/ not only with GLCC but effecting other issuers as well. http://sec.gov/news/press/2009/2009-117.htm
The original restricted stock issued to the Wandiantong Trade Co. will be returned to GLCC treasury. The company is also seeking guidance of recapitalizing, a reverse stock split and a re domicile to another jurisdiction in order to regroup and resume operations without let or hindrance.
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Safe Harbor Statement
Information in this news release may contain statements about future expectations, plans, prospects or performance of Good Life China Corp. that constitute forward-looking statements for purposes of the Safe Harbor Provisions under the Private Securities Litigation Reform Act of 1995. The words or phrases "can be", "expects", "may affect", "believed", "estimate", "project" and similar words and phrases are intended to identify such forward-looking statements. Good Life China Corp. cautions you that any forward-looking information provided by or on behalf of Good Life China Corp. is not a guarantee of future performance. None of the information in this press release constitutes or is intended as an offer to sell securities or investment advice of any kind. Good Life China Corp.'s actual results may differ materially from those anticipated in such forward-looking statements as a result of various important factors, some of which are beyond Good Life China Corp.'s control. In addition to those discussed in Good Life China Corp.'s press releases, public filings, and statements by Good Life China Corp.'s management, including, but not limited to, Good Life China Corp.'s estimate of the sufficiency of its existing capital resources, Good Life China Corp.'s ability to raise additional capital to fund future operations, Good Life China Corp.'s ability to repay its existing indebtedness, the uncertainties involved in estimating market opportunities, and in identifying contracts which match Good Life China Corp.'s capability to be awarded contracts. All such forward-looking statements are current only as of the date on which such statements were made. Good Life China Corp. does not undertake any obligation to publicly update any forward-looking statement to reflect events or circumstances after the date on which any such statement is made or to reflect the occurrence of unanticipated events.
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Good Life China Corporation
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