GLCC | Good Life China To Spin-Off N. American Divison

Pink Sheets China Penny Stocks Announcement

Jul 24, 2008 8:00:00 AM

BEIJING, July 24 /PRNewswire-FirstCall/ - Good Life China Corporation (Pink Sheets: GLCC) The issuer is pleased to announce that it has entered into an agreement to sell and spin out its North American division. Under the terms of the agreement, the buyer Alternativa Grupo will pay GLCC a one time sum of $300,000.00 USD. In addition, the buyer's group has agreed to purchase up to $250,000.00 of the issuers stock. Mr Yang the issuers spokesperson said, "We were looking to kill 2 birds with 1 stone. What we mean by that comment, is we wish to establish additional support for our share price as we do not like to see our security trade in the sub penny range. In addition, we want to get the maximum price for our North American assets. This deal affords us the best of both worlds. Under the agreement, the issuer will retain the source codes of the sub prime loan software for its exclusive use, throughout its existing 2,000 plus chain of stores and not for further resale's, to any other end users.

The transaction is scheduled to close within the next 90-120 days, or as soon as the Alternativa Grupo completes its share purchase with proof thereof duly provided to the issuers solicitors, so that the transaction may proceed to a close."

In other corporate updates, the issuer intends to enter into a China Asia Index Fund. The issuer has made additional filings on Pink Sheets in this regard.

The common shares of the issuer are currently dually listed in the USA Pink Sheets (symbol GLCC.PK) and the Frankfurt Stock Exchange (Xe:L9X). The issuer is in good standing with Pink Sheets and ranked as a "Current Information" filer with its security.

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.


SOURCE Good Life China Corporation