BEIJING, Jan. 9 /PRNewswire-FirstCall/ -- Good Life China Corporation's (http://www.goodlifechina.com/) (GLCC) initial financial results for the year ended Dec 31st, 2008 indicate gross revenues of nearly $60 million USD. The Company has compiled preliminary financial numbers for the year based on Chinese accounting standards, and is beginning the process to adopt these results to meet Generally Accepted Accounting Principles (GAAP) of the U.S.
Company spokesperson Mr. Yang said, "The fourth quarter results and year end numbers reflect a change in accounting policies regarding the manner in which revenue is recorded. The new numbers more accurately reflect the scale of business operations of the Company. Our North American accountants will be collaborating with their Chinese counterparts, and provide a much more detailed review and analysis of the fourth quarter and year end numbers."
The Company also advises that a duly executed letter of intent (see filings on pink sheets) has been completed for the acquisition of the North American based Stuart Packaging, which specializes in high value, process colour packaging for many major packaged goods marketers.
Yang added, "In the coming first quarter of 2009, our next priority will be to address our share price and unsatisfactory market valuation. We are optimistic that the markets will increasingly acknowledge the value of our company and the share price values will begin to come into line with financial results of the Company's financial performance. We ask our astute readers to reflect on recent news releases, which include expected acquisitions and divestitures that will ultimately see additional dividends issued to our shareholders. These are just some of the many steps we as a company intend to undertake in order to restore our share price values."
The issuer will provide further details on all the matters discussed above as they become available.
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.
*Note Get the Facts Right. The issuer works hard to continue to keep our shareholders informed, and news is updated frequently via Press Releases, Pink Sheet http://www.pinksheets.com/ filings, and updates to our websites. Other websites not sponsored, or recognized by the Company may provide misleading or disinformation to investors in order to manipulate trading patterns for a given stock. Always look for original content from trusted sources, rather than relying on 'excerpts' or discussion boards that may not give you the whole story. The Securities and Exchange Commission requires financial institutions or brokerage firms to provide their clients with documentation, describing the risks of investing in penny stocks.
The revenues reported in this news release are based on RMB exchange rates as of January 8, 2009.
CONTACT:
CONTACT:
