China Food Services, Corp. Announces Q1-2010 Financials & Disclosure Statement

BEIJING and MIAMI, May 14 /PRNewswire-FirstCall/ -- China Food Services, Corp., formally known as Golden Dragon Holdings, Inc. (Other OTC: GDHI) (http://www.gdfbhk.com), an international food and beverage distributor specializing in the distribution of US and International food & beverage brands to the Chinese market, today announces that it has filed its Company Q1-2010 Disclosure Statement and Q1-2010 Financial Statements with the PinkOTC to maintain its current status of "PS" in this market.  The Disclosure Statement includes Q1-2010 operations and Q1-2010 financials

The Company generated $20,290.84 in revenue for the period ended March 31, 2010 as compared to $0 in revenue for the same period in 2009. General and administrative expenses for this period were $110,751.74 as compared to $14,336.74 for the same period 2009 -- an increase of 750%. The Company's total assets for this period were $647,766.19 as compared to $126,556.41 for the same period in 2009 -- an increase of 415%. The total inventory for this period was $298,959.84 as compared to $40,944 for the period in 2009 -- an increase of 635%. The total Property, Plant and Equipment for this period were $98,606 as compared to $83,953 for the same period in 2009.

The Company ended its 1st quarter March 31, 2010 with a total of 400 convenience stores, in which the company is delivering products via its direct store delivery "DSD" system. The company has acquired an additional 3 delivery trucks to facilitate the delivery of produces throughout Beijing.  The Company paid entrance fees to the following supermarkets in Beijing: Vanguard Supermarkets Group of Beijing, which consists of 46 supermarkets, and Ole supermarkets in Beijing, which consists of 7 high-end supermarkets.

Mr. Frank J. Yglesias, CEO, stated, "Even though our generated revenue for this quarter was below our projections, we must not forget we are building a company; this is evident in our increase of inventory for re-sale and our company assets."  In conclusion Mr. Yglesias stated, "We will not lose sight of our company goals, and we will continue to build our company for a long and successful future."

The disclosure has been properly filed to insure all investors receive timely public information.

Investors can access the Company's public filings at www.pinksheets.com under the Company's "Filings" tab.

About China Food Services, Corp.

China Food Services, Corp. 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). China Food Services, Corp. 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 China Food Services, Corp.