GSL is a Los Angeles-based company traded on the OTCBB that is principally engaged in the development of trade centers in China and in the US. The company did not explain the acquisition, but did say the hotel will undergo "a major renovation project and then re-open in the near future."
Ownership of the hotel was transferred to the company by its controlling shareholder, Everbright Development Overseas Ltd., in exchange for 6,463,415 shares of GSL Holdings, Inc., valued at $2 per share.
The company's trade centers are intended to offer merchants and manufacturers in China a business infrastructure, facilities and service that will guarantee payment to vendors and delivery to their Western customers. GSL currently has under development a 350,370-square-meter trade center in NanTong, located approximately 120 miles outside of Shanghai. It acquired the land from Everbright in exchange for 9.53 million shares of company stock.
Also this week, GSL announced a recent private placement sale of 1.12 million common shares for the gross proceeds of $2.8 million. The shares were sold to Everbright Development Overseas Ltd. at $2.50 per share. GSL says the proceeds will be used to fund the development of GSL International Purchasing Assurance Companies in Nan Tong and Haimen City. Over the past four months, GSL has sold 4.2 million shares privately, bringing in $10.5 million.
GSL Holdings did not have revenue during the three months ended September 30, 2003, or for the same period in fiscal 2002. Operating loss for the three months ended September 30, 2003, was $284,335, compared to an operating loss of $810,190 for the same period in fiscal 2002. The Company's net loss for the 2003 third quarter was US$167,370, compared to a net loss of US$813,857 for the prior year. As of September 30, 2003, GSL Holdings had total assets of $25.5 million and total stockholders' equity of $23.6 million.
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