Good life China (GLCC) To Acquire "The People Home" Chain

BEIJING, Aug 25, 2008 /PRNewswire-FirstCall via COMTEX/ -- Good Life China Corporation www.goodlifechina.com (GLCC) is pleased to announce that it reached a tentative agreement to acquire a majority position in "The People Home," Chain (TPH).

Shijiazhuang (TPH) chain is part of the Shijiazhuang Fuyuan Group. TPH line of business is mainly in the distribution of non durable goods of consumer product lines. Since its establishment in 2004 TPH has been mainly profitable, with a total of 625 operating stores providing low cost, and quality products. In Shijiazhuang community, TPH has good reputation, where TPH has maintained a strong presence.

GLCC sees the "People home" chain merger, as a way to improve its original Franchise model on the basis of continuing to expand market share, and to lower supply costs. The company also sees this as a way to improve gross margins, and to ensure the growth of its franchise chain.

In other news, the closing of this acquisition in the next 15-30 days, will be completed on a cash and stock basis. Together with this, and its previously announced expansions, GLCC expects to reach its authorized and outstanding share structure limit of 500 million shares. In keeping with its promise to its shareholders, and its filings on Pink Sheets, the company does not intend to increase its authorized or outstanding share structure for the balance of the 2008 fiscal year. In addition, the company is utilizing this opportunity to officially denounce any rumors that it intends to reverse split its security or disturb it in any way whatsoever. The company will use the balance of fiscal 2008 to seamlessly integrate all of its recent mergers and acquisitions into its network. Good life China management intends to continue to attract similar type of shop outlets, and other similar distribution centre's in order to rapidly develop, and establish its network commencing early in 2009.

The company continues with its business as usual, as it continues to explore the several different buy out and merger proposals currently under review. The company sees this TPH merger, together with the proposed buyout as a WIN-WIN scenario for all of its shareholders and stakeholders.

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.

SOURCE Good Life China Corporation