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Microcap & Penny Stocks : GCHC GREATER CHINA CORP

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From: straight-->arrow	12/9/2005 1:08:32 PM
	of 858

Greater China Corporation Announces Separation Agreement Friday December 9, 12:24 pm ET NEW YORK, Dec. 9 /PRNewswire-FirstCall/ -- Greater China Corporation (OTC: GCHC.PK - News) announced today that it had reached agreement to sell its wholly owned Unigel (HK) Ltd. ("Unigel") subsidiary back to the original owners of the company. Unigel owns a 60% interest in SUTCO, a fiber-optic gel company located in Shenzhen, China In exchange for Unigel, Greater China Corporation ("GCC") will receive back all of its shares that were associated with the combination of GCC and Unigel (approximately 17.5 million shares out of approximately 30 million shares outstanding). In addition, Unigel will assume all GCC debt which was incurred to finance the activities of Unigel. In a joint statement issued by John W. Allen (representing GCC) and Richard George (representing Unigel), they said that this separation of the entities should enable each party to move ahead more effectively in reaching its respective goals. An 8K filing will be made with the Securities and Exchange Commission with the details of the transaction following an official closing expected to take place within the next two weeks. Statements in this press release that are other than historical facts are "forward-looking" in that they contain expectations about future results. There can be no assurance that the transaction described in the above announcement will be completed as scheduled. Such forward-looking statements involve numerous risks and uncertainties. GCC has tried to identify any forward-looking statements by using words such as "should," and other similar expressions. Although GCC believes that expectations reflected in its forward-looking statements are reasonable, it can give no assurance that this will prove to be correct. For additional information please contact: Jon Scott, hi2jon@hotmail.com or (866) 696-GCHC (4242).

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