BEIJING, Feb. 20 /PRNewswire-FirstCall/ - Good Life China Corporation http://www.goodlifechina.com/ (GLCC) is pleased to announce that it has closed the merger agreement with Shenzhen Bread Co. Under the retail banner of Miluga Bread, Shenzhen Bread currently operates 60 retail bakeries and also sells bread on a wholesale basis to various grocery chains and retail stores.
The Baked Goods industry is growing at an impressive pace, as Chinese culture begins to embrace baked goods from the Western world in addition to its traditional pastries. Recent research reports "growth can be seen particularly in urban areas where, due to the increasing pace of life, many people do not have the luxury of spending an hour at breakfast. This has given rise to the demand for nutritious and convenient food. Although bread competes with traditional Chinese breakfasts such as steamed buns, sales of western style bread are also on the increase thanks to the speed with which it can be prepared and eaten".
In addition, Miluga has had tremendous success with its line of Moon Cakes, selling 30 million of them in 2008. Mooncakes are a Chinese pastry. A thick filling usually made from lotus seed paste is surrounded by a relatively thin crust. Mooncakes are rich, heavy, and dense compared with most Western cakes and pastries. They are usually eaten in small wedges accompanied by Chinese tea.
With gross revenues in the 10 million Yuan range, and a 20% net profit ratio, the Company is in an excellent position to continue to grow through cooperation agreements and by expanding its geographic footprint to build regional bakeries servicing a growing franchise chain network around the Pearl River Delta (including the principal cities of Dongguan, Huizhou, Zhuhai, and Guangzhou in Guangdong Province).
Safe Harbor statement under the Private Securities Litigation Reform Act of 1995: Certain 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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