BEIJING, Aug. 28 /PRNewswire-FirstCall/ - Good Life China Corporation (Pink Sheets GLCC) www.goodlifechina.com is pleased to announce that it has signed a Letter of Intent to acquire a second Chinese based company of similar size and financial stature to Good Life's current operations. The company is in the agriculture business, with revenues in the 5-6 million dollar range and assets of about 10-14 million dollars. The purchase price consists of cash and restricted stock.
The parties are beginning the due diligence process which they expect to complete within the next 60-90 days.
Based on a successful acquisition, GLCC will be looking at the option of uplifting itself and or the targeted acquisition Company to the OTCBB, in line with previous announcements and filings made by the Company. This will require auditing of the respective financial statements of the two companies, and a thorough review of other disclosure requirements including compliance with some aspects of Sorbanes Oxley.
Additional announcements will be made as the negotiations move forward, either through news worthy updates or update notices filings on Pink Sheets.
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.
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