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Golden Dragon Holdings, Inc. Releases Mid Year 2009 Financials

BEIJING, Sept. 30 /PRNewswire-FirstCall/ -- Golden Dragon Holdings, Inc. (Other OTC: GDHI) www.gdfbhk.com released its mid-year 2009 financial statements for the six months ended June 30, 2009. For a detail report go to: http://www.pinksheets.com/otciq/ajax/showFinancialReportById.pdf?id=24769

                      Golden Dragon Holdings, Inc. and Subsidiary
                          Unaudited Consolidated Balance Sheet
                                  As of June 30, 2009
                                  ===================
                                        ASSETS

     CURRENT ASSETS
      Cash and cash equivalents                                    $22,028
      Accounts receivable                                            1,472
      Inventories                                                   62,261
                                                                    ------
        TOTAL CURRENT ASSETS                                        85,761
                                                                    ------

     PROPERTY AND EQUIPMENT, NET                                    39,716
                                                                    ------

        TOTAL ASSETS                                              $125,477
                                                                  ========


                          LIABILITIES AND STOCKHOLDERS' EQUITY

     CURRENT LIABILITIES
      Accounts payable                                              93,860
      Settlement payable                                            50,000
      Salary payables                                              162,500
      Shareholders loan                                             87,355
                                                                    ------
        TOTAL CURRENT LIABILITIES                                  393,715
                                                                   -------


     STOCKHOLDERS' (DEFICIT)
      Preferred stock ($.001 par value, 5,000,000 authorized:
       none issued and outstanding)                                      -
      Common stock ($.001 par value, 3,000,000,000 shares authorized:
       1,758,834,775 shares issued and outstanding)              1,758,835
      Additional paid-in-capital                                (1,122,494)
      Accumulated deficit                                         (904,579)
                                                                  --------
        TOTAL STOCKHOLDERS' (DEFICIT)                             (268,238)
                                                                   --------

        TOTAL LIABILITIES AND STOCKHOLDERS' (DEFICIT)              $125,477
                                                                   ========


    The accompanying notes are an integral part of the financial statements

"Investor confidence and company transparency is one of our top priorities at GDHI, though the number are not currently positive ones, it does however show a positive increase from last year to date, we are confidante in the direction the company is following to reaching its goal of benign cash positive by year end 2010. We will be working with our legal advisers to finish the proper legal documentation to have the company reach its PS status in the pinksheets. Our appreciation is with our long term shareholders and partners, as well as new shareholders that have taken noticed of the GDHI's growth and accomplishments," stated Mr. Frank Yglesias CEO of Golden Dragon Holdings, Inc.

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.