LOS ANGELES, Nov. 15 Sunnylife Global, Inc.(Pink Sheets: SNYL) today announced that it has entered into a partnershipwith a Taiwanese investor group based in Hong Kong to finance the completionof the Xiang Tan World Friendship operation center in the Hunan Province ofChina which was turned over to Sunnylife in May 2006 and to commence theupgrade of the Hebei World Friendship Hospital turned over to Sunnylife inAugust 2007.
Sunnylife Global, Inc. currently has 21 signed contracts with the PeoplesRepublic of China to upgrade their hospitals and to provide a basic healthcareand wellness program to the 50,000 government employees per hospital for aprepaid annual membership fee. At this time, the Board of Directors ofSunnylife Global, Inc. has elected to invite the Taiwanese investment group toenter into a subcontract with them to complete the first two hospitals. Theownership of the remaining 19 hospital contracts with the PRC will remain theresponsibility and property of Sunnylife Global, Inc.
Terms of the subcontract with the Taiwanese investors provide for adistribution of Sunnylife's ownership interest as follows: In the case of theXiang Tan hospital, since Sunnylife has already invested nearly $2 millioninto the construction project, the investors will receive 51% of Sunnylife'sshare with 19% remaining with Sunnylife. In the case of the Hebei hospital,since the investors will be contributing all of the funds required for theupgrade, they will receive 60% of Sunnylife's share and Sunnylife will retain10%. As provided for in all of Sunnylife's contracts with the PRC, thegovernment will retain 30%.
"We believe we made the right decision for all concerned to share thefinancial responsibility of completing the first two hospitals turned over toSunnylife," said Richard Lo, president & chairman of Sunnylife Global. "We areanxious to begin providing the much needed healthcare and wellness program tothe members by implementing China's first HMO. We are proud of the work wehave accomplished to date and we will continue to be open minded about keepingour business plan moving until we have completed the upgrade of all 21hospitals for which we hold contracts to benefit the people of China andSunnylife'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 implementthe country's first HMO system and to upgrade 21 of their level 2 hospitals tointernational standards. The Company has also been granted land leases tobuild and operate assisted living care centers for the elderly in China.Sunnylife is Chinese-American owned and has management teams in the U.S. andChina. The Company is staffed with professionals in product research andmarket development. For more information, please visithttp://www.sunnylifeglobal.com.
This news release contains forward-looking statements. These statementsare based on assumptions that management believes are reasonable based oncurrently available information and include statements regarding intent,belief or current expectations of the Company and its management. Prospectiveinvestors are cautioned that any such forward-looking statements are notguarantees of future performance and are subject to a wide range of businessrisks, external factors and uncertainties. Actual results may differmaterially from those indicated by such forward-looking statements. TheCompany assumes no obligation to update the information contained in thispress release, whether as a result of new information, future events orotherwise.FOR FURTHER INFORMATION, CONTACT: Sunnylife Global, Inc. Fran Daniels Financial Sciences of America 310/278-4413