SOURCE: China Food Services, Corp.

China Food Services, Corp.

October 21, 2010 14:18 ET

China Food Services, Corp. Reports 3rd Quarter 2010 Financial Results and Current Information Disclosure

BEIJING--(Marketwire - October 21, 2010) -  China Food Services, Corp. (PINKSHEETS: GDHI) today reports its 3rd quarter 2010 financial statements and the company's current information disclosure report to the PinkOTC.

3rd Quarter 2010 Financial Statements
https://www.otciq.com/otciq/ajax/showFinancialReportById.pdf?id=37653

3rd Quarter 2010 Disclosure & Information Statement
https://www.otciq.com/otciq/ajax/showFinancialReportById.pdf?id=37625

Highlights for the 3rd quarter 2010:

  • Total Inventory as of 3rd quarter end 2010 $246,423USD as compared to 3rd quarter end 2009 $40,944USD, a 600% increase.

  • Total Assets as of 3rd quarter end 2010 $753,274USD as compared to 3rd quarter end 2009 $258,967USD, a 290% increase.

  • Net Sales as of 3rd quarter end 2010 $75,064USD as compared to 3rd quarter end 2009 $7,670USD, a 1,160% increase.

  • Total Net Loss as of 3rd quarter end 2010 ($75,909USD) as compared to 3rd quarter end 2009 ($128,622USD), a decrease of 40%

  • Total Stores as of 3rd quarter end 2010 the company has 746 points of distribution

  • Total Employees as of 3rd quarter end 2010 the company has 15

Mr. Frank Yglesias, CEO, stated, "Currently the company has account receivables of over $140,000USD, we have hired 2 new employees sole dedicated to collections of these accounts. We continue to grow our footprint in the city of Beijing, and we feel very confident in obtaining our goal of 1,000 convenience stores/supermarkets by year end 2010."

Additionally Mr. Yglesias states, "We are on the 4th leg of our relay race, we must focus not to drop the baton, while dashing to the finish line."

About China Food Services, Corp.
China Food Services, Corp., through its subsidiaries (Golden Dragon Import & Export Company of Hong Kong) & (Beijing Jin Long Fei International Trading Company) distributes, imports and markets domestic Chinese and global imported 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 consulting, logistics and advertising and promotion services for its global food and beverage manufactures.

Visit China Food Services Web Site:
http://www.chinafoodservices.com

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.

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