Golden Dragon Holdings, Inc. Announces 2009 Fiscal Year End Results
BEIJING, Jan. 5( )/PRNewswire-FirstCall/ — Golden Dragon Holdings, Inc. (Other OTC: GDHI) http://www.gdfbhk.com announced today that is has completed and uploaded onto the PinkOTC, its fiscal year end December 31, 2009 financials.
Golden Dragon recorded a net loss of $206,455USD for the fiscal year end 2009, compared to net loss $463,265USD for the fiscal year end 2008, a reduction of 102% from 2008. Sales for the fiscal year end 2009 of $27,345USD, compared to 2008 fiscal year end of no sales. Inventory for re-sale fiscal year end 2009 of $133,012USD compared to $40,944USD for fiscal year end 2008 an increase of 69%.
Commenting on the results of fiscal 2009, Frank J. Yglesias, CEO, said, “It is important to focus on the accomplishments of the Company for year end 2009, we have accumulated 275 stores, we have increased our inventory for re-sale to over $133,000USD, we have decreased our operations cost by over 100%. We will be outlining our goals for 2010 in our year end 2009 annual report to our shareholders in the weeks to come.”
The Company’s unaudited balance sheet, statements of income, and statements of cash flows as of fiscal year end December 31, 2009 can be seen in the following links;
About Golden Dragon Holdings, Inc.
Golden Dragon Holdings, Inc. owns and operates Golden Dragon Food & Beverage Import & Export Company of Hong Kong, Ltd. (GDHK) in central Hong Kong and Beijing Flying Golden Dragon International Trading Co., Ltd in China (BFGD). Golden Dragon Holdings, Inc. has agreements with U.S. food manufacturers. GDHI acts as a buying agent for GDHK, negotiating vendor contracts and services with U.S. food and beverage industry partners. The Hong Kong Company plays a strategic role in the importation of products into the Chinese market by leveraging the Closer Economic Partnership Arrangement (CEPA) with China. Through this arrangement, Beijing Flying Golden Dragon International Trading Co., Ltd distributes some of the most popular U.S. food and beverage brand products directly into the hypermarkets, supermarkets and convenience stores in China. The Company is responsible for order fulfillment for its clients in China, as well as providing advertising and promotion (A&P) services for its U.S. food and beverage products.
Safe Harbor Statement
Information in this press release may contain ‘forward-looking statements.’ Statements describing objectives or goals or the Company’s future plans are also forward-looking statements and are subject to risks and uncertainties, including the financial performance of the Company and market valuations of its stock, which could cause actual results to differ materially from those anticipated. Forward-looking statements in this news release are made pursuant to the ‘Safe Harbor’ provisions of the United States Private Securities Litigation Reform Act of 1995.
SOURCE Golden Dragon Holdings, Inc.