LOS ANGELES, Aug. 30, 2006 (PRIMEZONE) -- Sunnylife Global, Inc. (Pink Sheets:SNYL) announced today it has signed a Joint Venture Agreement with Shandong Luyin Pharmaceutical Co. on July 8, 2006. On August 25, 2006, Sunnylife Global filed the required legal documents for the process of examination and approval of the Sino-US joint venture in the Shandong province. Completion of the approval process is expected by the end of 2006.
Following the integration of the joint venture, the newly formed JV company expects to apply for listing in China with Zhongshan Securities Co., Ltd. as its underwriters. Under the terms of the 50-year agreement, Sunnylife Global, Inc. will own 58% of the total investment assets, currently represented by RMB 99.8 Million (US$12.5 Million).
Shandong Luyin Pharmaceutical Co. was founded in 2001 with a focus on the development and manufacture of Chinese herb medication and biotechnology. It has approximately 300 employees of which 80% are graduates from major medical institutions. Shandong Luyin received its GMP from the Chinese government in April 2003 and currently has 17 approved legal dosage medicinal products. It has developed 5 major categories of medicine -- for the cardio system, for the digestive system, for the suppression of tumors, for the regulation of the metabolism, and the supplements.
Through this long-term cooperation, Sunnylife Global, Inc. and Shandong Luyin Pharmaceutical Co. will offer the latest production and manufacturing technology, management systems and new product lines, and will contribute to the China-US Joint Venture World Friendship Hospital Group high quality medicine, and a model that will build a platform for China-US medical industries to benefit from their joint venture investments.
About Sunnylife Global, Inc.
Sunnylife Global, Inc. has developed a Health Care Management System (HCMS) in conjunction with the Chinese Government Authorities that will result in delivering superior quality health care management to its members. The Company is in multiple joint-venture agreements with the World Friendship Hospital Group to renovate and revitalize China's older hospital facilities in order to meet the current International standard. Sunnylife has developed the HCMS to meet that standard and is planning to launch in the very near future. In addition, the Company has patented natural, environmentally safe and economically affordable products which it plans to introduce to Chinese customers through seven different joint venture companies in China. Sunnylife represents an organization staffed with professional experts in product research, quality acceptance testing, and market development for service to China and the global markets. For more information, please visit www.sunnylifeglobal.com.
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The statements contained herein, which are not historical, are forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements. All forward-looking statements attributable to the Company, or persons acting for the Company, are expressly qualified in their entirety by these cautionary statements.