Good Life China Corp (GLCC) Issues Warrants
BEIJING, June 17, 2008 /PRNewswire-FirstCall via COMTEX/ -- PINK SHEETS: GLCC
www.goodlifechina.com announced today that it has issued its management, key staff and its advisors "A" to "J" class warrants in the range of 1 to 3 million shares at the strike price ranging between 0.20 cents to 0.35 cents per share. This is being done part and parcel in exchange for the 25 million cancelled shares recently announced. Michael Ellis, a spokesman for Mina Mar Group, the issuers corporate advisor, investor relations company and a warrant beneficiary, said: "We have always maintained that we will do what is in the best interest of the company. We remain dedicated, committed and in for the long haul."
Although not a required filing for the issuer, these warrants will be filed with Pink Sheets as a matter of public records, for the purpose of maintaining transparency of the issuer. To the novice shareholders, simply put a warrant allows the beneficiary to purchase a stock at the now agreed price from the issuer. This does not mean the company is giving away free shares. It simply means, for example, that a series A warrant fully issued will bring the company a cash settlement of $600,000.00 and the company will issue 3 million restricted shares. See
http://en.wikipedia.org/wiki/Warrant_(finance) and
http://www.investopedia.com/articles/04/021704.asp for further information on warrants.
These A to J series warrants are as follows:
- Warrants Series A: 3 million shares GLCC @ 20 cents
- Warrants Series B: 3 million shares GLCC @ 30 cents
- Warrants Series C: 3 million shares GLCC @ 35 cents
- Warrants Series D: 2 million shares GLCC @ 20 cents
- Warrants Series F: 2 million shares GLCC @ 30 cents
- Warrants Series G: 2 million shares GLCC @ 35 cents
- Warrants Series H: 1 million shares GLCC @ 20 cents
- Warrants Series I: 1 million shares GLCC @ 30 cents
- Warrants Series J: 1 million shares GLCC @ 35 cents
Beneficiary for these warrants for each series are being issued to: Dong Mei Jia, Jin Ming Wang, Dong Mei Zhou, Yves Yang, Robert Xu, Garr Winters, Milia Corporation, Michael Ellis as designee, Mina Mar Group, and Mel Noodelman.
In other corporate updates, the issuer has received a number of inquiries regarding its buyout proposal. The issuer reminds its readers that it cannot prematurely release the candidate name. The issuer can however say that the offer came unsolicited from a publicly traded entity; it is a friendly one which in our opinion contains very favourable provisions and benefits. It is from a NON USA trading or a USA based company. The management and board of directors of Good Life have requested its North American corporate advisors to attend the candidate's offices in Geneva and to report its recommendations to the Beijing head office in July.
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
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