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Good Life continues to operate two operating subsidiaries namely Miluga and Haorizi.
Miluga Corp Shenzhen City Jia Food Company is a one-stop integrated model of modern large-scale food production, and marketing enterprise. Founded in 1998, the company is headquartered in Bao'an. The company employs staff of more than 500 people, servicing more than 70 chain stores.
Haorizi Good Life is a diversified international company active in China. China based operations represent the lion's share of revenue and profit, centered around a large and rapidly growing chain of convenience stores serving rural markets.
Hoarizi has changed its business model from a franchised one to a licensing model. This change caused some trauma to the company's business model as evidenced by its share price. The company initially (in June 2008) expressed interest to be partitioned, and sold off in pieces ie spin off of the logistics division and subsequently to be sold on all cash basis, to a USA based company Eng America. http://www.reuters.com/article/pressRelease/idUS102871+14-Jul-2008+PRN20080714 Subsequently, that transaction did not come to a fruition. Hoarizi stopped providing its updated financials to the parent company GLCC for the past two quarters.
Miluga continues as a going concern with strong operations and day to day activities. Miluga continues to report its revenues and progress to GLCC on a timely basis. Q2 financials are currently being translated from Chinese and will be made available shortly as a filing with Pink Sheets.
In regards to Hoarizi sale, GLCC is currently entertaining a couple of proposals from a couple separate substantial retailer chains in China. The operations in terms of revenues, and assets are substantially greater than that of Hoarizi and Miluga combined.
The company expects to make some sort of a more concrete announcement on these developments shortly.
Safe Harbor Statement
Safe Harbor Information in this release may contain statements about future expectations, plans, prospects or performance of Good Life China Corporation that constitute forward-looking statements for purposes of the safe harbor Provision's 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. GLCC Corporation cautions you that any forward-looking information provided by or on behalf of Good Life China Corporation is not a guarantee of future performance. None of the information in this release constitutes or is intended as an offer to sell securities or investment advice of any kind. Good Life China Corporation'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 Corporation's control. In addition to those discussed in Good Life China Corporation's press releases, public filings, and statements by Good Life China Corporation's management, including, but not limited to, Good Life China Corporation's estimate of the sufficiency of its existing capital resources, Good Life China Corporation's ability to raise additional capital to fund future operations, GLCC Corporation's ability to repay its existing indebtedness, the uncertainties involved in estimating market opportunities and, in identifying contracts which match Good Life China Corporation'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 Corporation 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.
CONTACT: corporate@goodlifechina.com
SOURCE Good Life China Corporation
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