Sunnylife Global Partners With Taiwanese Investors
November 15 2007 - 9:00AM
PR Newswire (US)
For Funding to Complete the Xiang Tan Hospital Operation Center
Project and the Upgrade of the Hebei Hospital in China LOS ANGELES,
Nov. 15 /PRNewswire-FirstCall/ -- Sunnylife Global, Inc. (Pink
Sheets: SNYL) today announced that it has entered into a
partnership with a Taiwanese investor group based in Hong Kong to
finance the completion of the Xiang Tan World Friendship operation
center in the Hunan Province of China which was turned over to
Sunnylife in May 2006 and to commence the upgrade of the Hebei
World Friendship Hospital turned over to Sunnylife in August 2007.
Sunnylife Global, Inc. currently has 21 signed contracts with the
Peoples Republic of China to upgrade their hospitals and to provide
a basic healthcare and wellness program to the 50,000 government
employees per hospital for a prepaid annual membership fee. At this
time, the Board of Directors of Sunnylife Global, Inc. has elected
to invite the Taiwanese investment group to enter into a
subcontract with them to complete the first two hospitals. The
ownership of the remaining 19 hospital contracts with the PRC will
remain the responsibility and property of Sunnylife Global, Inc.
Terms of the subcontract with the Taiwanese investors provide for a
distribution of Sunnylife's ownership interest as follows: In the
case of the Xiang Tan hospital, since Sunnylife has already
invested nearly $2 million into the construction project, the
investors will receive 51% of Sunnylife's share with 19% remaining
with Sunnylife. In the case of the Hebei hospital, since the
investors will be contributing all of the funds required for the
upgrade, they will receive 60% of Sunnylife's share and Sunnylife
will retain 10%. As provided for in all of Sunnylife's contracts
with the PRC, the government will retain 30%. "We believe we made
the right decision for all concerned to share the financial
responsibility of completing the first two hospitals turned over to
Sunnylife," said Richard Lo, president & chairman of Sunnylife
Global. "We are anxious to begin providing the much needed
healthcare and wellness program to the members by implementing
China's first HMO. We are proud of the work we have accomplished to
date and we will continue to be open minded about keeping our
business plan moving until we have completed the upgrade of all 21
hospitals for which we hold contracts to benefit the people of
China and Sunnylife's dedicated shareholders." About Sunnylife
Global Sunnylife Global, Inc. is a U.S.-based company doing
business in China. The Company has agreements with the People's
Republic of China to implement the country's first HMO system and
to upgrade 21 of their level 2 hospitals to international
standards. The Company has also been granted land leases to build
and operate assisted living care centers for the elderly in China.
Sunnylife is Chinese-American owned and has management teams in the
U.S. and China. The Company is staffed with professionals in
product research and market development. For more information,
please visit http://www.sunnylifeglobal.com/. Safe Harbor This news
release contains forward-looking statements. These statements are
based on assumptions that management believes are reasonable based
on currently available information and include statements regarding
intent, belief or current expectations of the Company and its
management. Prospective investors are cautioned that any such
forward-looking statements are not guarantees of future performance
and are subject to a wide range of business risks, external factors
and uncertainties. Actual results may differ materially from those
indicated by such forward-looking statements. The Company assumes
no obligation to update the information contained in this press
release, whether as a result of new information, future events or
otherwise. FOR FURTHER INFORMATION, CONTACT: Sunnylife Global, Inc.
Fran Daniels Financial Sciences of America 310/278-4413 Investor
Relations Devon Blaine/Bill Kraus/Lisa Baker The Blaine Group, Inc.
310/360-1499 310/360-1498 (FAX) DATASOURCE: Sunnylife Global, Inc.
CONTACT: Fran Daniels of Financial Sciences of America,
+1-310-278-4413, ; or Investor Relations, Devon Blaine, , or Bill
Kraus, or Lisa Baker all of The Blaine Group, Inc.,
+1-310-360-1499, fax, +1-310-360-1498, all for Sunnylife Global,
Inc. Web site: http://www.sunnylifeglobal.com/
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