Good Life Corp (GLCC) To Reduce Outstanding By Up To 37 Million Shares
BEIJING, June 16 /PRNewswire-FirstCall/ - PINKSHEETS: GLCC
www.goodlifechina.com Good Life China Corp today unveiled plans today to reduce its outstanding share count by as much as further 25 million shares. Mr. Yang a company spokesperson said, 'Just so that we are clear, and to avoid any possible misinterpretations this further 25 million shares is in addition to the 12 million shares dividend recall, bringing the total count to 37 million share reduction. When all the dust settles with all of the reductions, recalls and planned buy backs, our outstanding share structure may be about 100 million shares, more or less, with Asia Pacific (the holding and controlling company of GLCC) being the majority shareholder.
This 25 million share reduction will be done effective immediately, and will be done by a share cancellation order with the issuers transfer agent Heritage Trust. Other than completing further filings on Pink Sheets on this topic, (within this quarter) the issuer does not plan on making more announcements on this topic as it waits for the market to simply correct itself. It will be interesting for us to see what exactly will remain to trade and how the market will do this without us having to conduct a complete share recall, and a complete audit. Just to bring this all into focus, any further massive cuts such as this one in our outstanding share structure, would have us being reverted back to a single shareholder group or even back to a private company. Our authorized share structure remains undisturbed'
In other company updates, the issuer continues moving forward with all announced projects and expansions as previously announced. Although the short sellers have temporarily redirected the spotlight from the issuers expansion aspirations to its share price, the issuer is dedicated, focused and in a 'all business mode' as it pushes forward with its roll out of stores in China. The issuer should also be in a position to announce our new Olympic sponsored athlete within a week or so and our new athletic spokesperson. Mr. Yang concluded 'the recent Olympic sponsorship announcement has opened a whole new set of doors of opportunities for us that were previously felt to be closed. It is becoming clear to us why big business take up such a major role in the Olympics as the benefits far outweigh the costs associated. The issuer remains extremely excited about the future possibilities for its business with follow up announcements and expansions planned as soon as completed.
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
Source: PR Newswire (June 16, 2008 - 11:56 AM EDT)
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