Incorporation Of A New Subsidiary
The Board of Directors of Lifebrandz Ltd. (the "Company") wishes to announce that the Company has on 24 May 2005 incorporated a wholly-owned subsidiary in Singapore known as Dashing Diva Pte. Ltd. ("Dashing Diva").
The Company has subscribed for 1 ordinary share of S$1 in the capital of Dashing Diva at par value. The authorised share capital of Dashing Diva is S$1,000,000 divided into 1,000,000 ordinary shares of S$1 each.
Dashing Diva is set up to engage in brand management, marketing, sales and distribution of fashion products.
Mr Kenneth Goh Tzu Seoh, Mr Clement Lee Shieh-Peen and Mr Michael Wong C K are nominated as directors of Dashing Diva.
The above investment was funded through internal resources and is not excepted to have any material impact on the earnings per share and the net tangible assets per share of the Company for the most recently complete financial year.
None of the Directors or substantial shareholders of the Company has any interest, direct or indirect in the above investment.