May, 10 2008. Mr.Yang a spokesperson for the company and majority shareholders of GLCC would like to use this opportunity to address the rapid share price decline of the GLCC share price. "We have witnessed our share price decline in less than 3 months from 2/22/08 $ 1.051 to 05/09/2008 0.009 cents, while our supporters and majority shareholders were being handcuffed and unable to offer any support.
What we mean by handcuffed is that almost immediately from the time GLCC began trading all of the "on line" trading platforms refused to accept buy and sell orders. We understand that some 70-80% orders are placed via on line traders in the small cap venue we are in. To compound the problem, current Chinese laws prohibit Chinese nationals from buying US based stocks which further restricted the support we anticipated. Our position has always been that our focus should be on operating the business and the share price to be left to the market forces.
We note that this entire decline took place on relatively small or negligible daily volumes. Some of the trading appears to be a deliberate act to bring our share price down, as we witnessed some sells going through at bellow the ask price.
Attached hereto we have compiled a chart for our shareholders to view and decide for themselves. We have applied the highest price in our calculations which indicate that a total of $298,152.75 (and probably more closer to half that amount) eroded about 50 million dollars of value off of our books. Just to bring everything in focus the current "valuation" or market cap (based on the current share price value) indicates a valuation of GLCC at 1.5 million dollars.
This sum is less than the value of some of our equipment and chattels, that is scattered throughout our network. The actual business value is nowhere reflected in our share price. Several of our backers and shareholders tell us that their accounts were abruptly closed with no explanation provided when they attempted to trade GLCC. Moreover, our filings were twice rejected and we were subjected to re file the same document again.
We were asked to rewrite essentially the same document from the past tense to current tense which we have done, and filed yet to this date the "limited Information" ranking still shows on our symbol despite our numerous requests for an update. We do not wish to make excuses or to lay blame on anything, or anyone however we have nothing further to file or submit, and we wish to use this opportunity to bring our shareholders to speed and recent chain of events.
All of the above has created a perfect breeding ground for speculators, day traders, and the fast money seekers which we do not wish to cater to. We did not take our company public for "the fast money profiteers" to exploit and destroy the years of hard work we have all put together. Simply put, we are of the opinion that another $298,152.75 (if that is the sum) share buyback or support on the bid will not return our share price to where it started due to profit takers along the way, to name one reason, and other conditions that are beyond our control.
Additionally, this morning we have completed filing our 1st Quarter financials. We ask our shareholders, and followers to judge for them the true value of our business. We believe that our financials, our business model our management team speaks volumes and this value is not currently reflected in our share price.
GLCC sought orderly growth, and an environment that would bring great value to both our Chinese and USA investors and shareholders.
That orderly growth was to increase shareholders values, both economically, in mind and spirit where our shareholders could feel good about their investments as they see their investments hard at work and producing positive results. Orderly growth and increasing our shareholders values both economically and in mind continues to be our mandate.
We have asked our corporate advisors to assist us in this mandate. For us to simply do nothing would be irresponsible and not in the best interest of our shareholders. As aforementioned these are the challenges we faced, and we dealt with. This notice serves as a report to our shareholders on the actions we took, intend to take or are considering to preserve and reset our shareholders values.
Currently, several options are being considered to reset our share price to where it should be.
Stock reversal is one option that we are NOT considering.
In the meantime, our corporate adviser Mina Mar Group has suggested that we seriously consider moving GLCC assets to another exchange via spin off. Consideration is being given to exchanges where our share price could be protected or preserved by filings and backers, and measures taken that adequate support is in place to absorb massive sell offs when the dividends mature, as an example. Currently we are exploring a $1.50 to $3.00 range spin off to this different exchange with the MONA dividend recipients being reset to the 0.70c range again.
This process would involve payment of another dividend to all of our shareholders from the spin into company, of the new exchange.
We may do an entire spin off meaning all of the GLCC divisions or just spin off only some divisions, and leave the others inside GLCC. The decision of this has not yet been made, and will be announced in a timely fashion under a separate release. This would give us a status quo position thus allowing the market to figure out the true value of GLCC, with the remaining operating assets and divisions left inside.
Should we decide to pursue this spin off, we must create several different blocks or classes of common shares. Obviously one is for the current GLCC shareholders, one for the MONA dividend holders, and or including those recently issued.
Our corporate advisor is currently in negotiations, and assembling details of this different exchange publicly trading company. It is our understanding that they are also in the process of obtaining required legal opinions, and will be in a position to report to us within this quarter. Because of the complexity of this transaction, the new required filings, approval process etc, we are advised that this whole process may take upwards of 4-6 months from start to finish.
We have also launched a ticket support system for our investors and our shareholders, which will allow us to interact in real time to keep track of notes and concerns which we will address accordingly. Simply visit our corporate site at www.goodlifechina.com and click on the Support Icon, or this link directly http://www.minamargroup.com/helpdesk
While this different exchange process may seem like a long time to some GLCC will continue to trade as is where is, in a status quo status and we will continue to issue further news on a timely basis.
Simply these are measures that we are taking to reset the share values of our true long and dedicated shareholders, stakeholder's employees and all of the dedicated hard working men and women that make up the Good Life China Corporation group."
GLCC TRADES:
Date Open High Low Close Volume Change Change % TOTALS
05/09/2008 0.01 0.011 0.006 0.009 726,129 -0.003 -25.00% $6,535.16
05/08/2008 0.015 0.017 0.01 0.012 240,000 -0.0005 -4.00% $2,880.00
05/07/2008 0.015 0.015 0.011 0.0125 386,121 0.0015 13.64% $4,826.51
05/06/2008 0.02 0.02 0.011 0.011 248,750 -0.019 -63.33% $2,736.25
05/05/2008 0.03 0.03 0.025 0.03 99,363 0.005 20.00% $2,980.89
05/02/2008 0.034 0.034 0.025 0.025 67,336 -0.01 -28.57% $1,683.40
05/01/2008 0.035 0.04 0.035 0.035 196,222 - - $6,867.77
4/29/08 0.02 0.07 0.01 0.035 293,207 0.005 16.67% $10,262.25
4/28/08 0.06 0.06 0.03 0.03 74,250 -0.06 -66.67% $2,227.50
4/25/08 0.095 0.095 0.06 0.09 158,829 -0.005 -5.26% $14,294.61
4/24/08 0.15 0.16 0.09 0.095 284,526 -0.055 -36.67% $45,524.16
4/23/08 0.14 0.16 0.12 0.15 213,575 - - $32,036.25
4/22/08 0.15 0.15 0.15 0.15 10,000 -0.03 -16.67% $1,500.00
4/21/08 0.2 0.2 0.18 0.18 4,000 0.01 5.88% $720.00
4/18/08 0.17 0.17 0.17 0.17 9,000 -0.01 -5.56% $1,530.00
4/17/08 0.3 0.3 0.18 0.18 35,500 -0.07 -28.00% $6,390.00
4/16/08 0.45 0.46 0.25 0.25 277,600 - - $69,400.00
4/15/08 0.54 1.01 0.25 0.25 184,283 -0.3 -54.55% $46,070.75
4/14/08 0.55 0.55 0.55 0.55 330 - - $181.50
04/10/2008 0.55 0.55 0.53 0.55 810 - - $445.50
04/09/2008 0.55 0.55 0.55 0.55 645 - - $354.75
04/08/2008 0.55 0.55 0.55 0.55 100 - - $55.00
04/07/2008 0.5 0.55 0.5 0.55 950 0.05 10.00% $522.50
04/04/2008 0.45 0.5 0.45 0.5 200 - - $100.00
3/17/08 0.5 0.5 0.5 0.5 100 - - $50.00
3/14/08 0.5 0.5 0.5 0.5 1,000 -0.02 -3.85% $500.00
03/05/2008 0.65 0.65 0.52 0.52 11,300 -0.13 -20.00% $5,876.00
03/04/2008 0.65 0.65 0.65 0.65 5,500 - - $3,575.00
03/03/2008 1 1.4 0.65 0.65 37,400 -0.75 -53.57% $24,310.00
2/29/08 1.4 1.4 1.4 1.4 300 - - $420.00
2/28/08 1.4 1.4 1.4 1.4 100 0.42 42.86% $140.00
2/25/08 0.75 1.01 0.75 0.98 2,400 -0.07 -6.67% $2,352.00
2/22/08 1.05 1.05 1.05 1.05 500 0.35 50.00% $525.00
2/21/08 0.7 0.7 0.7 0.7 200 $140.00
2/21/08 0.7 0.7 0.7 0.7 200 $140.00
$298,152.75
About Good Life China Corporation.
Good Life China Corporation operates a rapidly growing chain of franchised convenience stores based in Hebei Province, China. It employs advanced retail concepts such as e-commerce enabled POS/back office systems, and achieves significant economies of scale on the supply side of the business. It will be expanding geographically to neighboring Provinces, as well as offering a growing number of additional products and services, such as financial products, as it moves forward.
The Company's North American operations comprise a number of online sub prime financial services, including; the Money Lending Business.com; Forex Trading; and Advanced Electronic Funds Management.
www.goodlifechina.com
Safe Harbor Statement
Information in this press release may contain 'forward-looking statements.' Statements describing objectives or goals or the Company's future plans are also forward-looking statements and are subject to risks and uncertainties, including the financial performance of the Company and market valuations of its stock, which could cause actual results to differ materially from those anticipated. Forward-looking statements in this news release are made pursuant to the 'Safe Harbor' provisions of the United States Private Securities Litigation Reform Act of 1995. Investors are cautioned that such forward-looking statements involve risks and uncertainties, including, without limitation, risks relating to the ability to close transactions being contemplated, risks related to sales, continued acceptance of Good Life China Corporation's products, increased levels of competition, technological changes, dependence on intellectual property rights and other risks detailed from time to time in Good Life China Corporation's periodic reports filed with the regulatory authorities.
SOURCE Good Life China Corporation