Vancouver, B.C. June 19, 2013 ‐ GLG Life Tech Corporation (TSX: GLG) (“GLG” or the “Company”), a vertically‐integrated leader in the agricultural and commercial development of high quality stevia, announces that the British Columbia Securities Commission (“BCSC”) has completed their continuous disclosure review and issued a revocation order relating to the cease trade order issued on May 2, 2012. The Company has applied to the Ontario Securities Commission and the Manitoba Securities Commission for revocation of the cease trade orders issued in those jurisdictions. The Company is diligently working through the remaining steps in the process with the expectation that the Company’s shares will commence trading again in the near future. The Company is also pleased to announce that it has now successfully renewed all of its bank loans, improving the Company’s balance sheet and working capital position. The Company has now signed loan refinancing agreements with all of its short term loan lenders. The balance of these loans is currently approximately $58.7 million. The net effect of the restructuring agreements is to split the amounts due over three years. The loans due for repayments for 2013 are $8.6 million, the loans due for repayments for 2014 are $29.2 million and the loans due for repayments for 2015 are $18.4 million.
Contact: Stuart Wooldridge
Phone: +1 (604) 669‐2602 ext 104
Email: [email protected]
About GLG Life Tech Corporations
GLG Life Tech Corporation is a global leader in the supply of high-purity stevia extracts, an all-natural zero-calorie sweetener used in food and beverages. GLG’s vertically integrated operations cover each step in the stevia supply chain including Non-GMO stevia seed breeding, natural propagation, stevia leaf growth and harvest, proprietary extraction and refining, marketing and distribution of the finished product. GLG has similarly positioned itself, through parallel vertically integrated Luo Han Guo operations, to be a leader in the supply of high-purity Luo Han Guo extracts. Additionally, to further meet the varied needs of the food and beverage industry, GLG has launched its Naturals+ product line, enabling it to supply a host of complementary ingredients reliably sourced through its R8 supplier network in China. For further information, please visit www.glglifetech.com
Forward-looking statements: This press release may contain certain information that may constitute “forward-looking statements” and “forward looking information” (collectively, “forward-looking statements”) within the meaning of applicable securities laws. Often, but not always, forward-looking statements can be identified by the use of words such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes” or variations of such words and phrases or words and phrases that state or indicate that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved.
While the Company has based these forward-looking statements on its current expectations about future events, the statements are not guarantees of the Company’s future performance and are subject to risks, uncertainties, assumptions and other factors that could cause actual results to differ materially from future results expressed or implied by such forward-looking statements. Such factors include amongst others the effects of general economic conditions, consumer demand for our products and new orders from our customers and distributors, changing foreign exchange rates and actions by government authorities, uncertainties associated with legal proceedings and negotiations, industry supply levels, competitive pricing pressures and misjudgments in the course of preparing forward-looking statements. Specific reference is made to the risks set forth under the heading “Risk Factors” in the Company’s Annual Information Form for the financial year ended December 31, 2015. In light of these factors, the forwardlooking events discussed in this press release might not occur.
Further, although the Company has attempted to identify factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise
Leave a Reply